MGM Resorts International (NYSE:MGM) Director Mary Christine Gay Sells 3,000 Shares
MGM Resorts International (NYSE:MGM) Director Mary Christine Gay sold 3,000 shares of the stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $31.88, for a total value of $95,640.00. Following the completion of the sale, the director now directly owns 11,208 shares of the company’s stock, valued at $357,311.04. The sale was disclosed in a filing with the SEC, which is available at this link.
Shares of MGM Resorts International (NYSE MGM) traded down 0.97% on Tuesday, hitting $31.55. The stock had a trading volume of 6,571,376 shares. The firm’s 50 day moving average is $32.57 and its 200-day moving average is $29.85. MGM Resorts International has a one year low of $23.38 and a one year high of $34.53. The stock has a market capitalization of $18.14 billion, a PE ratio of 18.67 and a beta of 1.48.
MGM Resorts International (NYSE:MGM) last released its earnings results on Thursday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.03. The business had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.67 billion. MGM Resorts International had a return on equity of 7.97% and a net margin of 9.26%. MGM Resorts International’s revenue was up 16.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.29 earnings per share. Equities research analysts expect that MGM Resorts International will post $1.24 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Monday, September 11th will be paid a $0.11 dividend. The ex-dividend date of this dividend is Friday, September 8th. This represents a $0.44 annualized dividend and a yield of 1.39%. MGM Resorts International’s dividend payout ratio is 26.04%.
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Several equities research analysts recently issued reports on the company. UBS AG reissued a “buy” rating on shares of MGM Resorts International in a research note on Tuesday, April 11th. Deutsche Bank AG increased their price objective on MGM Resorts International from $32.00 to $34.00 and gave the stock a “buy” rating in a research note on Friday, April 28th. Telsey Advisory Group reissued an “outperform” rating and issued a $36.00 price objective (up from $32.00) on shares of MGM Resorts International in a research note on Thursday, April 27th. CLSA reissued an “outperform” rating on shares of MGM Resorts International in a research note on Friday, April 28th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $34.00 price objective (up from $33.00) on shares of MGM Resorts International in a research note on Monday, July 10th. One analyst has rated the stock with a sell rating, two have issued a hold rating and nineteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $34.59.
A number of hedge funds have recently added to or reduced their stakes in MGM. Allen Investment Management LLC acquired a new stake in MGM Resorts International during the second quarter valued at about $555,000. Leucadia National Corp acquired a new stake in MGM Resorts International during the second quarter valued at about $939,000. Cambridge Investment Research Advisors Inc. raised its stake in MGM Resorts International by 53.2% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 17,994 shares of the company’s stock valued at $563,000 after buying an additional 6,250 shares in the last quarter. Neuberger Berman Group LLC raised its stake in MGM Resorts International by 63.2% in the second quarter. Neuberger Berman Group LLC now owns 1,189,143 shares of the company’s stock valued at $37,208,000 after buying an additional 460,431 shares in the last quarter. Finally, Pacer Advisors Inc. raised its stake in MGM Resorts International by 8.5% in the second quarter. Pacer Advisors Inc. now owns 10,053 shares of the company’s stock valued at $315,000 after buying an additional 784 shares in the last quarter. Hedge funds and other institutional investors own 73.49% of the company’s stock.
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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