MGM Resorts International (NYSE:MGM) Director Acquires $51,516,513.36 in Stock

MGM Resorts International (NYSE:MGM) Director Keith Meister purchased 1,738,074 shares of MGM Resorts International stock in a transaction on Friday, October 30th. The shares were acquired at an average price of $29.64 per share, for a total transaction of $51,516,513.36. Following the completion of the transaction, the director directly owned 7,086,052 shares of the company’s stock, valued at approximately $210,030,581.28. The trade was a 32.50% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink.

MGM Resorts International Price Performance

Shares of MGM stock traded up $0.47 during trading hours on Tuesday, hitting $31.03. 8,321,911 shares of the company’s stock were exchanged, compared to its average volume of 4,466,033. The company has a market capitalization of $7.81 billion, a PE ratio of 11.80, a PEG ratio of 1.52 and a beta of 1.35. The company has a current ratio of 1.34, a quick ratio of 1.30 and a debt-to-equity ratio of 1.80. MGM Resorts International has a 12-month low of $26.71 and a 12-month high of $51.59. The business’s 50 day simple moving average is $34.53 and its 200-day simple moving average is $38.98.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, October 28th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.15). The business had revenue of $4.21 billion for the quarter, compared to the consensus estimate of $4.21 billion. MGM Resorts International had a net margin of 3.92% and a return on equity of 20.67%. MGM Resorts International’s revenue for the quarter was down .9% on a year-over-year basis. During the same period in the prior year, the business posted $0.24 EPS. On average, equities research analysts anticipate that MGM Resorts International will post 1.71 earnings per share for the current year.

Institutional Investors Weigh In On MGM Resorts International

A number of large investors have recently made changes to their positions in MGM. International Assets Investment Management LLC bought a new position in MGM Resorts International in the first quarter worth $30,000. Latitude Advisors LLC purchased a new stake in shares of MGM Resorts International in the 3rd quarter worth about $27,000. Optiver Holding B.V. bought a new position in shares of MGM Resorts International in the 1st quarter worth about $35,000. Fiduciary Financial Advisors bought a new position in shares of MGM Resorts International during the second quarter valued at approximately $48,000. Finally, Global Retirement Partners LLC purchased a new position in shares of MGM Resorts International during the second quarter valued at approximately $53,000. 68.11% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on MGM. Stifel Nicolaus decreased their price objective on MGM Resorts International from $40.00 to $35.00 and set a “hold” rating on the stock in a report on Thursday, October 29th. Mizuho set a $50.00 price target on shares of MGM Resorts International in a report on Thursday, October 29th. Truist Financial dropped their price target on shares of MGM Resorts International from $45.00 to $40.00 and set a “buy” rating for the company in a research report on Thursday, October 29th. UBS Group cut their price target on shares of MGM Resorts International from $50.00 to $46.00 and set a “neutral” rating on the stock in a report on Friday, September 11th. Finally, The Goldman Sachs Group restated a “sell” rating and issued a $26.00 price objective on shares of MGM Resorts International in a research report on Thursday, October 29th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $45.18.

MGM Resorts International Company Profile

MGM Resorts International is a global hospitality and entertainment company that develops, owns, and operates destination resorts featuring casinos, hotels, restaurants, entertainment venues, convention facilities, retail spaces, and nightlife offerings. Its portfolio includes well-known properties such as MGM Grand, Bellagio, ARIA, Mandalay Bay, and The Cosmopolitan of Las Vegas.

The company serves customers through properties in Las Vegas and other U.S. markets, including regional destinations in Michigan, Maryland, Massachusetts, Mississippi, New Jersey, New York, and Ohio.