MGM Resorts International (NYSE:MGM - Get Free Report) COO Corey Ian Sanders sold 40,000 shares of the firm's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $34.43, for a total value of $1,377,200.00. Following the completion of 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website.
MGM Resorts International Stock Down 1.1%
Shares of MGM traded down $0.36 during mid-day trading on Tuesday, hitting $33.32. 404,632 shares of the company traded hands, compared to its average volume of 5,613,870. The company has a market capitalization of $9.07 billion, a PE ratio of 13.88, a price-to-earnings-growth ratio of 0.98 and a beta of 1.78. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73. The business has a 50 day moving average of $30.92 and a 200 day moving average of $33.72. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $47.26.
MGM Resorts International (NYSE:MGM - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.50 by $0.19. The business had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.29 billion. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. The business's revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.74 earnings per share. Equities research analysts anticipate that MGM Resorts International will post 2.21 EPS for the current year.
MGM Resorts International declared that its Board of Directors has initiated a stock repurchase program on Wednesday, April 30th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to repurchase up to 22.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.
Institutional Investors Weigh In On MGM Resorts International
Institutional investors and hedge funds have recently modified their holdings of the company. Global Trust Asset Management LLC acquired a new position in shares of MGM Resorts International in the 4th quarter valued at about $28,000. Assetmark Inc. raised its holdings in MGM Resorts International by 104.1% in the 4th quarter. Assetmark Inc. now owns 806 shares of the company's stock valued at $28,000 after acquiring an additional 411 shares during the last quarter. Mascagni Wealth Management Inc. purchased a new position in MGM Resorts International during the fourth quarter worth approximately $28,000. Golden State Wealth Management LLC grew its holdings in shares of MGM Resorts International by 83.5% in the first quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company's stock valued at $30,000 after purchasing an additional 455 shares during the period. Finally, True Wealth Design LLC acquired a new stake in shares of MGM Resorts International during the 4th quarter worth approximately $33,000. Institutional investors and hedge funds own 68.11% of the company's stock.
Analyst Ratings Changes
A number of research analysts recently commented on MGM shares. Morgan Stanley lowered their price target on MGM Resorts International from $37.00 to $36.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. Capital One Financial lifted their target price on MGM Resorts International from $52.00 to $56.00 and gave the stock an "overweight" rating in a report on Wednesday, February 12th. Argus raised shares of MGM Resorts International from a "hold" rating to a "buy" rating and set a $50.00 price objective on the stock in a research report on Friday, February 14th. Canaccord Genuity Group restated a "buy" rating on shares of MGM Resorts International in a report on Thursday, February 13th. Finally, JMP Securities decreased their target price on MGM Resorts International from $50.00 to $45.00 and set a "market outperform" rating for the company in a research report on Thursday, April 17th. Four research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $48.94.
Check Out Our Latest Stock Analysis on MGM
About MGM Resorts International
(
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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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