Insider Buying: MGM Resorts International (NYSE:MGM) Director Buys $51,516,513.36 in Stock

MGM Resorts International (NYSE:MGM) Director Keith Meister bought 1,738,074 shares of MGM Resorts International stock in a transaction on Friday, October 30th. The stock was acquired at an average price of $29.64 per share, with a total value of $51,516,513.36. Following the completion of the purchase, the director directly owned 7,086,052 shares of the company’s stock, valued at approximately $210,030,581.28. The trade was a 32.50% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

MGM Resorts International Stock Performance

MGM stock opened at $32.50 on Friday. The firm has a 50 day moving average of $33.84 and a two-hundred day moving average of $38.94. MGM Resorts International has a 12 month low of $26.71 and a 12 month high of $51.59. The company has a market capitalization of $8.22 billion, a price-to-earnings ratio of 12.36, a P/E/G ratio of 1.95 and a beta of 1.34. The company has a quick ratio of 1.20, a current ratio of 1.24 and a debt-to-equity ratio of 1.68.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, October 28th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $4.21 billion for the quarter, compared to the consensus estimate of $4.21 billion. During the same quarter in the prior year, the business posted $0.24 EPS. The firm’s revenue for the quarter was down .9% compared to the same quarter last year. As a group, equities analysts anticipate that MGM Resorts International will post 1.68 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on MGM. JPMorgan Chase & Co. cut their target price on MGM Resorts International from $42.00 to $39.00 and set an “overweight” rating on the stock in a report on Thursday, October 29th. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $26.00 price target on shares of MGM Resorts International in a research report on Thursday, October 29th. Weiss Ratings downgraded MGM Resorts International from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, October 26th. 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 report on Friday, October 30th. Finally, Bank of America initiated coverage on MGM Resorts International in a research note on Thursday, September 24th. They issued a “neutral” rating and a $40.00 price objective on the stock. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $44.29.

Institutional Investors Weigh In On MGM Resorts International

Hedge funds have recently bought and sold shares of the company. Whittier Trust Co. grew its stake in shares of MGM Resorts International by 2.5% in the 1st quarter. Whittier Trust Co. now owns 10,778 shares of the company’s stock valued at $405,000 after purchasing an additional 262 shares during the period. Tema ETFs LLC lifted its position in shares of MGM Resorts International by 10.6% during the 2nd quarter. Tema ETFs LLC now owns 3,016 shares of the company’s stock worth $144,000 after buying an additional 290 shares during the period. New Mexico Educational Retirement Board lifted its position in shares of MGM Resorts International by 4.4% during the 2nd quarter. New Mexico Educational Retirement Board now owns 9,550 shares of the company’s stock worth $457,000 after buying an additional 400 shares during the period. AlphaCore Capital LLC lifted its position in shares of MGM Resorts International by 4.2% during the 3rd quarter. AlphaCore Capital LLC now owns 9,935 shares of the company’s stock worth $308,000 after buying an additional 405 shares during the period. Finally, Versant Capital Management Inc boosted its stake in MGM Resorts International by 41.3% in the 3rd quarter. Versant Capital Management Inc now owns 1,437 shares of the company’s stock valued at $45,000 after buying an additional 420 shares in the last quarter. 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.