Robert Baldwin Sells 49,179 Shares of MGM Resorts International (MGM) Stock
MGM Resorts International (NYSE:MGM) insider Robert Baldwin sold 49,179 shares of the business’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $33.13, for a total value of $1,629,300.27. Following the completion of the sale, the insider now directly owns 145,105 shares of the company’s stock, valued at $4,807,328.65. The sale was disclosed in a legal filing with the SEC, which is available through this link.
MGM Resorts International (NYSE:MGM) opened at 32.59 on Thursday. The stock has a market cap of $18.75 billion, a P/E ratio of 19.30 and a beta of 1.48. MGM Resorts International has a 1-year low of $24.75 and a 1-year high of $34.65. The company has a 50-day moving average price of $32.17 and a 200 day moving average price of $30.54.
MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Thursday, July 27th. The company reported $0.31 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.03. The company had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.67 billion. MGM Resorts International had a net margin of 9.26% and a return on equity of 7.97%. The firm’s quarterly revenue was up 16.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.29 earnings per share. Equities analysts expect that MGM Resorts International will post $1.29 earnings per share for the current fiscal year.
MGM Resorts International announced that its Board of Directors has initiated a stock buyback program on Tuesday, September 5th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 5.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Monday, September 11th will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 1.35%. The ex-dividend date is Friday, September 8th. MGM Resorts International’s dividend payout ratio (DPR) is currently 26.04%.
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A number of hedge funds have recently modified their holdings of MGM. IFP Advisors Inc boosted its holdings in MGM Resorts International by 0.7% in the first quarter. IFP Advisors Inc now owns 4,558 shares of the company’s stock worth $125,000 after purchasing an additional 31 shares during the last quarter. Toronto Dominion Bank boosted its holdings in MGM Resorts International by 28.0% in the first quarter. Toronto Dominion Bank now owns 5,020 shares of the company’s stock worth $138,000 after purchasing an additional 1,099 shares during the last quarter. Pacad Investment Ltd. purchased a new stake in MGM Resorts International in the second quarter worth approximately $169,000. Global X Management Co. LLC boosted its holdings in MGM Resorts International by 30.4% in the first quarter. Global X Management Co. LLC now owns 7,403 shares of the company’s stock worth $203,000 after purchasing an additional 1,724 shares during the last quarter. Finally, Colony Group LLC purchased a new stake in MGM Resorts International in the second quarter worth approximately $203,000. Institutional investors own 75.22% of the company’s stock.
A number of research firms have issued reports on MGM. UBS AG downgraded MGM Resorts International from a “buy” rating to a “neutral” rating and lifted their price target for the company from $33.00 to $36.00 in a research note on Tuesday, August 1st. Bank of America Corporation reiterated a “buy” rating and set a $40.00 price target (up previously from $38.00) on shares of MGM Resorts International in a research note on Friday, September 8th. Deutsche Bank AG downgraded MGM Resorts International from a “buy” rating to a “hold” rating and set a $36.00 price target for the company. in a research note on Monday. Instinet reiterated a “buy” rating on shares of MGM Resorts International in a research note on Monday, July 17th. Finally, BidaskClub downgraded MGM Resorts International from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, August 1st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eighteen have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $35.12.
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.
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