Traders Buy Shares of MGM Resorts International (MGM) on Weakness After Insider Selling

Traders bought shares of MGM Resorts International (NYSE:MGM) on weakness during trading hours on Tuesday after an insider sold shares in the company. $61.79 million flowed into the stock on the tick-up and $46.53 million flowed out of the stock on the tick-down, for a money net flow of $15.26 million into the stock. Of all stocks tracked, MGM Resorts International had the 27th highest net in-flow for the day. MGM Resorts International traded down ($0.33) for the day and closed at $32.75Specifically, Director Alexis Herman sold 3,745 shares of the business’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $32.51, for a total value of $121,749.95. Following the sale, the director now owns 8,285 shares of the company’s stock, valued at $269,345.35. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO James Murren sold 57,269 shares of the business’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $33.05, for a total transaction of $1,892,740.45. Following the completion of the sale, the chief executive officer now directly owns 1,231,611 shares in the company, valued at approximately $40,704,743.55. The disclosure for this sale can be found here. Insiders have sold 819,831 shares of company stock valued at $27,686,927 over the last quarter. Company insiders own 12.20% of the company’s stock.

Several analysts recently weighed in on the stock. BidaskClub raised shares of MGM Resorts International from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, July 25th. Zacks Investment Research cut shares of MGM Resorts International from a “hold” rating to a “sell” rating in a research note on Wednesday, June 28th. Telsey Advisory Group boosted their price objective on shares of MGM Resorts International from $36.00 to $39.00 and gave the stock an “outperform” rating in a research note on Friday, July 28th. Bank of America Corporation reissued a “buy” rating and issued a $40.00 price objective (up previously from $38.00) on shares of MGM Resorts International in a research note on Friday. Finally, Deutsche Bank AG cut shares of MGM Resorts International from a “buy” rating to a “hold” rating and set a $36.00 price objective on the stock. in a research note on Monday. One analyst has rated the stock with a sell rating, three have given a hold rating and eighteen have assigned a buy rating to the company’s stock. MGM Resorts International currently has an average rating of “Buy” and an average target price of $35.12.

The stock has a 50-day moving average price of $32.20 and a 200-day moving average price of $30.49. The company has a market cap of $18.84 billion, a P/E ratio of 19.39 and a beta of 1.48.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Thursday, July 27th. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.03. The firm had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.67 billion. MGM Resorts International had a net margin of 9.26% and a return on equity of 7.97%. The company’s revenue for the quarter was up 16.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.29 EPS. Equities analysts forecast that MGM Resorts International will post $1.29 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Monday, September 11th will be paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.34%. The ex-dividend date of this dividend is Friday, September 8th. MGM Resorts International’s payout ratio is 26.04%.

MGM Resorts International announced that its Board of Directors has authorized a share repurchase plan on Tuesday, September 5th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.

Institutional investors and hedge funds have recently made changes to their positions in the company. IFP Advisors Inc boosted its stake in shares of MGM Resorts International by 0.7% during the 1st quarter. IFP Advisors Inc now owns 4,558 shares of the company’s stock valued at $125,000 after purchasing an additional 31 shares in the last quarter. Toronto Dominion Bank boosted its stake in MGM Resorts International by 28.0% during the first quarter. Toronto Dominion Bank now owns 5,020 shares of the company’s stock worth $138,000 after acquiring an additional 1,099 shares in the last quarter. Pacad Investment Ltd. bought a new stake in MGM Resorts International during the second quarter worth about $169,000. Global X Management Co. LLC boosted its stake in MGM Resorts International by 30.4% during the first quarter. Global X Management Co. LLC now owns 7,403 shares of the company’s stock worth $203,000 after acquiring an additional 1,724 shares in the last quarter. Finally, Colony Group LLC bought a new stake in MGM Resorts International during the second quarter worth about $203,000. 75.22% of the stock is currently owned by hedge funds and other institutional investors.

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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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