MGM Resorts International (NYSE:MGM) COO Sells $1,377,200.00 in Stock

MGM Resorts International (NYSE:MGM) COO Corey Ian Sanders sold 40,000 shares of MGM Resorts International stock in a transaction on Monday, May 12th. The stock was sold at an average price of $34.43, for a total transaction of $1,377,200.00. Following the sale, the chief operating officer now directly owns 281,530 shares in the company, valued at approximately $9,693,077.90. This trade represents a 12.44% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

MGM Resorts International Price Performance

Shares of MGM opened at $34.35 on Friday. The firm has a market capitalization of $9.35 billion, a price-to-earnings ratio of 14.31, a PEG ratio of 0.98 and a beta of 1.78. The firm’s fifty day simple moving average is $30.81 and its 200-day simple moving average is $33.87. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $47.26. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.19. The company had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.29 billion. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. MGM Resorts International’s quarterly revenue was down 2.4% on a year-over-year basis. During the same period last year, the firm earned $0.74 earnings per share. Equities analysts forecast that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International announced that its Board of Directors has authorized a stock repurchase program on Wednesday, April 30th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 22.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on MGM. Susquehanna upped their target price on MGM Resorts International from $45.00 to $50.00 and gave the company a “positive” rating in a report on Thursday, May 1st. Leerink Partners cut shares of MGM Resorts International to a “market perform” rating in a research report on Thursday, February 13th. Truist Financial cut their price objective on shares of MGM Resorts International from $50.00 to $45.00 and set a “buy” rating for the company in a research report on Wednesday, April 23rd. Mizuho lifted their target price on shares of MGM Resorts International from $56.00 to $60.00 and gave the stock an “outperform” rating in a research note on Thursday, February 13th. Finally, Macquarie dropped their price target on shares of MGM Resorts International from $50.00 to $48.00 and set an “outperform” rating for the company in a research note on Friday, May 2nd. Four 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.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $48.94.

Institutional Investors Weigh In On MGM Resorts International

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Czech National Bank lifted its position in shares of MGM Resorts International by 4.3% during the 4th quarter. Czech National Bank now owns 49,063 shares of the company’s stock worth $1,700,000 after buying an additional 2,043 shares during the last quarter. Miracle Mile Advisors LLC purchased a new stake in shares of MGM Resorts International in the 4th quarter valued at about $2,010,000. Assenagon Asset Management S.A. lifted its holdings in shares of MGM Resorts International by 80.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 358,186 shares of the company’s stock valued at $12,411,000 after purchasing an additional 159,522 shares during the last quarter. Empirical Asset Management LLC acquired a new stake in shares of MGM Resorts International in the 4th quarter valued at about $3,418,000. Finally, Merit Financial Group LLC purchased a new position in MGM Resorts International during the 4th quarter worth approximately $243,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

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.