Rose Mckinney-James Sells 3,097 Shares of MGM Resorts International (MGM) Stock
MGM Resorts International (NYSE:MGM) Director Rose Mckinney-James sold 3,097 shares of the business’s stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $33.83, for a total value of $104,771.51. Following the sale, the director now owns 10,724 shares in the company, valued at $362,792.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
Shares of MGM Resorts International (NYSE MGM) traded down 1.86% during mid-day trading on Friday, hitting $33.25. The stock had a trading volume of 8,154,143 shares. The stock has a 50 day moving average price of $32.24 and a 200 day moving average price of $30.37. 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 52 week low of $24.26 and a 52 week high of $34.65. MGM Resorts International also saw some unusual options trading on Thursday. Stock investors purchased 28,097 call options on the stock. This represents an increase of approximately 322% compared to the typical daily volume of 6,660 call options.
MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Thursday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 company had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.67 billion. During the same quarter last year, the company posted $0.29 EPS. The company’s revenue for the quarter was up 16.4% compared to the same quarter last year. Equities research analysts expect that MGM Resorts International will post $1.29 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Monday, September 11th will be given a dividend of $0.11 per share. The ex-dividend date 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 is currently 26.04%.
MGM Resorts International announced that its Board of Directors has authorized a share repurchase 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 often a sign that the company’s leadership believes its stock is undervalued.
MGM has been the topic of a number of research reports. Zacks Investment Research cut MGM Resorts International from a “hold” rating to a “sell” rating in a research report on Wednesday, June 28th. 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 report on Monday, July 10th. Deutsche Bank AG reiterated a “buy” rating and issued a $34.00 price target on shares of MGM Resorts International in a research report on Monday, July 3rd. Telsey Advisory Group upped their price target on MGM Resorts International from $36.00 to $39.00 and gave the company an “outperform” rating in a research report on Friday, July 28th. Finally, UBS AG reiterated a “buy” rating on shares of MGM Resorts International in a research report on Monday, July 10th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eighteen have issued a buy rating to the company. MGM Resorts International presently has an average rating of “Buy” and an average price target of $34.81.
A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in MGM Resorts International by 3.4% during the 2nd quarter. Vanguard Group Inc. now owns 41,200,270 shares of the company’s stock worth $1,289,156,000 after acquiring an additional 1,354,902 shares during the last quarter. Capital Research Global Investors grew its position in MGM Resorts International by 1.9% during the 2nd quarter. Capital Research Global Investors now owns 32,282,000 shares of the company’s stock worth $1,010,104,000 after acquiring an additional 600,000 shares during the last quarter. BlackRock Inc. grew its position in MGM Resorts International by 9,411.8% during the 1st quarter. BlackRock Inc. now owns 22,704,066 shares of the company’s stock worth $622,092,000 after acquiring an additional 22,465,373 shares during the last quarter. Canyon Capital Advisors LLC grew its position in MGM Resorts International by 8.9% during the 2nd quarter. Canyon Capital Advisors LLC now owns 19,402,345 shares of the company’s stock worth $607,099,000 after acquiring an additional 1,583,585 shares during the last quarter. Finally, State Street Corp grew its position in MGM Resorts International by 1.0% during the 2nd quarter. State Street Corp now owns 8,934,495 shares of the company’s stock worth $279,564,000 after acquiring an additional 92,329 shares during the last quarter. Institutional investors and hedge funds own 75.22% of the company’s stock.
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.
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