Insider Buying: MGM Resorts International (NYSE:MGM) Director Buys $227,344.32 in Stock

MGM Resorts International (NYSE:MGM) Director Keith Meister acquired 7,518 shares of the business’s stock in a transaction that occurred on Monday, November 2nd. The stock was acquired at an average cost of $30.24 per share, with a total value of $227,344.32. Following the completion of the acquisition, the director owned 7,093,570 shares in the company, valued at $214,509,556.80. This trade represents a 0.11% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

MGM Resorts International Stock Down 1.0%

MGM Resorts International stock opened at $32.50 on Friday. MGM Resorts International has a 1-year low of $26.71 and a 1-year high of $51.59. The firm 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 current ratio of 1.24, a quick ratio of 1.20 and a debt-to-equity ratio of 1.68. The firm has a 50 day simple moving average of $33.84 and a 200 day simple moving average of $38.94.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, October 28th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.15). The business had revenue of $4.21 billion for the quarter, compared to the consensus estimate of $4.21 billion. MGM Resorts International had a net margin of 3.92% and a return on equity of 20.58%. The company’s revenue was down .9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.24 EPS. On average, analysts predict that MGM Resorts International will post 1.68 earnings per share for the current year.

Analyst Ratings Changes

MGM has been the topic of a number of analyst reports. HSBC upgraded MGM Resorts International to a “strong-buy” rating in a research note on Thursday, July 30th. UBS Group cut their target price on MGM Resorts International from $50.00 to $46.00 and set a “neutral” rating for the company in a research note on Friday, September 11th. Zacks Research lowered MGM Resorts International from a “hold” rating to a “strong sell” rating in a report on Friday, October 2nd. Truist Financial reduced their target price on MGM Resorts International from $45.00 to $40.00 and set a “buy” rating for the company in a report on Thursday, October 29th. Finally, Susquehanna decreased their price target on MGM Resorts International from $46.00 to $41.00 and set a “positive” rating on the stock in a research report on Thursday, October 8th. 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $44.29.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. State Street Corp raised its position in MGM Resorts International by 0.8% during the second quarter. State Street Corp now owns 7,047,768 shares of the company’s stock valued at $336,954,000 after purchasing an additional 56,072 shares in the last quarter. Montanova Capital LLC lifted its stake in MGM Resorts International by 7.7% during the second quarter. Montanova Capital LLC now owns 2,325,360 shares of the company’s stock worth $111,175,000 after purchasing an additional 166,560 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of MGM Resorts International by 1.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,379,727 shares of the company’s stock worth $88,050,000 after purchasing an additional 36,649 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of MGM Resorts International by 3.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,598,531 shares of the company’s stock worth $76,426,000 after purchasing an additional 46,268 shares in the last quarter. Finally, Allianz Asset Management GmbH increased its position in shares of MGM Resorts International by 5.0% during the 2nd quarter. Allianz Asset Management GmbH now owns 1,037,941 shares of the company’s stock valued at $49,624,000 after purchasing an additional 49,351 shares during the last quarter. 68.11% of the stock is owned by institutional investors.

MGM Resorts International Company Profile

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.