MGM Resorts International (NYSE:MGM) Director Sells $1,285,125.00 in Stock

MGM Resorts International (NYSE:MGM) Director Keith Meister sold 37,500 shares of MGM Resorts International stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $34.27, for a total value of $1,285,125.00. Following the completion of the transaction, the director directly owned 5,347,978 shares in the company, valued at $183,275,206.06. This trade represents a 0.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

MGM Resorts International Trading Up 0.2%

Shares of MGM Resorts International stock traded up $0.09 on Monday, hitting $35.66. The stock had a trading volume of 7,072,754 shares, compared to its average volume of 5,098,417. The company has a quick ratio of 1.20, a current ratio of 1.23 and a debt-to-equity ratio of 1.91. MGM Resorts International has a one year low of $25.30 and a one year high of $40.16. The stock has a market cap of $9.12 billion, a price-to-earnings ratio of 47.54 and a beta of 1.38. The stock’s 50-day simple moving average is $35.37 and its two-hundred day simple moving average is $34.95.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, February 4th. The company reported $1.60 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.96. MGM Resorts International had a net margin of 1.17% and a return on equity of 26.04%. The company had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.42 billion. During the same period in the prior year, the business posted $0.45 EPS. As a group, sell-side analysts predict that MGM Resorts International will post 2.21 EPS for the current year.

Hedge Funds Weigh In On MGM Resorts International

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in MGM Resorts International by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,652 shares of the company’s stock valued at $582,000 after purchasing an additional 951 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in shares of MGM Resorts International by 12.1% during the first quarter. NewEdge Advisors LLC now owns 3,893 shares of the company’s stock valued at $115,000 after purchasing an additional 421 shares in the last quarter. Woodline Partners LP boosted its position in shares of MGM Resorts International by 39.1% during the first quarter. Woodline Partners LP now owns 18,901 shares of the company’s stock valued at $560,000 after buying an additional 5,312 shares during the last quarter. Assetmark Inc. boosted its position in shares of MGM Resorts International by 120.3% during the second quarter. Assetmark Inc. now owns 1,813 shares of the company’s stock valued at $62,000 after buying an additional 990 shares during the last quarter. Finally, Prospera Financial Services Inc bought a new stake in MGM Resorts International in the 2nd quarter worth about $566,000. 68.11% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MGM. Citigroup upped their price target on MGM Resorts International from $35.00 to $41.00 and gave the company a “neutral” rating in a research report on Friday, February 6th. Morgan Stanley reiterated an “underweight” rating and issued a $34.00 price objective on shares of MGM Resorts International in a research report on Wednesday, February 11th. Barclays set a $37.00 target price on MGM Resorts International in a report on Friday, February 6th. Truist Financial raised their price target on MGM Resorts International from $38.00 to $39.00 and gave the stock a “hold” rating in a research note on Friday, February 6th. Finally, JPMorgan Chase & Co. upped their price objective on shares of MGM Resorts International from $39.00 to $41.00 and gave the stock a “neutral” rating in a report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, MGM Resorts International presently has an average rating of “Hold” and an average target price of $41.94.

MGM Resorts International Company Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.