Insider Selling: MGM Resorts International (MGM) Insider Sells 49,179 Shares of Stock
MGM Resorts International (NYSE:MGM) insider Robert Baldwin sold 49,179 shares of MGM Resorts International stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $33.13, for a total transaction of $1,629,300.27. Following the sale, the insider now directly owns 145,105 shares of the company’s stock, valued at approximately $4,807,328.65. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.
Shares of MGM Resorts International (MGM) traded down 1.00% during trading on Tuesday, hitting $32.75. 10,527,384 shares of the stock traded hands. MGM Resorts International has a 1-year low of $24.64 and a 1-year high of $34.65. The company has a market cap of $18.84 billion, a P/E ratio of 19.39 and a beta of 1.48. The stock has a 50-day moving average of $32.20 and a 200 day moving average of $30.49.
MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Thursday, July 27th. The company reported $0.31 EPS for the quarter, beating 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 company had revenue of $2.64 billion during the quarter, compared to analyst estimates of $2.67 billion. During the same period last year, the business earned $0.29 earnings per share. MGM Resorts International’s revenue was up 16.4% compared to the same quarter last year. On average, equities research analysts predict that MGM Resorts International will post $1.29 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Monday, September 11th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 1.34%. The ex-dividend date of this dividend is Friday, September 8th. 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 plan on Tuesday, September 5th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 5.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
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Several analysts recently commented on MGM shares. BidaskClub downgraded shares of MGM Resorts International from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 1st. UBS AG reissued a “buy” rating on shares of MGM Resorts International in a report on Monday, July 10th. Stifel Nicolaus reissued a “buy” rating on shares of MGM Resorts International in a report on Friday, September 1st. Instinet reissued a “buy” rating and issued a $40.00 price objective on shares of MGM Resorts International in a report on Monday, July 3rd. Finally, Deutsche Bank AG reissued a “buy” rating and issued a $34.00 price objective on shares of MGM Resorts International in a report on Monday, July 3rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eighteen have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $35.12.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Canyon Capital Advisors LLC raised its stake in MGM Resorts International by 19.3% in the first quarter. Canyon Capital Advisors LLC now owns 17,818,760 shares of the company’s stock valued at $488,234,000 after purchasing an additional 2,877,500 shares in the last quarter. Oppenheimer Asset Management Inc. purchased a new stake in MGM Resorts International in the first quarter valued at approximately $2,165,000. Stifel Financial Corp raised its stake in MGM Resorts International by 39.2% in the first quarter. Stifel Financial Corp now owns 127,554 shares of the company’s stock valued at $3,487,000 after purchasing an additional 35,898 shares in the last quarter. Neuberger Berman Group LLC raised its stake in MGM Resorts International by 63.2% in the second quarter. Neuberger Berman Group LLC now owns 1,189,143 shares of the company’s stock valued at $37,208,000 after purchasing an additional 460,431 shares in the last quarter. Finally, GMT Capital Corp raised its stake in MGM Resorts International by 89.4% in the first quarter. GMT Capital Corp now owns 3,490,000 shares of the company’s stock valued at $95,626,000 after purchasing an additional 1,647,200 shares in the last quarter. 75.22% of the stock is currently owned by institutional investors and hedge funds.
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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