MGM Resorts International (NYSE:MGM) Stock: Insider Keith Meister Purchases 7,518 Shares

Key Points

• Director Keith Meister bought 7,518 MGM shares at an average price of $30.24, spending about $227,344. After the purchase, he owned approximately 7.09 million shares.
• MGM reported a quarterly loss of $0.11 per share, missing analysts’ $0.04 profit estimate; revenue was $4.21 billion, roughly in line with expectations and down 0.9% year over year.
• Analysts’ consensus rating was Hold, with an average price target of $45.18. MGM shares traded at $31.03 in the article’s cited session.

MGM Resorts International (NYSE:MGM - Get Free Report) Director Keith Meister acquired 7,518 shares of the company's stock in a transaction on Monday, November 2nd. The shares were bought at an average price of $30.24 per share, for a total transaction of $227,344.32. Following the completion of the purchase, the director owned 7,093,570 shares in the company, valued at approximately $214,509,556.80. This represents a 0.11% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

MGM Resorts International Stock Performance

MGM Resorts International stock traded up $0.47 during midday trading on Tuesday, reaching $31.03. The stock had a trading volume of 8,324,101 shares, compared to its average volume of 4,466,033. The firm has a market capitalization of $7.81 billion, a PE ratio of 11.80, a P/E/G ratio of 1.52 and a beta of 1.35. The firm's 50-day moving average price is $34.53 and its 200 day moving average price is $38.98. MGM Resorts International has a 12 month low of $26.71 and a 12 month high of $51.59. The company has a quick ratio of 1.30, a current ratio of 1.34 and a debt-to-equity ratio of 1.80.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly earnings data on Wednesday, October 28th. The company reported ($0.11) earnings per share for the quarter, missing analysts' consensus estimates of $0.04 by ($0.15). The firm had revenue of $4.21 billion for the quarter, compared to analysts' expectations of $4.21 billion. MGM Resorts International had a net margin of 3.92% and a return on equity of 20.67%. The business's quarterly revenue was down .9% on a year-over-year basis. During the same period in the prior year, the business posted $0.24 earnings per share. As a group, research analysts predict that MGM Resorts International will post 1.71 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Man Group plc bought a new stake in shares of MGM Resorts International during the second quarter valued at approximately $25,771,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in MGM Resorts International in the second quarter worth approximately $22,681,000. Clough Capital Partners L P acquired a new stake in shares of MGM Resorts International in the first quarter worth $15,857,000. Legal & General Group Plc bought a new position in shares of MGM Resorts International in the second quarter worth about $16,570,000. Finally, Jefferies Financial Group Inc. acquired a new position in MGM Resorts International during the 2nd quarter valued at $15,864,000. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MGM has been the topic of several research analyst reports. Morgan Stanley cut their price objective on MGM Resorts International from $43.00 to $29.00 and set an "underweight" rating on the stock in a research report on Monday, October 19th. JPMorgan Chase & Co. reduced their price target on shares of MGM Resorts International from $42.00 to $39.00 and set an "overweight" rating for the company in a research report on Thursday, October 29th. Citigroup decreased their price objective on shares of MGM Resorts International from $48.00 to $32.00 and set a "neutral" rating on the stock in a report on Monday, October 12th. Zacks Research cut MGM Resorts International from a "hold" rating to a "strong sell" rating in a report on Friday, October 2nd. Finally, HSBC raised MGM Resorts International to a "strong-buy" rating in a research note on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $45.18.

MGM Resorts International Company Profile

MGM Resorts International is a global hospitality and entertainment company that develops, owns, and operates destination resorts featuring casinos, hotels, restaurants, entertainment venues, convention facilities, retail spaces, and nightlife offerings. Its portfolio includes well-known properties such as MGM Grand, Bellagio, ARIA, Mandalay Bay, and The Cosmopolitan of Las Vegas.

The company serves customers through properties in Las Vegas and other U.S. markets, including regional destinations in Michigan, Maryland, Massachusetts, Mississippi, New Jersey, New York, and Ohio.

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