MGM Resorts International (NYSE:MGM) was the recipient of some unusual options trading on Tuesday. Stock traders acquired 97,393 call options on the stock. This is an increase of approximately 1,368% compared to the typical daily volume of 6,635 call options.
In other news, Director Alexis Herman sold 4,350 shares of the stock in a transaction dated Monday, March 12th. The stock was sold at an average price of $36.63, for a total transaction of $159,340.50. Following the transaction, the director now directly owns 3,935 shares in the company, valued at approximately $144,139.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William Warwick Grounds acquired 1,000 shares of MGM Resorts International stock in a transaction dated Wednesday, March 14th. The shares were purchased at an average price of $35.50 per share, for a total transaction of $35,500.00. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 46,000 shares of company stock worth $49,000 and sold 142,646 shares worth $5,104,710. Company insiders own 12.20% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of MGM. BlackRock Inc. grew its position in MGM Resorts International by 19.9% during the 4th quarter. BlackRock Inc. now owns 35,609,163 shares of the company’s stock worth $1,188,991,000 after acquiring an additional 5,897,782 shares during the last quarter. Maverick Capital Ltd. grew its position in shares of MGM Resorts International by 26.4% in the 4th quarter. Maverick Capital Ltd. now owns 8,867,800 shares of the company’s stock worth $296,096,000 after buying an additional 1,852,880 shares during the last quarter. Millennium Management LLC grew its position in shares of MGM Resorts International by 248.2% in the 4th quarter. Millennium Management LLC now owns 2,458,545 shares of the company’s stock worth $82,091,000 after buying an additional 1,752,560 shares during the last quarter. Renaissance Technologies LLC bought a new stake in shares of MGM Resorts International in the 4th quarter worth approximately $53,202,000. Finally, Bank of New York Mellon Corp grew its position in shares of MGM Resorts International by 70.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 3,199,526 shares of the company’s stock worth $104,272,000 after buying an additional 1,320,446 shares during the last quarter. Institutional investors and hedge funds own 82.50% of the company’s stock.
Several brokerages have recently commented on MGM. Jefferies Group began coverage on MGM Resorts International in a research report on Thursday, January 18th. They set a “buy” rating and a $43.00 price objective on the stock. Telsey Advisory Group began coverage on MGM Resorts International in a research report on Wednesday, March 14th. They set a “market perform” rating and a $39.00 price objective on the stock. Zacks Investment Research upgraded MGM Resorts International from a “hold” rating to a “buy” rating and set a $40.00 price objective on the stock in a research report on Monday, February 5th. Barclays increased their price objective on MGM Resorts International from $37.00 to $40.00 and gave the company an “overweight” rating in a research report on Friday, February 23rd. Finally, Bank of America increased their price objective on MGM Resorts International from $38.00 to $39.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $37.94.
MGM stock opened at $36.73 on Wednesday. The company has a current ratio of 0.77, a quick ratio of 0.73 and a debt-to-equity ratio of 1.09. MGM Resorts International has a 1 year low of $25.21 and a 1 year high of $38.41. The stock has a market capitalization of $20,547.81, a P/E ratio of 35.57, a P/E/G ratio of 1.73 and a beta of 1.45.
MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Tuesday, February 20th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.04. MGM Resorts International had a return on equity of 5.78% and a net margin of 17.92%. The business had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.51 billion. During the same period last year, the company earned $0.11 EPS. MGM Resorts International’s revenue for the quarter was up 5.5% compared to the same quarter last year. analysts predict that MGM Resorts International will post 1.39 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, March 15th. Investors of record on Friday, March 9th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.31%. This is a positive change from MGM Resorts International’s previous quarterly dividend of $0.11. The ex-dividend date was Thursday, March 8th. MGM Resorts International’s dividend payout ratio (DPR) is presently 14.12%.
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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