Insider Selling: MGM Resorts International (MGM) Insider Sells $2,005,696.00 in Stock
MGM Resorts International (NYSE:MGM) insider Robert Baldwin sold 61,600 shares of the company’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $32.56, for a total value of $2,005,696.00. Following the completion of the transaction, the insider now owns 70,049 shares of the company’s stock, valued at approximately $2,280,795.44. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.
Robert Baldwin also recently made the following trade(s):
- On Monday, September 11th, Robert Baldwin sold 49,179 shares of MGM Resorts International stock. The stock was sold at an average price of $33.13, for a total value of $1,629,300.27.
MGM Resorts International (MGM) opened at $33.00 on Friday. MGM Resorts International has a one year low of $25.15 and a one year high of $34.65. The stock has a market capitalization of $18,682.55, a price-to-earnings ratio of 29.20, a P/E/G ratio of 7.50 and a beta of 1.42. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.98 and a current ratio of 1.02.
MGM Resorts International declared that its Board of Directors has initiated a stock buyback program on Tuesday, September 5th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 5.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Monday, December 11th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 1.33%. The ex-dividend date is Friday, December 8th. MGM Resorts International’s dividend payout ratio (DPR) is presently 43.14%.
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Institutional investors and hedge funds have recently made changes to their positions in the stock. Assenagon Asset Management S.A. bought a new position in MGM Resorts International during the third quarter worth $87,164,000. Advisor Group Inc. lifted its stake in MGM Resorts International by 35.3% during the second quarter. Advisor Group Inc. now owns 24,967 shares of the company’s stock worth $780,000 after purchasing an additional 6,509 shares during the last quarter. Neuberger Berman Group LLC lifted its stake in MGM Resorts International by 63.2% during the second quarter. Neuberger Berman Group LLC now owns 1,189,143 shares of the company’s stock worth $37,208,000 after purchasing an additional 460,431 shares during the last quarter. Janus Henderson Group PLC lifted its stake in MGM Resorts International by 1,978.3% during the second quarter. Janus Henderson Group PLC now owns 1,106,856 shares of the company’s stock worth $34,634,000 after purchasing an additional 1,053,597 shares during the last quarter. Finally, Covey Capital Advisors LLC bought a new position in MGM Resorts International during the second quarter worth $1,009,000. Hedge funds and other institutional investors own 76.63% of the company’s stock.
A number of equities analysts have weighed in on MGM shares. BidaskClub cut MGM Resorts International from a “strong-buy” rating to a “buy” rating in a report on Tuesday, August 1st. Susquehanna Bancshares Inc restated a “neutral” rating and issued a $33.00 price target (down previously from $38.00) on shares of MGM Resorts International in a report on Tuesday, October 3rd. Barclays PLC restated an “overweight” rating on shares of MGM Resorts International in a report on Monday, October 2nd. Stifel Nicolaus cut MGM Resorts International from a “buy” rating to a “hold” rating and decreased their price target for the stock from $38.00 to $33.00 in a report on Wednesday, October 18th. Finally, UBS AG cut MGM Resorts International from a “positive” rating to a “neutral” rating in a report on Tuesday, October 3rd. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $36.50.
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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