Traders Buy MGM Resorts International (MGM) on Weakness
Traders bought shares of MGM Resorts International (NYSE:MGM) on weakness during trading hours on Tuesday. $115.81 million flowed into the stock on the tick-up and $29.61 million flowed out of the stock on the tick-down, for a money net flow of $86.20 million into the stock. Of all equities tracked, MGM Resorts International had the 8th highest net in-flow for the day. MGM Resorts International traded down ($0.07) for the day and closed at $33.14
Several equities research analysts recently weighed in on the stock. UBS AG cut shares of MGM Resorts International from a “buy” rating to a “neutral” rating and increased their target price for the company from $33.00 to $36.00 in a research note on Tuesday, August 1st. Stifel Nicolaus reiterated a “buy” rating on shares of MGM Resorts International in a research note on Friday. BidaskClub cut shares of MGM Resorts International from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, August 1st. Instinet reiterated a “buy” rating on shares of MGM Resorts International in a research note on Monday, July 17th. Finally, Deutsche Bank AG reiterated a “buy” rating and issued a $36.00 target price (up previously from $34.00) on shares of MGM Resorts International in a research note on Sunday, July 30th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eighteen have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $34.81.
The company has a 50 day moving average price of $32.17 and a 200-day moving average price of $30.32. The firm has a market capitalization of $19.06 billion, a PE ratio of 19.62 and a beta of 1.48.
MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Thursday, July 27th. The company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.03. The business had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.67 billion. MGM Resorts International had a net margin of 9.26% and a return on equity of 7.97%. The business’s quarterly revenue was up 16.4% on a year-over-year basis. During the same period last year, the company posted $0.29 earnings per share. On average, equities research analysts forecast that MGM Resorts International will post $1.24 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Monday, September 11th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date is Friday, September 8th. MGM Resorts International’s payout ratio is 26.04%.
In other MGM Resorts International news, Director Mary Christine Gay sold 3,000 shares of the firm’s stock in a transaction on Monday, August 7th. The shares were 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 in the company, valued at $357,311.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO James Murren sold 57,269 shares of the firm’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $33.05, for a total transaction of $1,892,740.45. Following the completion of the sale, the chief executive officer now owns 1,231,611 shares of the company’s stock, valued at $40,704,743.55. The disclosure for this sale can be found here. Insiders sold 121,283 shares of company stock valued at $3,916,395 over the last 90 days. Corporate insiders own 12.20% of the company’s stock.
A number of large investors have recently bought and sold shares of MGM. Toronto Dominion Bank lifted its stake in shares of MGM Resorts International by 12.4% in the second quarter. Toronto Dominion Bank now owns 5,644 shares of the company’s stock valued at $177,000 after buying an additional 624 shares in the last quarter. WINTON GROUP Ltd bought a new position in shares of MGM Resorts International in the second quarter valued at $4,512,000. Public Employees Retirement System of Ohio lifted its stake in shares of MGM Resorts International by 1.4% in the second quarter. Public Employees Retirement System of Ohio now owns 462,455 shares of the company’s stock valued at $14,470,000 after buying an additional 6,429 shares in the last quarter. Colony Group LLC bought a new position in shares of MGM Resorts International in the second quarter valued at $203,000. Finally, Verition Fund Management LLC lifted its stake in shares of MGM Resorts International by 29.9% in the second quarter. Verition Fund Management LLC now owns 12,987 shares of the company’s stock valued at $406,000 after buying an additional 2,987 shares in the last quarter. Institutional investors and hedge funds own 75.22% of the company’s stock.
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About MGM Resorts International
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.