MGM Resorts International (NYSE:MGM) Director Purchases 1,738,074 Shares of Company Stock

MGM Resorts International (NYSE:MGM) Director Keith Meister bought 1,738,074 shares of the company’s stock in a transaction on Friday, October 30th. The stock was bought at an average cost of $29.64 per share, for a total transaction of $51,516,513.36. Following the completion of the acquisition, the director directly owned 7,086,052 shares of the company’s stock, valued at approximately $210,030,581.28. This represents a 32.50% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

MGM Resorts International Stock Up 1.6%

Shares of NYSE:MGM traded up $0.47 on Tuesday, hitting $31.03. 8,321,911 shares of the company traded hands, compared to its average volume of 4,466,033. MGM Resorts International has a 52 week low of $26.71 and a 52 week high of $51.59. The company has a quick ratio of 1.30, a current ratio of 1.34 and a debt-to-equity ratio of 1.80. The stock has a 50 day simple moving average of $34.53 and a 200-day simple moving average of $38.98. The company has a market cap of $7.81 billion, a PE ratio of 11.80, a PEG ratio of 1.52 and a beta of 1.35.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, October 28th. The company reported ($0.11) earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $4.21 billion. During the same quarter in the previous year, the firm earned $0.24 EPS. The business’s revenue for the quarter was down .9% on a year-over-year basis. As a group, research analysts expect that MGM Resorts International will post 1.71 earnings per share for the current year.

Institutional Investors Weigh In On MGM Resorts International

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Whittier Trust Co. boosted its position in shares of MGM Resorts International by 2.5% in the first quarter. Whittier Trust Co. now owns 10,778 shares of the company’s stock worth $405,000 after purchasing an additional 262 shares during the period. Tema ETFs LLC increased its stake in shares of MGM Resorts International by 10.6% in the second quarter. Tema ETFs LLC now owns 3,016 shares of the company’s stock worth $144,000 after purchasing an additional 290 shares in the last quarter. New Mexico Educational Retirement Board increased its stake in shares of MGM Resorts International by 4.4% in the second quarter. New Mexico Educational Retirement Board now owns 9,550 shares of the company’s stock worth $457,000 after purchasing an additional 400 shares in the last quarter. Versant Capital Management Inc raised its position in shares of MGM Resorts International by 41.3% during the 3rd quarter. Versant Capital Management Inc now owns 1,437 shares of the company’s stock valued at $45,000 after purchasing an additional 420 shares during the period. Finally, HB Wealth Management LLC raised its position in shares of MGM Resorts International by 2.9% during the 1st quarter. HB Wealth Management LLC now owns 16,440 shares of the company’s stock valued at $608,000 after purchasing an additional 458 shares during the period. Institutional investors own 68.11% of the company’s stock.

Wall Street Analysts Forecast Growth

MGM has been the subject of a number of research reports. Bank of America assumed coverage on shares of MGM Resorts International in a research note on Thursday, September 24th. They set a “neutral” rating and a $40.00 target price for the company. Wall Street Zen lowered shares of MGM Resorts International from a “hold” rating to a “sell” rating in a research report on Saturday. Weiss Ratings cut shares of MGM Resorts International from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, October 26th. Zacks Research downgraded shares of MGM Resorts International from a “hold” rating to a “strong sell” rating in a research report on Friday, October 2nd. Finally, Citigroup dropped their price target on shares of MGM Resorts International from $48.00 to $32.00 and set a “neutral” rating on the stock in a research note on Monday, October 12th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $45.18.

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.