Insider Selling: MGM Resorts International (NYSE:MGM) Director Sells $1,925,400.00 in Stock

MGM Resorts International (NYSE:MGM) Director Keith A. Meister sold 60,000 shares of the business’s stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $32.09, for a total value of $1,925,400.00. Following the sale, the director now owns 5,627,478 shares of the company’s stock, valued at $180,585,769.02. The trade was a 1.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

MGM Resorts International Stock Performance

Shares of MGM Resorts International stock opened at $31.68 on Monday. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $47.26. The business’s fifty day simple moving average is $31.50 and its 200-day simple moving average is $33.02. The firm has a market cap of $8.62 billion, a PE ratio of 13.20, a price-to-earnings-growth ratio of 0.98 and a beta of 1.76. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.50 by $0.19. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. The business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.29 billion. During the same quarter in the prior year, the company posted $0.74 EPS. The company’s quarterly revenue was down 2.4% on a year-over-year basis. Equities analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current year.

MGM Resorts International declared that its board has initiated a stock buyback program on Wednesday, April 30th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 22.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On MGM Resorts International

Several hedge funds have recently bought and sold shares of MGM. Assetmark Inc. lifted its stake in MGM Resorts International by 104.1% during the 4th quarter. Assetmark Inc. now owns 806 shares of the company’s stock worth $28,000 after acquiring an additional 411 shares in the last quarter. Mascagni Wealth Management Inc. acquired a new position in MGM Resorts International during the 4th quarter worth about $28,000. Golden State Wealth Management LLC lifted its stake in MGM Resorts International by 83.5% during the 1st quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company’s stock worth $30,000 after acquiring an additional 455 shares in the last quarter. True Wealth Design LLC acquired a new position in MGM Resorts International during the 4th quarter worth about $33,000. Finally, CX Institutional acquired a new position in MGM Resorts International during the 1st quarter worth about $36,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on MGM shares. Truist Financial dropped their price target on MGM Resorts International from $50.00 to $45.00 and set a “buy” rating for the company in a research report on Wednesday, April 23rd. JMP Securities lowered their price objective on MGM Resorts International from $50.00 to $45.00 and set a “market outperform” rating on the stock in a research note on Thursday, April 17th. Barclays boosted their price objective on MGM Resorts International from $41.00 to $43.00 and gave the stock an “overweight” rating in a research note on Thursday, May 1st. Stifel Nicolaus lowered their price objective on MGM Resorts International from $50.00 to $44.00 and set a “buy” rating on the stock in a research note on Thursday, May 1st. Finally, Wall Street Zen raised MGM Resorts International from a “sell” rating to a “hold” rating in a research note on Thursday, May 22nd. Five analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $48.94.

MGM Resorts International Company Profile

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.