MGM Resorts International (MGM) Insider Corey Ian Sanders Sells 26,540 Shares of Stock
MGM Resorts International (NYSE:MGM) insider Corey Ian Sanders sold 26,540 shares of the business’s stock in a transaction on Monday, November 21st. The stock was sold at an average price of $29.10, for a total transaction of $772,314.00. Following the transaction, the insider now owns 213,912 shares in the company, valued at $6,224,839.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
MGM Resorts International (NYSE:MGM) traded down 0.31% during mid-day trading on Wednesday, reaching $28.62. 666,881 shares of the company’s stock were exchanged. The stock has a market cap of $16.41 billion, a price-to-earnings ratio of 54.83 and a beta of 1.79. The stock has a 50-day moving average of $26.80 and a 200-day moving average of $24.65. MGM Resorts International has a one year low of $16.18 and a one year high of $29.35.
MGM Resorts International (NYSE:MGM) last posted its earnings results on Monday, November 7th. The company reported $0.58 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.11 by $0.47. The business earned $2.52 billion during the quarter, compared to analyst estimates of $2.37 billion. MGM Resorts International had a return on equity of 6.45% and a net margin of 3.15%. The company’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.15 EPS. On average, equities research analysts anticipate that MGM Resorts International will post $1.16 earnings per share for the current year.
A number of equities analysts recently weighed in on the stock. Stifel Nicolaus boosted their target price on shares of MGM Resorts International from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Tuesday, November 8th. Zacks Investment Research downgraded shares of MGM Resorts International from a “buy” rating to a “hold” rating in a report on Tuesday, July 26th. Macquarie reiterated an “outperform” rating and issued a $34.00 price objective on shares of MGM Resorts International in a report on Thursday, November 10th. Buckingham Research assumed coverage on shares of MGM Resorts International in a report on Thursday, August 11th. They issued a “buy” rating and a $31.00 price objective on the stock. Finally, TheStreet upgraded shares of MGM Resorts International from a “hold” rating to a “buy” rating in a report on Monday, November 7th. Twenty-three investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $30.63.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. IBM Retirement Fund raised its position in MGM Resorts International by 7.2% in the second quarter. IBM Retirement Fund now owns 56,195 shares of the company’s stock worth $1,328,000 after buying an additional 3,776 shares during the last quarter. Fox Run Management L.L.C. increased its stake in shares of MGM Resorts International by 3.6% in the second quarter. Fox Run Management L.L.C. now owns 17,300 shares of the company’s stock worth $391,000 after buying an additional 600 shares during the period. Nisa Investment Advisors LLC increased its stake in shares of MGM Resorts International by 4.1% in the second quarter. Nisa Investment Advisors LLC now owns 44,639 shares of the company’s stock worth $1,010,000 after buying an additional 1,750 shares during the period. NN Investment Partners Holdings N.V. increased its stake in shares of MGM Resorts International by 7.2% in the second quarter. NN Investment Partners Holdings N.V. now owns 155,404 shares of the company’s stock worth $3,516,000 after buying an additional 10,500 shares during the period. Finally, First Western Capital Management Co acquired a new stake in shares of MGM Resorts International during the second quarter worth about $853,000. 72.54% of the stock is owned by institutional investors and hedge funds.
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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