Stock Traders Purchase High Volume of Put Options on MGM Resorts International (NYSE:MGM)

MGM Resorts International (NYSE:MGM) was the target of some unusual options trading on Wednesday. Traders purchased 21,351 put options on the stock. This is an increase of 38% compared to the average volume of 15,474 put options.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 51,000 shares of MGM Resorts International stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $36.57, for a total value of $1,865,070.00. Following the completion of the transaction, the director now directly owns 5,687,478 shares in the company, valued at $207,991,070.46. The trade was a 0.89 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Todd Meinert sold 6,000 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total value of $227,040.00. Following the sale, the chief accounting officer now owns 18,301 shares in the company, valued at $692,509.84. The trade was a 24.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.83% of the company’s stock.

Hedge Funds Weigh In On MGM Resorts International

Several institutional investors and hedge funds have recently bought and sold shares of MGM. Norges Bank purchased a new position in MGM Resorts International during the fourth quarter valued at approximately $88,033,000. HG Vora Capital Management LLC purchased a new stake in shares of MGM Resorts International during the third quarter worth $97,725,000. Eminence Capital LP acquired a new stake in MGM Resorts International during the fourth quarter valued at $72,408,000. Goldentree Asset Management LP grew its stake in MGM Resorts International by 86.4% in the third quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock valued at $117,270,000 after purchasing an additional 1,390,599 shares in the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of MGM Resorts International by 12,726.8% during the 4th quarter. AQR Capital Management LLC now owns 1,278,965 shares of the company’s stock worth $44,316,000 after purchasing an additional 1,268,994 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Trading Up 0.8 %

Shares of MGM stock traded up $0.26 during trading hours on Wednesday, reaching $32.87. 2,492,784 shares of the stock traded hands, compared to its average volume of 5,032,683. The business has a fifty day moving average price of $34.56 and a 200 day moving average price of $36.64. MGM Resorts International has a 1-year low of $31.60 and a 1-year high of $48.24. 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 firm has a market capitalization of $9.39 billion, a PE ratio of 13.70, a PEG ratio of 0.98 and a beta of 2.18.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.08. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. On average, equities research analysts forecast that MGM Resorts International will post 2.21 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Susquehanna Bancshares increased their target price on MGM Resorts International from $53.00 to $56.00 in a research 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 report on Friday, February 14th. Wells Fargo & Company boosted their target price on shares of MGM Resorts International from $44.00 to $46.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. Morgan Stanley raised their price target on shares of MGM Resorts International from $39.00 to $41.00 and gave the company an “equal weight” rating in a research note on Monday, February 24th. Finally, Needham & Company LLC reiterated a “buy” rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Six equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.29.

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.