MGM Resorts International (NYSE:MGM) COO Corey Ian Sanders Sells 40,000 Shares

MGM Resorts International (NYSE:MGM - Get Free Report) COO Corey Ian Sanders sold 40,000 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $34.43, for a total transaction of $1,377,200.00. Following the transaction, the chief operating officer now directly owns 281,530 shares in the company, valued at $9,693,077.90. This trade represents a 12.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

MGM Resorts International Trading Up 0.1%

NYSE:MGM opened at $34.94 on Thursday. The firm has a 50-day moving average price of $30.76 and a two-hundred day moving average price of $33.92. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $47.26. The firm has a market cap of $9.51 billion, a price-to-earnings ratio of 14.56, a price-to-earnings-growth ratio of 0.98 and a beta of 1.78.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.19. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. The company had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same quarter last year, the business posted $0.74 EPS. MGM Resorts International's quarterly revenue was down 2.4% compared to the same quarter last year. On average, equities analysts expect that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International announced that its Board of Directors has initiated a stock buyback program on Wednesday, April 30th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to buy up to 22.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

MGM has been the topic of a number of analyst reports. JMP Securities lowered their target price on shares of MGM Resorts International from $50.00 to $45.00 and set a "market outperform" rating on the stock in a report on Thursday, April 17th. Susquehanna Bancshares upped their target price on shares of MGM Resorts International from $53.00 to $56.00 in a report on Wednesday, February 12th. Stifel Nicolaus lowered their target price on shares of MGM Resorts International from $50.00 to $44.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Leerink Partners lowered shares of MGM Resorts International to a "market perform" rating in a report on Thursday, February 13th. Finally, Mizuho upped their target price on shares of MGM Resorts International from $56.00 to $60.00 and gave the stock an "outperform" rating in a report on Thursday, February 13th. Four analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $48.94.

Institutional Investors Weigh In On MGM Resorts International

Large investors have recently modified their holdings of the stock. Assetmark Inc. increased its stake in shares of MGM Resorts International by 104.1% during the 4th quarter. Assetmark Inc. now owns 806 shares of the company's stock worth $28,000 after purchasing an additional 411 shares during the last quarter. Mascagni Wealth Management Inc. purchased a new stake in shares of MGM Resorts International during the 4th quarter worth approximately $28,000. Global Trust Asset Management LLC purchased a new stake in shares of MGM Resorts International during the 4th quarter worth approximately $28,000. True Wealth Design LLC bought a new position in MGM Resorts International in the 4th quarter worth approximately $33,000. Finally, Golden State Wealth Management LLC boosted its holdings in MGM Resorts International by 83.5% in the 1st quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company's stock worth $30,000 after buying an additional 455 shares during the period. Hedge funds and other institutional investors own 68.11% of the company's stock.

MGM Resorts International Company Profile

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.

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