Traders Sell MGM Resorts International (MGM) on Strength (MGM)
Investors sold shares of MGM Resorts International (NYSE:MGM) on strength during trading hours on Tuesday. $100.76 million flowed into the stock on the tick-up and $136.30 million flowed out of the stock on the tick-down, for a money net flow of $35.54 million out of the stock. Of all companies tracked, MGM Resorts International had the 29th highest net out-flow for the day. MGM Resorts International traded up $0.08 for the day and closed at $30.85
Several equities research analysts recently commented on MGM shares. Instinet reaffirmed a “buy” rating and set a $40.00 price objective (up from $35.00) on shares of MGM Resorts International in a research report on Monday, June 19th. BidaskClub downgraded shares of MGM Resorts International from a “strong-buy” rating to a “buy” rating in a report on Tuesday, August 1st. Deutsche Bank AG reaffirmed a “buy” rating and set a $36.00 price target (up previously from $34.00) on shares of MGM Resorts International in a report on Sunday, July 30th. UBS AG reiterated a “buy” rating on shares of MGM Resorts International in a research note on Monday, July 10th. Finally, Stifel Nicolaus reissued a “buy” rating on shares of MGM Resorts International in a report on Friday, September 1st. One research analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have given a buy rating to the company. MGM Resorts International presently has an average rating of “Buy” and an average price target of $35.12.
The firm has a 50-day moving average of $32.17 and a 200-day moving average of $31.15. The firm has a market capitalization of $17.74 billion, a price-to-earnings ratio of 18.27 and a beta of 1.46. MGM Resorts International also saw unusually large options trading on Monday. Stock traders acquired 25,657 put options on the company. This is an increase of approximately 317% compared to the average daily volume of 6,159 put options.
MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Thursday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.03. MGM Resorts International had a return on equity of 7.97% and a net margin of 9.26%. The company had revenue of $2.64 billion for the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter in the prior year, the business posted $0.29 earnings per share. MGM Resorts International’s revenue for the quarter was up 16.4% on a year-over-year basis. Analysts anticipate that MGM Resorts International will post $1.29 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Monday, September 11th were paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 1.43%. The ex-dividend date was Friday, September 8th. MGM Resorts International’s payout ratio is 26.04%.
MGM Resorts International announced that its board has initiated a share repurchase plan on Tuesday, September 5th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 5.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
In other MGM Resorts International news, Director Rose Mckinney-James sold 3,097 shares of the stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $33.83, for a total transaction of $104,771.51. Following the transaction, the director now directly owns 10,724 shares of the company’s stock, valued at $362,792.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Robert Baldwin sold 49,179 shares of the stock in a transaction on Monday, September 11th. The shares were sold at an average price of $33.13, for a total transaction of $1,629,300.27. Following the transaction, the insider now directly owns 145,105 shares in the company, valued at $4,807,328.65. The disclosure for this sale can be found here. Insiders sold a total of 819,831 shares of company stock worth $27,686,927 in the last three months. 12.20% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in MGM. Centre Asset Management LLC purchased a new position in MGM Resorts International in the 3rd quarter valued at about $5,168,000. Toronto Dominion Bank boosted its holdings in MGM Resorts International by 12.4% in the 2nd quarter. Toronto Dominion Bank now owns 5,644 shares of the company’s stock worth $177,000 after buying an additional 624 shares during the last quarter. WINTON GROUP Ltd acquired a new stake in MGM Resorts International in the 2nd quarter worth about $4,512,000. Public Employees Retirement System of Ohio increased its stake in MGM Resorts International by 1.4% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 462,455 shares of the company’s stock worth $14,470,000 after buying an additional 6,429 shares in the last quarter. Finally, Colony Group LLC purchased a new stake in MGM Resorts International during the 2nd quarter worth approximately $203,000. 75.17% of the stock is owned by institutional investors and hedge funds.
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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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