James Murren Sells 294,150 Shares of MGM Resorts International (MGM) Stock
MGM Resorts International (NYSE:MGM) CEO James Murren sold 294,150 shares of the firm’s stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $34.08, for a total value of $10,024,632.00. Following the transaction, the chief executive officer now owns 71,442 shares of the company’s stock, valued at approximately $2,434,743.36. The transaction was disclosed in a document filed with the SEC, which is available through this link.
James Murren also recently made the following trade(s):
- On Thursday, September 7th, James Murren sold 259,760 shares of MGM Resorts International stock. The shares were sold at an average price of $34.19, for a total value of $8,881,194.40.
- On Wednesday, August 9th, James Murren sold 57,269 shares of MGM Resorts International stock. The shares were sold at an average price of $31.54, for a total value of $1,806,264.26.
- On Monday, July 31st, James Murren sold 57,269 shares of MGM Resorts International stock. The shares were sold at an average price of $33.05, for a total value of $1,892,740.45.
MGM Resorts International (NYSE:MGM) traded down 1.86% during trading on Friday, reaching $33.25. The company had a trading volume of 8,154,143 shares. The company’s 50-day moving average is $32.24 and its 200 day moving average is $30.37. The firm has a market capitalization of $19.13 billion, a price-to-earnings ratio of 19.69 and a beta of 1.48. MGM Resorts International has a 52 week low of $24.26 and a 52 week high of $34.65. MGM Resorts International also was the recipient of unusually large options trading on Thursday. Stock traders purchased 28,097 call options on the company. This is an increase of approximately 322% compared to the typical daily volume of 6,660 call options.
MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Thursday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.03. MGM Resorts International had a return on equity of 7.97% and a net margin of 9.26%. The firm had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.67 billion. During the same quarter last year, the company posted $0.29 earnings per share. The business’s revenue was up 16.4% on a year-over-year basis. Equities analysts anticipate that MGM Resorts International will post $1.29 EPS for the current year.
MGM Resorts International declared that its board has initiated a share buyback program on Tuesday, September 5th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 5.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Monday, September 11th will be issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date of this dividend is Friday, September 8th. MGM Resorts International’s dividend payout ratio is currently 26.04%.
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Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Canyon Capital Advisors LLC grew its holdings in shares of MGM Resorts International by 19.3% during the first quarter. Canyon Capital Advisors LLC now owns 17,818,760 shares of the company’s stock worth $488,234,000 after buying an additional 2,877,500 shares during the last quarter. Oppenheimer Asset Management Inc. purchased a new position in shares of MGM Resorts International during the first quarter worth about $2,165,000. Stifel Financial Corp grew its holdings in shares of MGM Resorts International by 39.2% during the first quarter. Stifel Financial Corp now owns 127,554 shares of the company’s stock worth $3,487,000 after buying an additional 35,898 shares during the last quarter. GMT Capital Corp grew its holdings in shares of MGM Resorts International by 89.4% during the first quarter. GMT Capital Corp now owns 3,490,000 shares of the company’s stock worth $95,626,000 after buying an additional 1,647,200 shares during the last quarter. Finally, Highbridge Capital Management LLC grew its holdings in shares of MGM Resorts International by 92.4% during the first quarter. Highbridge Capital Management LLC now owns 36,357 shares of the company’s stock worth $996,000 after buying an additional 17,457 shares during the last quarter. 75.22% of the stock is currently owned by hedge funds and other institutional investors.
MGM has been the subject of several research analyst reports. Instinet restated a “buy” rating and set a $40.00 price target (up previously from $35.00) on shares of MGM Resorts International in a report on Monday, June 19th. BidaskClub cut MGM Resorts International from a “strong-buy” rating to a “buy” rating in a report on Tuesday, August 1st. Deutsche Bank AG restated a “buy” rating and set a $36.00 price target (up previously from $34.00) on shares of MGM Resorts International in a report on Sunday, July 30th. UBS AG restated a “buy” rating on shares of MGM Resorts International in a report on Monday, July 10th. Finally, Stifel Nicolaus restated a “buy” rating on shares of MGM Resorts International in a report on Friday, September 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating and eighteen have assigned a buy rating to the company. MGM Resorts International has an average rating of “Buy” and an average target price of $34.81.
MGM Resorts International Company Profile
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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