MGM Resorts International (NYSE:MGM) Short Interest Update

MGM Resorts International (NYSE:MGM) was the target of a significant decrease in short interest in June. As of June 30th, there was short interest totalling 20,569,500 shares, a decrease of 16.8% from the May 30th total of 24,710,100 shares. Currently, 4.2% of the company’s stock are short sold. Based on an average daily volume of 6,140,000 shares, the days-to-cover ratio is presently 3.4 days.

Shares of MGM Resorts International stock traded up $0.23 during trading on Friday, hitting $29.02. 4,653,428 shares of the company’s stock traded hands, compared to its average volume of 4,658,451. The company has a quick ratio of 0.75, a current ratio of 0.78 and a debt-to-equity ratio of 1.31. MGM Resorts International has a 1 year low of $21.61 and a 1 year high of $31.66. The stock has a market cap of $15.47 billion, a PE ratio of 29.31, a P/E/G ratio of 4.69 and a beta of 1.40. The stock has a 50-day simple moving average of $27.36.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Monday, April 29th. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.04). MGM Resorts International had a net margin of 2.26% and a return on equity of 4.03%. The business had revenue of $3.18 billion for the quarter, compared to analysts’ expectations of $3.12 billion. During the same period last year, the business earned $0.38 earnings per share. The company’s quarterly revenue was up 12.6% on a year-over-year basis. Research analysts expect that MGM Resorts International will post 0.96 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Monday, June 10th were given a dividend of $0.13 per share. The ex-dividend date was Friday, June 7th. This represents a $0.52 annualized dividend and a dividend yield of 1.79%. MGM Resorts International’s dividend payout ratio (DPR) is presently 52.53%.

Several brokerages have recently weighed in on MGM. ValuEngine downgraded Zumiez from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. Credit Suisse Group restated a “neutral” rating and set a $108.00 price target on shares of Wynn Resorts in a report on Wednesday, March 20th. Deutsche Bank downgraded Hilton Hotels from a “buy” rating to a “hold” rating and set a $92.60 price target for the company. in a report on Wednesday, May 1st. They noted that the move was a valuation call. Finally, Morgan Stanley set a $14.00 price target on Secureworks and gave the company a “hold” rating in a report on Thursday, June 6th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $32.00.

In related news, Director Keith A. Meister purchased 209,136 shares of MGM Resorts International stock in a transaction dated Thursday, June 27th. The stock was purchased at an average cost of $27.99 per share, for a total transaction of $5,853,716.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Keith A. Meister purchased 2,874,578 shares of MGM Resorts International stock in a transaction dated Friday, June 7th. The shares were bought at an average price of $26.18 per share, with a total value of $75,256,452.04. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 6,117,360 shares of company stock valued at $161,200,100. 3.47% of the stock is owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its position in shares of MGM Resorts International by 6.1% during the fourth quarter. Geode Capital Management LLC now owns 6,387,824 shares of the company’s stock valued at $154,688,000 after buying an additional 366,980 shares during the last quarter. Bank of America Corp DE boosted its position in shares of MGM Resorts International by 380.3% during the fourth quarter. Bank of America Corp DE now owns 5,827,720 shares of the company’s stock valued at $141,381,000 after buying an additional 4,614,420 shares during the last quarter. Northern Trust Corp boosted its position in shares of MGM Resorts International by 1.0% during the first quarter. Northern Trust Corp now owns 5,138,759 shares of the company’s stock valued at $131,862,000 after buying an additional 51,123 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of MGM Resorts International during the fourth quarter valued at $122,017,000. Finally, Norges Bank purchased a new stake in shares of MGM Resorts International during the fourth quarter valued at $108,871,000. 79.35% of the stock is currently owned by institutional investors.

About MGM Resorts International

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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