MGM Resorts International (NYSE:MGM) Insider John Mcmanus Sells 60,000 Shares

Key Points

• John Mcmanus, an insider at MGM Resorts International, sold 60,000 shares at an average price of $36.12, resulting in a total transaction value of $2,167,200, which is a 65.56% decrease in his ownership stake.
• MGM Resorts' stock saw a 3.1% increase in value, closing at $35.63, with a recent trading volume significantly above its average.
• Analysts generally rate MGM shares as a "Moderate Buy" with an average price target of $48.67, reflecting positive sentiment despite some upgrades and target price increases from various research firms.

MGM Resorts International (NYSE:MGM - Get Free Report) insider John Mcmanus sold 60,000 shares of the business's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $36.12, for a total value of $2,167,200.00. Following the transaction, the insider directly owned 31,521 shares in the company, valued at $1,138,538.52. This trade represents a 65.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

MGM Resorts International Stock Up 3.1%

Shares of NYSE:MGM traded up $1.08 during trading on Monday, hitting $35.63. 6,508,555 shares of the company were exchanged, compared to its average volume of 3,851,705. The company has a current ratio of 1.22, a quick ratio of 1.18 and a debt-to-equity ratio of 1.67. The stock has a market cap of $9.70 billion, a price-to-earnings ratio of 19.58, a P/E/G ratio of 1.46 and a beta of 1.69. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $42.53. The firm has a fifty day moving average price of $37.04 and a two-hundred day moving average price of $33.72.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share for the quarter, topping analysts' consensus estimates of $0.58 by $0.21. The business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.28 billion. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%.The firm's revenue was up 1.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.86 EPS. As a group, research analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Institutional Trading of MGM Resorts International

Several large investors have recently modified their holdings of MGM. Helikon Investments Ltd grew its holdings in shares of MGM Resorts International by 379.9% during the 2nd quarter. Helikon Investments Ltd now owns 8,810,322 shares of the company's stock worth $302,987,000 after purchasing an additional 6,974,347 shares in the last quarter. Kingstone Capital Partners Texas LLC acquired a new stake in shares of MGM Resorts International during the 2nd quarter worth $171,632,000. Davis Selected Advisers lifted its position in shares of MGM Resorts International by 14.4% during the 2nd quarter. Davis Selected Advisers now owns 23,821,109 shares of the company's stock worth $819,208,000 after buying an additional 3,006,052 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of MGM Resorts International by 119.6% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 4,212,114 shares of the company's stock worth $144,855,000 after buying an additional 2,293,797 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of MGM Resorts International during the 2nd quarter worth $60,570,000. 68.11% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently weighed in on MGM shares. Barclays boosted their target price on MGM Resorts International from $43.00 to $44.00 and gave the stock an "overweight" rating in a report on Friday, July 18th. Morgan Stanley boosted their target price on MGM Resorts International from $41.00 to $43.00 and gave the stock an "equal weight" rating in a report on Thursday. JPMorgan Chase & Co. assumed coverage on MGM Resorts International in a report on Monday, June 23rd. They issued a "neutral" rating and a $38.00 price objective on the stock. JMP Securities reaffirmed a "market perform" rating on shares of MGM Resorts International in a report on Thursday, June 26th. Finally, Wall Street Zen upgraded shares of MGM Resorts International from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, MGM Resorts International presently has an average rating of "Moderate Buy" and an average price target of $48.67.

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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