MGM Resorts International (MGM) Director Mary Christine Gay Sells 1,585 Shares
MGM Resorts International (NYSE:MGM) Director Mary Christine Gay sold 1,585 shares of the stock in a transaction dated Tuesday, June 5th. The shares were sold at an average price of $30.94, for a total value of $49,039.90. Following the completion of the transaction, the director now directly owns 14,336 shares in the company, valued at $443,555.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Shares of NYSE:MGM traded up $0.48 during midday trading on Thursday, hitting $31.43. The company had a trading volume of 5,649,147 shares, compared to its average volume of 8,988,114. MGM Resorts International has a twelve month low of $29.53 and a twelve month high of $38.41. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.64 and a current ratio of 0.67. The stock has a market cap of $17.59 billion, a PE ratio of 30.81, a P/E/G ratio of 2.03 and a beta of 1.39.
MGM Resorts International (NYSE:MGM) last posted its earnings results on Thursday, April 26th. The company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.02). The business had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.82 billion. MGM Resorts International had a return on equity of 5.45% and a net margin of 17.88%. MGM Resorts International’s revenue was up 3.8% compared to the same quarter last year. During the same period last year, the business earned $0.38 EPS. analysts predict that MGM Resorts International will post 1.28 earnings per share for the current fiscal year.
MGM Resorts International announced that its board has initiated a stock repurchase program on Thursday, May 10th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to buy up to 10.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
A number of hedge funds have recently bought and sold shares of MGM. Teacher Retirement System of Texas boosted its position in shares of MGM Resorts International by 4.7% during the fourth quarter. Teacher Retirement System of Texas now owns 406,481 shares of the company’s stock worth $13,572,000 after buying an additional 18,261 shares during the period. Monashee Investment Management LLC purchased a new position in shares of MGM Resorts International during the fourth quarter worth $3,339,000. Rhumbline Advisers boosted its position in shares of MGM Resorts International by 1.0% during the fourth quarter. Rhumbline Advisers now owns 841,951 shares of the company’s stock worth $28,113,000 after buying an additional 8,202 shares during the period. Guggenheim Capital LLC boosted its position in shares of MGM Resorts International by 11.1% during the fourth quarter. Guggenheim Capital LLC now owns 1,049,303 shares of the company’s stock worth $35,035,000 after buying an additional 105,126 shares during the period. Finally, Honeywell International Inc. purchased a new position in shares of MGM Resorts International during the fourth quarter worth $24,909,000. 82.98% of the stock is owned by institutional investors.
A number of research analysts have recently weighed in on the company. Telsey Advisory Group cut their price objective on MGM Resorts International from $39.00 to $34.00 and set a “market perform” rating on the stock in a report on Friday, April 27th. ValuEngine downgraded MGM Resorts International from a “buy” rating to a “hold” rating in a research note on Friday, April 27th. Barclays upped their target price on MGM Resorts International from $37.00 to $40.00 and gave the stock an “overweight” rating in a research note on Friday, February 23rd. Stifel Nicolaus reiterated a “hold” rating and set a $37.00 price target (up previously from $36.00) on shares of MGM Resorts International in a research report on Wednesday, February 21st. Finally, UBS Group upgraded MGM Resorts International from a “neutral” rating to a “positive” rating in a research report on Monday, April 23rd. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $38.29.
MGM Resorts International Company Profile
MGM Resorts International, through its subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts in the United States and China. The company operates through two segments, Domestic Resorts and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.
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