Investors Sell MGM Resorts International (MGM) on Strength (MGM)
Traders sold shares of MGM Resorts International (NYSE:MGM) on strength during trading on Wednesday. $25.25 million flowed into the stock on the tick-up and $85.68 million flowed out of the stock on the tick-down, for a money net flow of $60.43 million out of the stock. Of all stocks tracked, MGM Resorts International had the 0th highest net out-flow for the day. MGM Resorts International traded up $0.45 for the day and closed at $33.16
MGM has been the topic of a number of research reports. Stifel Nicolaus restated a “buy” rating on shares of MGM Resorts International in a report on Friday, September 1st. Bank of America restated a “buy” rating and issued a $40.00 price target (up from $38.00) on shares of MGM Resorts International in a report on Friday, September 8th. Deutsche Bank lowered MGM Resorts International from a “buy” rating to a “hold” rating and set a $36.00 price target on the stock. in a report on Monday, September 11th. Barclays reiterated an “overweight” rating on shares of MGM Resorts International in a report on Monday, October 2nd. Finally, UBS lowered MGM Resorts International from a “positive” rating to a “neutral” rating in a report on Tuesday, October 3rd. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. MGM Resorts International currently has an average rating of “Buy” and a consensus target price of $36.50.
The company has a market cap of $18,773.14, a price-to-earnings ratio of 29.34, a PEG ratio of 7.54 and a beta of 1.44. The company has a quick ratio of 0.98, a current ratio of 1.02 and a debt-to-equity ratio of 1.26.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Monday, December 11th will be issued a dividend of $0.11 per share. The ex-dividend date is Friday, December 8th. This represents a $0.44 annualized dividend and a yield of 1.34%. MGM Resorts International’s payout ratio is presently 43.14%.
MGM Resorts International announced that its board has initiated a stock repurchase program on Tuesday, September 5th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 5.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.
In other MGM Resorts International news, Director Sean Charland acquired 25,000 shares of the company’s stock in a transaction on Wednesday, December 6th. The shares were purchased at an average price of $22.50 per share, for a total transaction of $562,500.00. Also, EVP John Mcmanus sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $33.35, for a total value of $333,500.00. Following the completion of the sale, the executive vice president now owns 54,337 shares in the company, valued at approximately $1,812,138.95. The disclosure for this sale can be found here. Insiders have sold 96,877 shares of company stock worth $3,187,002 in the last quarter. 12.20% of the stock is currently owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in MGM. PointState Capital LP bought a new stake in MGM Resorts International in the second quarter valued at approximately $239,347,000. Maverick Capital Ltd. acquired a new position in shares of MGM Resorts International in the second quarter valued at approximately $215,381,000. Iridian Asset Management LLC CT acquired a new position in shares of MGM Resorts International in the second quarter valued at approximately $192,055,000. FMR LLC grew its position in shares of MGM Resorts International by 66.7% in the second quarter. FMR LLC now owns 7,242,214 shares of the company’s stock valued at $226,609,000 after purchasing an additional 2,897,242 shares during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in shares of MGM Resorts International in the third quarter valued at approximately $87,164,000. Hedge funds and other institutional investors own 83.01% of the company’s stock.
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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