MGM Resorts International (MGM) Insider Sells $2,005,696.00 in Stock
MGM Resorts International (NYSE:MGM) insider Robert Baldwin sold 61,600 shares of the business’s stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $32.56, for a total transaction of $2,005,696.00. Following the sale, the insider now owns 70,049 shares in the company, valued at approximately $2,280,795.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
Robert Baldwin also recently made the following trade(s):
- On Monday, September 11th, Robert Baldwin sold 49,179 shares of MGM Resorts International stock. The stock was sold at an average price of $33.13, for a total transaction of $1,629,300.27.
Shares of MGM Resorts International (NYSE MGM) traded up $0.11 on Thursday, reaching $33.00. The company had a trading volume of 4,664,827 shares, compared to its average volume of 8,796,066. MGM Resorts International has a 52 week low of $25.15 and a 52 week high of $34.65. The stock has a market cap of $18,680.00, a price-to-earnings ratio of 29.07, a P/E/G ratio of 7.47 and a beta of 1.42. The company has a current ratio of 1.02, a quick ratio of 0.98 and a debt-to-equity ratio of 1.26.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Monday, December 11th will be given a dividend of $0.11 per share. The ex-dividend date is Friday, December 8th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.33%. MGM Resorts International’s dividend payout ratio (DPR) is presently 43.14%.
MGM Resorts International declared that its Board of Directors has approved a share buyback program on Tuesday, September 5th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 5.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
A number of equities analysts have recently commented on MGM shares. Zacks Investment Research raised shares of MGM Resorts International from a “sell” rating to a “hold” rating in a report on Friday, November 10th. Stifel Nicolaus reiterated a “hold” rating and set a $36.00 target price (up previously from $33.00) on shares of MGM Resorts International in a research report on Thursday, November 9th. J P Morgan Chase & Co raised their price objective on shares of MGM Resorts International from $39.00 to $40.00 and gave the company an “overweight” rating in a research report on Wednesday, November 1st. Nomura lowered their price objective on shares of MGM Resorts International from $38.00 to $37.00 and set a “buy” rating for the company in a research report on Wednesday, November 1st. Finally, Roth Capital began coverage on shares of MGM Resorts International in a research note on Wednesday, October 25th. They issued a “buy” rating and a $38.00 target price on the stock. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $36.50.
A number of institutional investors have recently made changes to their positions in the business. Spirit of America Management Corp NY purchased a new stake in MGM Resorts International in the third quarter worth $104,000. Sun Life Financial INC bought a new stake in MGM Resorts International in the third quarter worth $124,000. Pacad Investment Ltd. bought a new position in shares of MGM Resorts International during the second quarter valued at $169,000. Toronto Dominion Bank increased its position in MGM Resorts International by 12.4% during the second quarter. Toronto Dominion Bank now owns 5,644 shares of the company’s stock valued at $177,000 after acquiring an additional 624 shares during the last quarter. Finally, Colony Group LLC purchased a new stake in MGM Resorts International during the second quarter valued at $203,000. 76.63% of the stock is currently owned by institutional investors and hedge funds.
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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