MGM Resorts International (NYSE:MGM) CFO Daniel D’arrigo sold 36,366 shares of the stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $34.78, for a total transaction of $1,264,809.48. Following the sale, the chief financial officer now owns 242,799 shares of the company’s stock, valued at approximately $8,444,549.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
MGM Resorts International (NYSE:MGM) traded down $0.10 during trading on Wednesday, reaching $35.69. 4,563,799 shares of the company’s stock were exchanged, compared to its average volume of 8,224,072. The firm has a market cap of $20,170.00, a price-to-earnings ratio of 38.30, a price-to-earnings-growth ratio of 1.75 and a beta of 1.45. MGM Resorts International has a 52-week low of $25.21 and a 52-week high of $38.41. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.77 and a quick ratio of 0.73.
MGM Resorts International (NYSE:MGM) last released its earnings results on Tuesday, February 20th. The company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.04. MGM Resorts International had a net margin of 17.92% and a return on equity of 5.78%. The business had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.51 billion. During the same period in the previous year, the firm earned $0.11 EPS. The business’s revenue for the quarter was up 5.5% on a year-over-year basis. research analysts anticipate that MGM Resorts International will post 1.39 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Friday, March 9th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, March 8th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.34%. This is a positive change from MGM Resorts International’s previous quarterly dividend of $0.11. MGM Resorts International’s payout ratio is currently 51.61%.
A number of research analysts have issued reports on the stock. Barclays increased their target price on shares of MGM Resorts International from $37.00 to $40.00 and gave the company an “overweight” rating in a report on Friday, February 23rd. Stifel Nicolaus reissued a “hold” rating and set a $37.00 price objective (up from $36.00) on shares of MGM Resorts International in a research note on Wednesday, February 21st. Zacks Investment Research upgraded shares of MGM Resorts International from a “hold” rating to a “buy” rating and set a $40.00 target price on the stock in a research report on Monday, February 5th. Telsey Advisory Group initiated coverage on shares of MGM Resorts International in a research report on Wednesday. They set a “market perform” rating and a $39.00 target price on the stock. Finally, Bank of America raised their target price on shares of MGM Resorts International from $38.00 to $39.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. MGM Resorts International presently has a consensus rating of “Buy” and an average price target of $37.94.
Several hedge funds have recently added to or reduced their stakes in the company. Sun Life Financial INC bought a new stake in MGM Resorts International in the third quarter worth approximately $124,000. Cerebellum GP LLC bought a new stake in MGM Resorts International in the fourth quarter worth approximately $126,000. Northwestern Mutual Wealth Management Co. grew its position in MGM Resorts International by 88.2% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,945 shares of the company’s stock worth $165,000 after acquiring an additional 2,318 shares in the last quarter. Spirit of America Management Corp NY boosted its holdings in shares of MGM Resorts International by 78.1% during the 4th quarter. Spirit of America Management Corp NY now owns 5,700 shares of the company’s stock worth $190,000 after buying an additional 2,500 shares during the period. Finally, Steward Partners Investment Advisory LLC bought a new stake in shares of MGM Resorts International during the 3rd quarter worth $197,000. Institutional investors and hedge funds own 82.52% of the company’s stock.
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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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