MGM Resorts International (NYSE:MGM) CEO James Murren sold 259,760 shares of the business’s stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $34.19, for a total value of $8,881,194.40. Following the completion of the transaction, the chief executive officer now directly owns 71,442 shares of the company’s stock, valued at $2,442,601.98. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

James Murren also recently made the following trade(s):

  • On Friday, September 8th, James Murren sold 294,150 shares of MGM Resorts International stock. The stock was sold at an average price of $34.08, for a total value of $10,024,632.00.
  • On Wednesday, August 9th, James Murren sold 57,269 shares of MGM Resorts International stock. The stock was sold at an average price of $31.54, for a total value of $1,806,264.26.
  • On Monday, July 31st, James Murren sold 57,269 shares of MGM Resorts International stock. The stock was sold at an average price of $33.05, for a total value of $1,892,740.45.

MGM Resorts International (NYSE:MGM) traded down 1.86% during mid-day trading on Friday, reaching $33.25. The company’s stock had a trading volume of 8,154,143 shares. The firm has a market cap of $19.13 billion, a PE ratio of 19.69 and a beta of 1.48. MGM Resorts International has a one year low of $24.26 and a one year high of $34.65. The stock’s 50 day moving average is $32.24 and its 200 day moving average is $30.37. MGM Resorts International also was the target of unusually large options trading on Thursday. Traders bought 28,097 call options on the company. This represents an increase of approximately 322% compared to the typical daily volume of 6,660 call options.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Thursday, July 27th. The company reported $0.31 EPS for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.03. MGM Resorts International had a return on equity of 7.97% and a net margin of 9.26%. The business had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.67 billion. During the same quarter in the previous year, the firm earned $0.29 earnings per share. The business’s revenue was up 16.4% compared to the same quarter last year. On average, analysts anticipate that MGM Resorts International will post $1.29 EPS for the current year.

MGM Resorts International announced that its board has approved a share buyback program on Tuesday, September 5th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 5.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Monday, September 11th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date is Friday, September 8th. MGM Resorts International’s dividend payout ratio (DPR) is currently 26.04%.

COPYRIGHT VIOLATION WARNING: “MGM Resorts International (MGM) CEO James Murren Sells 259,760 Shares” was originally posted by American Banking News and is owned by of American Banking News. If you are accessing this news story on another website, it was illegally copied and republished in violation of US and international trademark and copyright legislation. The legal version of this news story can be viewed at https://www.americanbankingnews.com/2017/09/08/mgm-resorts-international-mgm-ceo-james-murren-sells-259760-shares.html.

Several institutional investors and hedge funds have recently bought and sold shares of MGM. BlackRock Inc. increased its position in shares of MGM Resorts International by 9,411.8% during the first quarter. BlackRock Inc. now owns 22,704,066 shares of the company’s stock worth $622,092,000 after purchasing an additional 22,465,373 shares in the last quarter. PointState Capital LP acquired a new stake in shares of MGM Resorts International during the second quarter worth about $239,347,000. Maverick Capital Ltd. acquired a new stake in shares of MGM Resorts International during the second quarter worth about $215,381,000. Iridian Asset Management LLC CT acquired a new stake in shares of MGM Resorts International during the second quarter worth about $192,055,000. Finally, Vanguard Group Inc. increased its position in shares of MGM Resorts International by 8.4% during the first quarter. Vanguard Group Inc. now owns 39,845,368 shares of the company’s stock worth $1,091,763,000 after purchasing an additional 3,096,490 shares in the last quarter. Institutional investors and hedge funds own 75.22% of the company’s stock.

Several research analysts have recently commented on the company. Morgan Stanley reissued an “overweight” rating and issued a $34.00 price target (up from $33.00) on shares of MGM Resorts International in a research report on Monday, July 10th. UBS AG reissued a “buy” rating on shares of MGM Resorts International in a research report on Monday, July 10th. Deutsche Bank AG reissued a “buy” rating and issued a $36.00 price target (up from $34.00) on shares of MGM Resorts International in a research report on Sunday, July 30th. Stifel Nicolaus reissued a “buy” rating on shares of MGM Resorts International in a research report on Friday, September 1st. Finally, BidaskClub raised MGM Resorts International from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eighteen have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $34.81.

About MGM Resorts International

MGM Resorts International is a holding company. The Company, through its subsidiaries, owns and operates casino resorts. The Company operates in two segments: domestic resorts and MGM China. Its domestic resorts segment consists of non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities.

Insider Buying and Selling by Quarter for MGM Resorts International (NYSE:MGM)

Receive News & Ratings for MGM Resorts International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGM Resorts International and related companies with MarketBeat.com's FREE daily email newsletter.