Insider Buying: MGM Resorts International (NYSE:MGM) Director Purchases 7,518 Shares of Company Stock

MGM Resorts International (NYSE:MGM) Director Keith Meister purchased 7,518 shares of the stock in a transaction on Monday, November 2nd. The stock was acquired at an average price of $30.24 per share, with a total value of $227,344.32. Following the completion of the acquisition, the director directly owned 7,093,570 shares of the company’s stock, valued at approximately $214,509,556.80. This represents a 0.11% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

MGM Resorts International Stock Performance

MGM Resorts International stock traded up $0.47 during mid-day trading on Tuesday, hitting $31.03. 8,324,101 shares of the company’s stock traded hands, compared to its average volume of 4,466,033. MGM Resorts International has a fifty-two week low of $26.71 and a fifty-two week high of $51.59. The firm has a 50 day simple moving average of $34.53 and a two-hundred day simple moving average of $38.98. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.34 and a quick ratio of 1.30. The stock has a market cap of $7.81 billion, a price-to-earnings ratio of 11.80, a P/E/G ratio of 1.52 and a beta of 1.35.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, October 28th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.15). MGM Resorts International had a return on equity of 20.67% and a net margin of 3.92%. The firm had revenue of $4.21 billion for the quarter, compared to the consensus estimate of $4.21 billion. During the same period last year, the company posted $0.24 EPS. The business’s revenue was down .9% on a year-over-year basis. On average, research analysts expect that MGM Resorts International will post 1.71 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on MGM shares. UBS Group decreased their target price on shares of MGM Resorts International from $50.00 to $46.00 and set a “neutral” rating on the stock in a research report on Friday, September 11th. Citigroup cut their target price on shares of MGM Resorts International from $48.00 to $32.00 and set a “neutral” rating for the company in a research report on Monday, October 12th. HSBC upgraded MGM Resorts International to a “strong-buy” rating in a research report on Thursday, July 30th. Wall Street Zen downgraded MGM Resorts International from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, Zacks Research lowered MGM Resorts International from a “hold” rating to a “strong sell” rating in a research note on Friday, October 2nd. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $45.18.

Institutional Investors Weigh In On MGM Resorts International

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. International Assets Investment Management LLC purchased a new position in MGM Resorts International during the 1st quarter valued at about $30,000. Latitude Advisors LLC purchased a new position in MGM Resorts International in the third quarter valued at $27,000. Optiver Holding B.V. purchased a new stake in MGM Resorts International during the first quarter worth approximately $35,000. Fiduciary Financial Advisors purchased a new stake in shares of MGM Resorts International during the 2nd quarter worth approximately $48,000. Finally, Global Retirement Partners LLC acquired a new stake in shares of MGM Resorts International during the second quarter worth about $53,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

About MGM Resorts International

MGM Resorts International is a global hospitality and entertainment company that develops, owns, and operates destination resorts featuring casinos, hotels, restaurants, entertainment venues, convention facilities, retail spaces, and nightlife offerings. Its portfolio includes well-known properties such as MGM Grand, Bellagio, ARIA, Mandalay Bay, and The Cosmopolitan of Las Vegas.

The company serves customers through properties in Las Vegas and other U.S. markets, including regional destinations in Michigan, Maryland, Massachusetts, Mississippi, New Jersey, New York, and Ohio.