MGM Resorts International (NYSE:MGM) Director Paul J. Salem Buys 34,500 Shares
MGM Resorts International (NYSE: MGM – Get a rating) Director Paul J. Salem acquired 34,500 shares of the company in a transaction on Monday, June 13. The shares were acquired at an average price of $28.92 per share, with a total value of $997,740.00. Following completion of the transaction, the administrator now directly owns 1,555,000 shares of the company, valued at approximately $44,970,600. The purchase was disclosed in a legal filing with the SEC, which is available via this hyperlink.
MGM shares traded down $3.15 on Monday, hitting $28.63. 9,928,129 shares were traded, against an average volume of 5,521,236. The stock has a market capitalization of $12.20 billion, a PE ratio of 9.30 and a beta of 2.19. MGM Resorts International has a one-year minimum of $28.40 and a one-year maximum of $51.17. The company has a debt ratio of 1.06, a current ratio of 1.25 and a quick ratio of 1.23. The stock has a 50-day moving average price of $37.42 and a 200-day moving average price of $40.97.
MGM Resorts International (NYSE: MGM – Get a rating) last released its results on Monday, May 2. The company reported earnings per share of $0.01 for the quarter, beating analyst consensus estimates of $0.09 ($0.09) by $0.10. MGM Resorts International achieved a return on equity of 0.81% and a net margin of 14.40%. In the same quarter of the previous year, the company had made earnings per share ($0.68). On average, research analysts expect MGM Resorts International to post earnings per share of 0.79 for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 15. Investors of record on Friday, June 10 will receive a dividend of $0.0025. The ex-dividend date is Thursday, June 9. This represents a dividend of $0.01 on an annualized basis and a yield of 0.03%. MGM Resorts International’s dividend payout ratio is currently 0.32%.
A number of equity research analysts have commented on the company. Morgan Stanley cut its price target on MGM Resorts International from $56.00 to $51.00 and set an “equal weight” rating for the company in a Monday, April 25 research report. Susquehanna Bancshares upgraded MGM Resorts International from a “negative” rating to a “neutral” rating and raised its price target for the stock from $36.00 to $45.00 in a Friday, March 18 research note . StockNews.com downgraded MGM Resorts International from a “buy” rating to a “hold” rating in a research rating on Friday. Susquehanna downgraded MGM Resorts International from a “negative” to a “neutral” rating and raised its price target for the business from $36.00 to $45.00 in a Friday, March 18 research note . Finally, JPMorgan Chase & Co. assumed coverage for MGM Resorts International in a Tuesday, May 3, research note. They issued an “overweight” rating and a price target of $53.00 on the stock. Eight research analysts gave the stock a hold rating and eight gave the stock a buy rating. Based on data from MarketBeat.com, MGM Resorts International has an average rating of “Buy” and an average target price of $52.93.
A number of hedge funds and other institutional investors have recently increased or reduced their stakes in the stock. Rehmann Capital Advisory Group increased its stake in MGM Resorts International by 25.2% in the first quarter. Rehmann Capital Advisory Group now owns 9,228 shares of the company valued at $387,000 after purchasing an additional 1,859 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in MGM Resorts International by 130.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 46,611 shares of the company valued at $1,955,000 after acquiring an additional 26,424 shares during the period. Fortitude Advisory Group LLC increased its stake in MGM Resorts International by 16.8% in the first quarter. Fortitude Advisory Group LLC now owns 3,263 shares of the company valued at $137,000 after acquiring an additional 470 shares during the period. Neuberger Berman Group LLC increased its stake in MGM Resorts International by 25.3% in the first quarter. Neuberger Berman Group LLC now owns 743,789 shares of the company valued at $31,223,000 after acquiring an additional 150,254 shares during the period. Finally, Toroso Investments LLC increased its stake in MGM Resorts International by 6.2% in the first quarter. Toroso Investments LLC now owns 26,919 shares of the company valued at $1,129,000 after acquiring an additional 1,560 shares during the period. Institutional investors and hedge funds hold 85.76% of the company’s shares.
MGM Resorts International Company Profile (Get a rating)
MGM Resorts International, through its subsidiaries, owns and operates casinos, hotels and entertainment centers in the United States and Macau. The Company operates through three segments: Las Vegas Strip Resorts, Regional Operations and MGM China. Its casino complexes offer gaming, hotels, conventions, restaurants, entertainment, retail and other resort amenities.
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