MGM Resorts International (NYSE:MGM) Director Keith Meister Purchases 1,738,074 Shares of Stock

MGM Resorts International (NYSE:MGM) Director Keith Meister bought 1,738,074 shares of MGM Resorts International stock in a transaction dated Friday, October 30th. The shares were bought at an average cost of $29.64 per share, with a total value of $51,516,513.36. Following the completion of the transaction, the director directly owned 7,086,052 shares in the company, valued at approximately $210,030,581.28. This trade represents a 32.50% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink.

MGM Resorts International Trading Up 1.6%

Shares of MGM stock opened at $31.03 on Wednesday. The company has a quick ratio of 1.20, a current ratio of 1.24 and a debt-to-equity ratio of 1.68. The firm has a market cap of $7.85 billion, a P/E ratio of 11.80, a PEG ratio of 1.82 and a beta of 1.34. The company has a 50 day moving average of $34.27 and a 200-day moving average of $38.97. MGM Resorts International has a 12-month low of $26.71 and a 12-month high of $51.59.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, October 28th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.15). MGM Resorts International had a net margin of 3.92% and a return on equity of 20.58%. The firm had revenue of $4.21 billion during the quarter, compared to analysts’ expectations of $4.21 billion. During the same quarter in the previous year, the company posted $0.24 EPS. MGM Resorts International’s revenue for the quarter was down .9% on a year-over-year basis. Sell-side analysts anticipate that MGM Resorts International will post 1.68 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on MGM shares. JPMorgan Chase & Co. cut their price target on MGM Resorts International from $42.00 to $39.00 and set an “overweight” rating for the company in a research note on Thursday, October 29th. Susquehanna decreased their price objective on MGM Resorts International from $46.00 to $41.00 and set a “positive” rating for the company in a report on Thursday, October 8th. Wells Fargo & Company lowered their price objective on MGM Resorts International from $29.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Friday, October 30th. Citigroup dropped their price objective on shares of MGM Resorts International from $48.00 to $32.00 and set a “neutral” rating on the stock in a report on Monday, October 12th. Finally, Capital One Financial increased their target price on shares of MGM Resorts International from $53.00 to $57.00 and gave the stock an “overweight” rating in a research report on Monday, September 21st. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $45.18.

Hedge Funds Weigh In On MGM Resorts International

Large investors have recently modified their holdings of the company. State Street Corp boosted its holdings in shares of MGM Resorts International by 0.8% in the 2nd quarter. State Street Corp now owns 7,047,768 shares of the company’s stock worth $336,954,000 after purchasing an additional 56,072 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of MGM Resorts International by 1.6% in the first quarter. Dimensional Fund Advisors LP now owns 2,379,727 shares of the company’s stock worth $88,050,000 after buying an additional 36,649 shares during the period. Montanova Capital LLC increased its stake in shares of MGM Resorts International by 7.7% in the second quarter. Montanova Capital LLC now owns 2,325,360 shares of the company’s stock worth $111,175,000 after buying an additional 166,560 shares during the period. Bank of New York Mellon Corp boosted its position in MGM Resorts International by 3.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,598,531 shares of the company’s stock valued at $76,426,000 after buying an additional 46,268 shares during the period. Finally, Royal Bank of Canada boosted its position in MGM Resorts International by 2.2% during the 1st quarter. Royal Bank of Canada now owns 1,110,977 shares of the company’s stock valued at $41,117,000 after buying an additional 23,951 shares during the period. 68.11% of the stock is currently owned by institutional investors.

About MGM Resorts International

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.