MGM Resorts International (NYSE:MGM – Get Rating) was the target of unusually large options trading on Wednesday. Investors acquired 13,107 put options on the company. This represents an increase of 61% compared to the typical daily volume of 8,155 put options.
Insiders Place Their Bets
In other MGM Resorts International news, major shareholder Iac Inc. purchased 148,000 shares of the company’s stock in a transaction dated Monday, August 22nd. The stock was purchased at an average price of $33.78 per share, for a total transaction of $4,999,440.00. Following the transaction, the insider now owns 64,672,502 shares in the company, valued at approximately $2,184,637,117.56. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other MGM Resorts International news, Director Daniel J. Taylor sold 4,499 shares of the firm’s stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $34.41, for a total transaction of $154,810.59. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Iac Inc. acquired 148,000 shares of the business’s stock in a transaction dated Monday, August 22nd. The stock was purchased at an average price of $33.78 per share, with a total value of $4,999,440.00. Following the completion of the acquisition, the insider now directly owns 64,672,502 shares in the company, valued at approximately $2,184,637,117.56. The disclosure for this purchase can be found here. Insiders have acquired 590,030 shares of company stock worth $20,493,524 in the last ninety days. 2.13% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently made changes to their positions in MGM. Price T Rowe Associates Inc. MD boosted its stake in MGM Resorts International by 19.4% during the second quarter. Price T Rowe Associates Inc. MD now owns 20,424,636 shares of the company’s stock worth $591,293,000 after acquiring an additional 3,322,373 shares in the last quarter. State Street Corp boosted its position in shares of MGM Resorts International by 3.3% in the 4th quarter. State Street Corp now owns 16,047,151 shares of the company’s stock worth $720,196,000 after purchasing an additional 517,377 shares in the last quarter. Southeastern Asset Management Inc. TN boosted its position in shares of MGM Resorts International by 5.8% in the 4th quarter. Southeastern Asset Management Inc. TN now owns 5,846,629 shares of the company’s stock worth $262,397,000 after purchasing an additional 321,175 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of MGM Resorts International by 18.5% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 4,098,554 shares of the company’s stock worth $171,893,000 after buying an additional 639,019 shares during the last quarter. Finally, Invesco Ltd. increased its position in MGM Resorts International by 8.6% during the 1st quarter. Invesco Ltd. now owns 4,018,367 shares of the company’s stock valued at $168,530,000 after buying an additional 317,622 shares in the last quarter. Hedge funds and other institutional investors own 67.54% of the company’s stock.
Wall Street Analyst Weigh In
MGM has been the subject of several research reports. JMP Securities started coverage on MGM Resorts International in a research note on Tuesday, June 28th. They issued an “outperform” rating and a $55.00 target price for the company. Wells Fargo & Company increased their target price on shares of MGM Resorts International from $49.00 to $58.00 and gave the company an “overweight” rating in a report on Thursday, August 4th. UBS Group lowered their price target on shares of MGM Resorts International to $40.00 in a research note on Thursday, June 9th. Argus lowered shares of MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Thursday, September 8th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on MGM Resorts International from $48.00 to $51.00 in a report on Thursday, August 4th. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, MGM Resorts International presently has an average rating of “Hold” and a consensus target price of $52.93.
MGM Resorts International Trading Down 3.4 %
MGM stock traded down $1.18 on Wednesday, reaching $33.39. The company’s stock had a trading volume of 231,561 shares, compared to its average volume of 4,989,772. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.63 and a current ratio of 1.65. The business has a fifty day simple moving average of $33.27 and a two-hundred day simple moving average of $35.33. The firm has a market cap of $13.13 billion, a PE ratio of 4.84 and a beta of 2.11. MGM Resorts International has a 12-month low of $26.41 and a 12-month high of $51.17.
MGM Resorts International (NYSE:MGM – Get Rating) last posted its earnings results on Wednesday, August 3rd. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.21). MGM Resorts International had a return on equity of 1.44% and a net margin of 27.33%. The company had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.03 billion. As a group, research analysts forecast that MGM Resorts International will post 0.04 EPS for the current year.
MGM Resorts International Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Friday, September 9th were issued a dividend of $0.0025 per share. The ex-dividend date was Thursday, September 8th. This represents a $0.01 dividend on an annualized basis and a dividend yield of 0.03%. MGM Resorts International’s dividend payout ratio (DPR) is 0.14%.
About MGM Resorts International
MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and Macau. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.