Insider Selling: MGM Resorts International (NYSE:MGM) Director Sells 37,500 Shares of Stock

MGM Resorts International (NYSE:MGM) Director Keith Meister sold 37,500 shares of the firm’s stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $34.27, for a total transaction of $1,285,125.00. Following the sale, the director directly owned 5,347,978 shares in the company, valued at approximately $183,275,206.06. The trade was a 0.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

MGM Resorts International Stock Performance

Shares of MGM traded up $0.09 during mid-day trading on Monday, hitting $35.66. 7,072,754 shares of the company traded hands, compared to its average volume of 5,098,417. The stock has a 50-day moving average price of $35.37 and a two-hundred day moving average price of $34.95. The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.20 and a current ratio of 1.23. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $40.16. The stock has a market cap of $9.12 billion, a price-to-earnings ratio of 47.54 and a beta of 1.38.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, February 4th. The company reported $1.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.96. The firm had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.42 billion. MGM Resorts International had a return on equity of 26.04% and a net margin of 1.17%.During the same period in the previous year, the firm earned $0.45 EPS. Equities analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current year.

Institutional Trading of MGM Resorts International

Several hedge funds have recently bought and sold shares of the stock. Helikon Investments Ltd grew its position in shares of MGM Resorts International by 379.9% during the second quarter. Helikon Investments Ltd now owns 8,810,322 shares of the company’s stock valued at $302,987,000 after purchasing an additional 6,974,347 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of MGM Resorts International by 202.5% in the third quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company’s stock worth $292,772,000 after buying an additional 5,654,757 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in MGM Resorts International by 81.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company’s stock valued at $264,874,000 after buying an additional 3,429,946 shares during the last quarter. Davis Selected Advisers boosted its stake in MGM Resorts International by 14.4% during the second quarter. Davis Selected Advisers now owns 23,821,109 shares of the company’s stock valued at $819,208,000 after buying an additional 3,006,052 shares during the last quarter. Finally, Norges Bank purchased a new position in MGM Resorts International during the 4th quarter valued at approximately $82,348,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Analysts Set New Price Targets

MGM has been the subject of a number of recent analyst reports. Susquehanna dropped their price target on shares of MGM Resorts International from $46.00 to $45.00 and set a “positive” rating for the company in a research report on Friday, February 6th. Truist Financial increased their price target on MGM Resorts International from $38.00 to $39.00 and gave the stock a “hold” rating in a research note on Friday, February 6th. Argus dropped their price objective on MGM Resorts International from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, November 14th. Barclays set a $37.00 target price on MGM Resorts International in a research note on Friday, February 6th. Finally, Berenberg Bank reissued a “buy” rating on shares of MGM Resorts International in a report on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $41.94.

About MGM Resorts International

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.