MGM Resorts International Sees Unusually Large Options Volume (MGM)
MGM Resorts International (NYSE:MGM) saw some unusual options trading activity on Monday. Stock traders purchased 24,803 call options on the company. This represents an increase of 276% compared to the typical volume of 6,601 call options.
In other MGM Resorts International news, insider Robert Baldwin sold 49,179 shares of the company’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $33.13, for a total transaction of $1,629,300.27. Following the completion of the sale, the insider now directly owns 145,105 shares in the company, valued at $4,807,328.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Rose Mckinney-James sold 3,097 shares of the company’s stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $33.83, for a total transaction of $104,771.51. Following the sale, the director now owns 10,724 shares of the company’s stock, valued at $362,792.92. The disclosure for this sale can be found here. Insiders have sold 819,831 shares of company stock valued at $27,686,927 over the last 90 days. Corporate insiders own 12.20% of the company’s stock.
Large investors have recently modified their holdings of the company. Pacad Investment Ltd. acquired a new position in shares of MGM Resorts International in the 2nd quarter valued at approximately $169,000. Toronto Dominion Bank raised its position in shares of MGM Resorts International by 12.4% in the 2nd quarter. Toronto Dominion Bank now owns 5,644 shares of the company’s stock valued at $177,000 after buying an additional 624 shares in the last quarter. Colony Group LLC acquired a new position in shares of MGM Resorts International in the 2nd quarter valued at approximately $203,000. Cigna Investments Inc. New acquired a new position in shares of MGM Resorts International in the 2nd quarter valued at approximately $206,000. Finally, IPG Investment Advisors LLC acquired a new position in shares of MGM Resorts International in the 2nd quarter valued at approximately $219,000. Institutional investors own 75.17% of the company’s stock.
Shares of MGM Resorts International (NYSE MGM) opened at 30.75 on Thursday. MGM Resorts International has a 52 week low of $25.15 and a 52 week high of $34.65. The firm’s 50-day moving average is $32.15 and its 200 day moving average is $31.17. The company has a market capitalization of $17.69 billion, a PE ratio of 18.21 and a beta of 1.46.
MGM Resorts International (NYSE:MGM) last issued its earnings results on Thursday, July 27th. The company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.28 by $0.03. The company had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.67 billion. MGM Resorts International had a net margin of 9.26% and a return on equity of 7.97%. The business’s revenue for the quarter was up 16.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.29 EPS. On average, analysts anticipate that MGM Resorts International will post $1.29 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Monday, September 11th were given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 1.43%. The ex-dividend date was Friday, September 8th. MGM Resorts International’s payout ratio is presently 26.04%.
MGM Resorts International declared that its Board of Directors has approved a stock repurchase plan on Tuesday, September 5th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the company to purchase up to 5.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
A number of equities research analysts have issued reports on the stock. BidaskClub upgraded shares of MGM Resorts International from a “buy” rating to a “strong-buy” rating in a report on Tuesday, July 25th. Telsey Advisory Group upped their price objective on shares of MGM Resorts International from $36.00 to $39.00 and gave the company an “outperform” rating in a research report on Friday, July 28th. Zacks Investment Research lowered shares of MGM Resorts International from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Bank of America Corporation reaffirmed a “buy” rating and set a $40.00 price objective (up previously from $38.00) on shares of MGM Resorts International in a research report on Friday, September 8th. Finally, Deutsche Bank AG lowered shares of MGM Resorts International from a “buy” rating to a “hold” rating and set a $36.00 price objective for the company. in a research report on Monday, September 11th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have issued a buy rating to the company’s stock. MGM Resorts International has a consensus rating of “Buy” and a consensus price target of $35.50.
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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