James Murren Sells 294,150 Shares of MGM Resorts International (NYSE:MGM) Stock

MGM Resorts International (NYSE:MGM) CEO James Murren sold 294,150 shares of the stock in a transaction on Friday, September 8th. The shares were sold at an average price of $34.08, for a total transaction of $10,024,632.00. Following the transaction, the chief executive officer now directly owns 71,442 shares in the company, valued at $2,434,743.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

James Murren also recently made the following trade(s):

  • On Thursday, September 7th, James Murren sold 259,760 shares of MGM Resorts International stock. The stock was sold at an average price of $34.19, for a total transaction of $8,881,194.40.
  • On Wednesday, August 9th, James Murren sold 57,269 shares of MGM Resorts International stock. The shares were sold at an average price of $31.54, for a total transaction of $1,806,264.26.
  • On Monday, July 31st, James Murren sold 57,269 shares of MGM Resorts International stock. The shares were sold at an average price of $33.05, for a total transaction of $1,892,740.45.

Shares of MGM Resorts International (NYSE:MGM) opened at 32.38 on Friday. The company’s 50-day moving average is $31.97 and its 200-day moving average is $30.74. MGM Resorts International has a 52-week low of $24.78 and a 52-week high of $34.65. The firm has a market cap of $18.62 billion, a P/E ratio of 19.17 and a beta of 1.48.

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

MGM Resorts International announced that its board has authorized a stock buyback program on Tuesday, September 5th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 5.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its shares are undervalued.

The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Monday, September 11th were issued a $0.11 dividend. The ex-dividend date was Friday, September 8th. This represents a $0.44 annualized dividend and a yield of 1.36%. MGM Resorts International’s dividend payout ratio (DPR) is currently 26.04%.

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A number of research analysts recently weighed in on MGM shares. Zacks Investment Research cut shares of MGM Resorts International from a “hold” rating to a “sell” rating in a report on Wednesday, June 28th. Morgan Stanley reiterated an “overweight” rating and issued a $34.00 price target (up previously from $33.00) on shares of MGM Resorts International in a research note on Monday, July 10th. Deutsche Bank AG downgraded shares of MGM Resorts International from a “buy” rating to a “hold” rating and set a $36.00 price target for the company. in a research note on Monday, September 11th. 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 report on Friday, July 28th. Finally, UBS AG restated a “buy” rating on shares of MGM Resorts International in a research report on Monday, July 10th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eighteen have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $35.12.

A number of institutional investors and hedge funds have recently bought and sold shares of MGM. IFP Advisors Inc lifted its holdings in MGM Resorts International by 0.7% in the 1st quarter. IFP Advisors Inc now owns 4,558 shares of the company’s stock worth $125,000 after purchasing an additional 31 shares during the last quarter. Toronto Dominion Bank lifted its holdings in MGM Resorts International by 28.0% in the 1st quarter. Toronto Dominion Bank now owns 5,020 shares of the company’s stock worth $138,000 after purchasing an additional 1,099 shares during the last quarter. Pacad Investment Ltd. acquired a new stake in MGM Resorts International in the 2nd quarter worth approximately $169,000. Global X Management Co. LLC increased its position in MGM Resorts International by 30.4% in the 1st quarter. Global X Management Co. LLC now owns 7,403 shares of the company’s stock worth $203,000 after buying an additional 1,724 shares during the period. Finally, Colony Group LLC bought a new position in MGM Resorts International in the 2nd quarter worth approximately $203,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.

Insider Buying and Selling by Quarter for MGM Resorts International (NYSE:MGM)

Insider Buying and Selling by Quarter for MGM Resorts International (NYSE:MGM)

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