MGM Resorts International (NYSE:MGM) COO Corey Ian Sanders sold 40,000 shares of the business’s stock in a transaction on Monday, February 22nd. The shares were sold at an average price of $38.52, for a total transaction of $1,540,800.00. Following the sale, the chief operating officer now owns 448,331 shares in the company, valued at approximately $17,269,710.12. The sale was disclosed in a legal filing with the SEC, which is available at this link.
NYSE:MGM traded up $2.07 during mid-day trading on Tuesday, reaching $39.59. The company’s stock had a trading volume of 15,098,105 shares, compared to its average volume of 10,060,583. MGM Resorts International has a 12-month low of $5.90 and a 12-month high of $39.91. The firm’s fifty day moving average price is $32.10 and its two-hundred day moving average price is $26.45. The company has a current ratio of 2.24, a quick ratio of 2.20 and a debt-to-equity ratio of 0.98. The stock has a market cap of $19.56 billion, a P/E ratio of 13.40 and a beta of 2.42.
MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, February 10th. The company reported ($0.90) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.96) by $0.06. MGM Resorts International had a net margin of 20.81% and a negative return on equity of 12.08%. The firm had revenue of $1.49 billion during the quarter, compared to analyst estimates of $1.53 billion. During the same quarter in the prior year, the firm earned $0.08 EPS. The business’s revenue for the quarter was down 53.1% compared to the same quarter last year. Analysts predict that MGM Resorts International will post -4.09 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in MGM. Orbis Allan Gray Ltd purchased a new stake in shares of MGM Resorts International during the 3rd quarter valued at about $183,348,000. Canada Pension Plan Investment Board increased its position in shares of MGM Resorts International by 58,288,970.0% during the 4th quarter. Canada Pension Plan Investment Board now owns 5,828,907 shares of the company’s stock valued at $183,669,000 after purchasing an additional 5,828,897 shares during the last quarter. Steadfast Capital Management LP purchased a new stake in shares of MGM Resorts International during the 4th quarter valued at about $177,891,000. Southeastern Asset Management Inc. TN purchased a new stake in shares of MGM Resorts International during the 3rd quarter valued at about $107,944,000. Finally, Morgan Stanley increased its position in shares of MGM Resorts International by 63.0% during the 4th quarter. Morgan Stanley now owns 6,763,285 shares of the company’s stock valued at $213,110,000 after purchasing an additional 2,613,254 shares during the last quarter. 63.39% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have recently commented on the stock. Stifel Nicolaus boosted their target price on shares of MGM Resorts International from $34.00 to $40.00 in a report on Thursday, February 11th. Bank of America upgraded shares of MGM Resorts International from an “underperform” rating to a “neutral” rating in a report on Tuesday, February 16th. Argus upgraded shares of MGM Resorts International from a “hold” rating to a “buy” rating and set a $42.00 target price on the stock in a report on Tuesday. The Goldman Sachs Group lifted their price target on MGM Resorts International from $23.00 to $27.00 and gave the stock a “sell” rating in a research report on Tuesday, January 26th. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell lowered MGM Resorts International from a “buy” rating to a “neutral” rating in a research report on Thursday, January 7th. Four research analysts have rated the stock with a sell rating, fourteen have given a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $25.17.
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 Macau. 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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