MGM Resorts International (NYSE:MGM) Stock: Insider Keith Meister Purchases 7,518 Shares

MGM Resorts International (NYSE:MGM) Director Keith Meister purchased 7,518 shares of the firm’s stock in a transaction that occurred on Monday, November 2nd. The shares were bought at an average price of $30.24 per share, for a total transaction of $227,344.32. Following the acquisition, the director directly owned 7,093,570 shares in the company, valued at $214,509,556.80. This trade represents a 0.11% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link.

MGM Resorts International Stock Up 5.7%

NYSE MGM opened at $32.77 on Thursday. The company has a quick ratio of 1.20, a current ratio of 1.24 and a debt-to-equity ratio of 1.68. The company has a fifty day moving average of $34.06 and a two-hundred day moving average of $38.95. The firm has a market capitalization of $8.29 billion, a price-to-earnings ratio of 12.46, a PEG ratio of 1.85 and a beta of 1.34. MGM Resorts International has a 52 week low of $26.71 and a 52 week high of $51.59.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, October 28th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.15). MGM Resorts International had a net margin of 3.92% and a return on equity of 20.58%. The firm had revenue of $4.21 billion for the quarter, compared to the consensus estimate of $4.21 billion. During the same quarter last year, the firm earned $0.24 EPS. The company’s revenue was down .9% on a year-over-year basis. On average, analysts predict that MGM Resorts International will post 1.68 earnings per share for the current year.

Hedge Funds Weigh In On MGM Resorts International

A number of institutional investors have recently modified their holdings of the stock. International Assets Investment Management LLC bought a new stake in MGM Resorts International during the first quarter valued at about $30,000. Latitude Advisors LLC bought a new position in MGM Resorts International in the third quarter worth about $27,000. Optiver Holding B.V. purchased a new stake in shares of MGM Resorts International during the first quarter valued at about $35,000. Fiduciary Financial Advisors purchased a new stake in shares of MGM Resorts International during the second quarter valued at about $48,000. Finally, Global Retirement Partners LLC purchased a new stake in shares of MGM Resorts International during the second quarter valued at about $53,000. 68.11% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MGM has been the topic of a number of recent analyst reports. Stifel Nicolaus reduced their price objective on shares of MGM Resorts International from $40.00 to $35.00 and set a “hold” rating on the stock in a research report on Thursday, October 29th. Argus boosted their target price on MGM Resorts International from $45.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, August 17th. Capital One Financial boosted their target price on MGM Resorts International from $53.00 to $57.00 and gave the company an “overweight” rating in a research report on Monday, September 21st. Wells Fargo & Company cut their target price on MGM Resorts International from $29.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Friday, October 30th. Finally, Zacks Research downgraded MGM Resorts International from a “hold” rating to a “strong sell” rating in a report on Friday, October 2nd. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $45.18.

MGM Resorts International Company Profile

MGM Resorts International is a global hospitality and entertainment company that develops, owns, and operates destination resorts featuring casinos, hotels, restaurants, entertainment venues, convention facilities, retail spaces, and nightlife offerings. Its portfolio includes well-known properties such as MGM Grand, Bellagio, ARIA, Mandalay Bay, and The Cosmopolitan of Las Vegas.

The company serves customers through properties in Las Vegas and other U.S. markets, including regional destinations in Michigan, Maryland, Massachusetts, Mississippi, New Jersey, New York, and Ohio.