MGM Resorts International (NYSE:MGM) Director Mary Chris Jammet sold 6,626 shares of the firm’s stock in a transaction dated Tuesday, February 23rd. The shares were sold at an average price of $38.62, for a total value of $255,896.12. Following the sale, the director now directly owns 18,646 shares in the company, valued at approximately $720,108.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.
MGM traded up $2.07 during trading on Tuesday, hitting $39.59. The company’s stock had a trading volume of 15,098,105 shares, compared to its average volume of 10,060,583. The company has a current ratio of 2.24, a quick ratio of 2.20 and a debt-to-equity ratio of 0.98. MGM Resorts International has a twelve month low of $5.90 and a twelve month high of $39.91. The business’s fifty day simple moving average is $32.10 and its 200 day simple moving average is $26.45. The firm has a market capitalization of $19.56 billion, a price-to-earnings ratio of 13.40 and a beta of 2.42.
MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, February 10th. The company reported ($0.90) EPS for the quarter, beating the consensus estimate of ($0.96) by $0.06. The company had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.53 billion. MGM Resorts International had a negative return on equity of 12.08% and a net margin of 20.81%. MGM Resorts International’s quarterly revenue was down 53.1% compared to the same quarter last year. During the same period last year, the company earned $0.08 earnings per share. As a group, equities research analysts forecast that MGM Resorts International will post -4.09 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, March 15th. Stockholders of record on Wednesday, March 10th will be paid a $0.0025 dividend. This represents a $0.01 dividend on an annualized basis and a dividend yield of 0.03%. The ex-dividend date of this dividend is Tuesday, March 9th. MGM Resorts International’s dividend payout ratio is presently 1.30%.
A number of equities research analysts recently weighed in on MGM shares. Macquarie raised their price objective on MGM Resorts International from $29.00 to $32.00 and gave the company an “outperform” rating in a research report on Wednesday, December 2nd. Argus upgraded MGM Resorts International from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a research note on Tuesday. The Goldman Sachs Group increased their price target on MGM Resorts International from $23.00 to $27.00 and gave the company a “sell” rating in a research note on Tuesday, January 26th. KeyCorp started coverage on MGM Resorts International in a research note on Wednesday, January 13th. They issued a “sector weight” rating for the company. They noted that the move was a valuation call. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell cut MGM Resorts International from a “buy” rating to a “neutral” rating in a research note on Thursday, January 7th. Four investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $25.17.
Several large investors have recently modified their holdings of MGM. Nissay Asset Management Corp Japan ADV boosted its stake in shares of MGM Resorts International by 2.6% in the third quarter. Nissay Asset Management Corp Japan ADV now owns 47,332 shares of the company’s stock worth $1,029,000 after acquiring an additional 1,181 shares during the last quarter. NEXT Financial Group Inc acquired a new stake in shares of MGM Resorts International in the third quarter worth approximately $159,000. Steel Peak Wealth Management LLC boosted its stake in shares of MGM Resorts International by 22.0% in the third quarter. Steel Peak Wealth Management LLC now owns 12,370 shares of the company’s stock worth $269,000 after acquiring an additional 2,234 shares during the last quarter. Capital Wealth Alliance LLC acquired a new stake in shares of MGM Resorts International in the third quarter worth approximately $249,000. Finally, Ellevest Inc. boosted its stake in shares of MGM Resorts International by 22.9% in the third quarter. Ellevest Inc. now owns 5,498 shares of the company’s stock worth $120,000 after acquiring an additional 1,026 shares during the last quarter. 63.39% of the stock is currently owned by hedge funds and other institutional investors.
MGM Resorts International Company Profile
MGM Resorts International, through its subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts in the United States and Macau. 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.
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