James Murren Sells 90,525 Shares of MGM Resorts International (MGM) Stock
MGM Resorts International (NYSE:MGM) CEO James Murren sold 90,525 shares of the firm’s stock in a transaction dated Wednesday, November 9th. The shares were sold at an average price of C$27.99, for a total transaction of C$2,533,794.75. Following the transaction, the chief executive officer now directly owns 1,171,984 shares in the company, valued at C$32,803,832.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.
MGM Resorts International (NYSE:MGM) opened at 27.37 on Tuesday. The stock has a market cap of $15.69 billion, a PE ratio of 52.43 and a beta of 1.79. MGM Resorts International has a 1-year low of $16.18 and a 1-year high of $28.80. The firm has a 50-day moving average of $26.36 and a 200-day moving average of $24.28.
MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Monday, November 7th. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.47. The firm had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.37 billion. MGM Resorts International had a net margin of 3.15% and a return on equity of 6.45%. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.15 EPS. Analysts expect that MGM Resorts International will post $1.17 EPS for the current fiscal year.
Several hedge funds have recently made changes to their positions in the stock. Harris Associates L P boosted its position in shares of MGM Resorts International by 1,525.9% in the third quarter. Harris Associates L P now owns 16,243,974 shares of the company’s stock valued at $422,830,000 after buying an additional 15,244,874 shares during the period. Chartwell Investment Partners LLC acquired a new position in shares of MGM Resorts International during the second quarter valued at $104,274,000. Bridger Management LLC acquired a new position in shares of MGM Resorts International during the first quarter valued at $84,880,000. Vanguard Group Inc. boosted its position in shares of MGM Resorts International by 7.4% in the second quarter. Vanguard Group Inc. now owns 34,658,063 shares of the company’s stock valued at $784,311,000 after buying an additional 2,386,562 shares during the period. Finally, Highline Capital Management L.P. acquired a new position in shares of MGM Resorts International during the second quarter valued at $49,605,000. 71.27% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts have commented on the stock. Susquehanna reaffirmed a “positive” rating and issued a $30.00 price objective on shares of MGM Resorts International in a research report on Thursday, September 8th. Barclays PLC set a $32.00 price objective on shares of MGM Resorts International and gave the stock a “buy” rating in a research report on Wednesday, November 9th. TheStreet raised shares of MGM Resorts International from a “hold” rating to a “buy” rating in a research report on Monday, November 7th. Stifel Nicolaus reaffirmed a “buy” rating on shares of MGM Resorts International in a research report on Friday, September 9th. Finally, Deutsche Bank AG reaffirmed an “outperform” rating and issued a $33.00 price objective (up previously from $32.00) on shares of MGM Resorts International in a research report on Tuesday, November 8th. Twenty-three research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of C$30.63.
About MGM Resorts International
MGM Resorts International is a holding company. The Company owns and operates casino resorts. It operates in two segments: wholly owned domestic resorts and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail and other resort amenities. It has additional business activities, including its investments in unconsolidated affiliates, and other corporate and management operations.
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