MGM Resorts International (MGM) EVP John Mcmanus Sells 5,273 Shares
MGM Resorts International (NYSE:MGM) EVP John Mcmanus sold 5,273 shares of MGM Resorts International stock in a transaction on Friday, September 8th. The shares were sold at an average price of $33.70, for a total transaction of $177,700.10. Following the completion of the sale, the executive vice president now owns 40,744 shares in the company, valued at $1,373,072.80. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.
Shares of MGM Resorts International (NYSE:MGM) traded down 1.86% during mid-day trading on Friday, hitting $33.25. 8,154,143 shares of the company traded hands. The stock has a market capitalization of $19.13 billion, a price-to-earnings ratio of 19.69 and a beta of 1.48. The firm has a 50-day moving average of $32.24 and a 200-day moving average of $30.37. MGM Resorts International has a one year low of $24.26 and a one year high of $34.65. MGM Resorts International also was the target of unusually large options trading activity on Thursday. Traders purchased 28,097 call options on the company. This represents an increase of approximately 322% compared to the typical volume of 6,660 call options.
MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Thursday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.03. MGM Resorts International had a net margin of 9.26% and a return on equity of 7.97%. The business had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter last year, the company posted $0.29 earnings per share. The firm’s quarterly revenue was up 16.4% compared to the same quarter last year. On average, equities analysts predict that MGM Resorts International will post $1.29 earnings per share for the current year.
MGM Resorts International announced that its board has initiated a share repurchase program on Tuesday, September 5th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes 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 stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Monday, September 11th will be issued a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, September 8th. This represents a $0.44 dividend on an annualized basis and a yield of 1.32%. MGM Resorts International’s dividend payout ratio (DPR) is presently 26.04%.
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A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Toronto Dominion Bank increased its holdings in MGM Resorts International by 12.4% during the second quarter. Toronto Dominion Bank now owns 5,644 shares of the company’s stock worth $177,000 after buying an additional 624 shares during the last quarter. WINTON GROUP Ltd purchased a new stake in MGM Resorts International during the second quarter worth about $4,512,000. Public Employees Retirement System of Ohio increased its holdings in MGM Resorts International by 1.4% during the second quarter. Public Employees Retirement System of Ohio now owns 462,455 shares of the company’s stock worth $14,470,000 after buying an additional 6,429 shares during the last quarter. Colony Group LLC purchased a new stake in MGM Resorts International during the second quarter worth about $203,000. Finally, Verition Fund Management LLC increased its holdings in MGM Resorts International by 29.9% during the second quarter. Verition Fund Management LLC now owns 12,987 shares of the company’s stock worth $406,000 after buying an additional 2,987 shares during the last quarter. Institutional investors and hedge funds own 75.22% of the company’s stock.
Several equities research analysts have issued reports on the stock. Morgan Stanley reiterated an “overweight” rating and issued a $34.00 price target (up from $33.00) on shares of MGM Resorts International in a research note on Monday, July 10th. UBS AG reiterated a “buy” rating on shares of MGM Resorts International in a research note on Monday, July 10th. Deutsche Bank AG reiterated a “buy” rating and issued a $36.00 price target (up from $34.00) on shares of MGM Resorts International in a research note on Sunday, July 30th. Stifel Nicolaus reiterated a “buy” rating on shares of MGM Resorts International in a research note on Friday, September 1st. Finally, BidaskClub upgraded shares of MGM Resorts International from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eighteen have given a buy rating to the company. MGM Resorts International presently has a consensus rating of “Buy” and an average price target of $34.81.
MGM Resorts International Company Profile
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.
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