Insider Selling: MGM Resorts International (NYSE:MGM) Director Sells 51,000 Shares of Stock

MGM Resorts International (NYSE:MGM) Director Keith A. Meister sold 51,000 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $36.57, for a total value of $1,865,070.00. Following the completion of the sale, the director now directly owns 5,687,478 shares in the company, valued at $207,991,070.46. This trade represents a 0.89 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

MGM Resorts International Price Performance

MGM stock traded down $0.55 during trading on Friday, hitting $36.25. 2,843,070 shares of the stock traded hands, compared to its average volume of 4,063,788. The stock has a market cap of $10.79 billion, a price-to-earnings ratio of 12.99, a P/E/G ratio of 3.16 and a beta of 2.20. MGM Resorts International has a one year low of $33.44 and a one year high of $48.24. The company has a current ratio of 1.24, a quick ratio of 1.21 and a debt-to-equity ratio of 1.63. The company has a 50 day simple moving average of $38.45 and a 200 day simple moving average of $39.39.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, October 30th. The company reported $0.54 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.04). MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. The business had revenue of $4.18 billion during the quarter, compared to analyst estimates of $4.21 billion. During the same period in the previous year, the firm earned $0.64 earnings per share. The firm’s revenue was up 5.3% compared to the same quarter last year. Equities analysts expect that MGM Resorts International will post 2.48 EPS for the current fiscal year.

Institutional Trading of MGM Resorts International

Several large investors have recently made changes to their positions in the business. Marshall Wace LLP boosted its position in MGM Resorts International by 174.8% in the 2nd quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock valued at $49,330,000 after buying an additional 706,159 shares during the last quarter. Empower Advisory Group LLC boosted its holdings in MGM Resorts International by 4.2% in the third quarter. Empower Advisory Group LLC now owns 1,571,492 shares of the company’s stock valued at $61,430,000 after acquiring an additional 62,997 shares during the last quarter. Goldentree Asset Management LP increased its position in MGM Resorts International by 86.4% in the third quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock worth $117,270,000 after purchasing an additional 1,390,599 shares during the period. Maverick Capital Ltd. acquired a new stake in MGM Resorts International in the second quarter worth about $1,211,000. Finally, Wedge Capital Management L L P NC bought a new stake in MGM Resorts International during the 2nd quarter worth about $3,314,000. Institutional investors own 68.11% of the company’s stock.

Analysts Set New Price Targets

MGM has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of MGM Resorts International from $57.00 to $52.00 and set a “buy” rating on the stock in a research note on Tuesday, October 1st. Truist Financial dropped their price objective on shares of MGM Resorts International from $58.00 to $56.00 and set a “buy” rating on the stock in a report on Wednesday, October 23rd. Wells Fargo & Company reduced their target price on shares of MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Morgan Stanley boosted their price target on MGM Resorts International from $43.00 to $44.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 22nd. Finally, Barclays reduced their price objective on MGM Resorts International from $50.00 to $46.00 and set an “overweight” rating for the company in a research report on Friday. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $52.54.

MGM Resorts International Company Profile

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.