MGM Resorts International (MGM) Bonds Rise 1.1% During Trading Insider Trade
An issue of MGM Resorts International (NYSE:MGM) debt rose 1.1% as a percentage of its face value during trading on Monday following insider selling activity. The debt issue has a 4.625% coupon and is set to mature on September 1, 2026. The debt is now trading at $101.38 and was trading at $101.72 one week ago. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its stock price. Specifically, CEO James Murren sold 57,269 shares of the firm’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $33.05, for a total transaction of $1,892,740.45. Following the transaction, the chief executive officer now directly owns 1,231,611 shares in the company, valued at $40,704,743.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John Mcmanus sold 10,000 shares of the firm’s stock in a transaction on Friday, May 19th. The stock was sold at an average price of $31.28, for a total value of $312,800.00. Following the transaction, the executive vice president now owns 46,917 shares in the company, valued at $1,467,563.76. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 141,329 shares of company stock valued at $4,546,246. Company insiders own 12.20% of the company’s stock.
Several equities analysts recently issued reports on MGM shares. BidaskClub cut MGM Resorts International from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 1st. Telsey Advisory Group restated an “outperform” rating and set a $36.00 price objective (up from $32.00) on shares of MGM Resorts International in a research note on Thursday, April 27th. Aegis restated a “buy” rating and set a $35.00 price objective (up from $33.00) on shares of MGM Resorts International in a research note on Saturday, April 29th. UBS AG restated a “buy” rating on shares of MGM Resorts International in a research note on Monday, July 10th. Finally, Nomura restated a “buy” rating and set a $35.00 price objective on shares of MGM Resorts International in a research note on Friday, April 28th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eighteen have assigned a buy rating to the stock. MGM Resorts International has a consensus rating of “Buy” and a consensus target price of $34.81.
The firm has a market cap of $17.83 billion, a P/E ratio of 18.35 and a beta of 1.48. The company’s 50-day moving average price is $32.31 and its 200 day moving average price is $29.94.
MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Thursday, July 27th. The company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.03. The company had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.67 billion. MGM Resorts International had a return on equity of 7.97% and a net margin of 9.26%. The business’s revenue was up 16.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.29 earnings per share. On average, equities research analysts predict that MGM Resorts International will post $1.24 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Monday, September 11th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date of this dividend is Friday, September 8th. MGM Resorts International’s dividend payout ratio is currently 26.04%.
A number of institutional investors have recently bought and sold shares of the company. IFP Advisors Inc raised its position in MGM Resorts International by 0.7% in the first quarter. IFP Advisors Inc now owns 4,558 shares of the company’s stock worth $125,000 after buying an additional 31 shares in the last quarter. Toronto Dominion Bank raised its position in MGM Resorts International by 28.0% in the first quarter. Toronto Dominion Bank now owns 5,020 shares of the company’s stock worth $138,000 after buying an additional 1,099 shares in the last quarter. Pacad Investment Ltd. acquired a new position in MGM Resorts International during the second quarter worth approximately $169,000. Cigna Investments Inc. New acquired a new position in MGM Resorts International during the second quarter worth approximately $206,000. Finally, IPG Investment Advisors LLC acquired a new position in MGM Resorts International during the second quarter worth approximately $219,000. 74.10% of the stock is currently owned by institutional investors.
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MGM Resorts International Company Profile
MGM Resorts International is a holding company. The Company, through its subsidiaries, owns and operates casino resorts. The Company operates in two segments: domestic resorts and MGM China. Its domestic resorts segment consists of non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities.
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