Investors Sell MGM Resorts International (MGM) on Strength (MGM)

Traders sold shares of MGM Resorts International (NYSE:MGM) on strength during trading hours on Tuesday. $100.76 million flowed into the stock on the tick-up and $136.30 million flowed out of the stock on the tick-down, for a money net flow of $35.54 million out of the stock. Of all equities tracked, MGM Resorts International had the 0th highest net out-flow for the day. MGM Resorts International traded up $0.08 for the day and closed at $30.85

A number of equities analysts recently issued reports on MGM shares. BidaskClub cut MGM Resorts International from a “strong-buy” rating to a “buy” rating in a report on Tuesday, August 1st. Instinet restated a “buy” rating on shares of MGM Resorts International in a report on Monday, July 17th. Susquehanna Bancshares Inc restated a “neutral” rating and set a $33.00 price objective (down previously from $38.00) on shares of MGM Resorts International in a report on Tuesday. Barclays PLC restated an “overweight” rating on shares of MGM Resorts International in a report on Monday. Finally, UBS AG cut MGM Resorts International from a “positive” rating to a “neutral” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $35.50.

The company has a market capitalization of $17.69 billion, a PE ratio of 18.21 and a beta of 1.46. The company has a 50-day moving average of $32.15 and a 200-day moving average of $31.17. MGM Resorts International also was the recipient of some unusual options trading on Monday. Stock traders purchased 25,657 put options on the company. This represents an increase of 317% compared to the average daily volume of 6,159 put options.

MGM Resorts International (NYSE:MGM) last released its earnings results on Thursday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.03. The firm had revenue of $2.64 billion during the quarter, compared to analyst estimates of $2.67 billion. MGM Resorts International had a return on equity of 7.97% and a net margin of 9.26%. MGM Resorts International’s revenue was up 16.4% compared to the same quarter last year. During the same period last year, the business posted $0.29 earnings per share. On average, equities research analysts anticipate that MGM Resorts International will post $1.29 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Monday, September 11th were issued a $0.11 dividend. The ex-dividend date of this dividend was Friday, September 8th. This represents a $0.44 dividend on an annualized basis and a yield of 1.43%. MGM Resorts International’s dividend payout ratio (DPR) is presently 26.04%.

MGM Resorts International declared that its board has initiated a share buyback plan on Tuesday, September 5th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 5.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

In other MGM Resorts International news, insider Robert Baldwin sold 49,179 shares of the firm’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $33.13, for a total value of $1,629,300.27. Following the sale, the insider now directly owns 145,105 shares in the company, valued at $4,807,328.65. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO James Murren sold 259,760 shares of the firm’s stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $34.19, for a total value of $8,881,194.40. Following the completion of the sale, the chief executive officer now owns 71,442 shares in the company, valued at $2,442,601.98. The disclosure for this sale can be found here. Over the last quarter, insiders sold 819,831 shares of company stock valued at $27,686,927. 12.20% of the stock is currently owned by company insiders.

A number of institutional investors have recently bought and sold shares of MGM. Pacad Investment Ltd. acquired a new stake in MGM Resorts International in the second quarter valued at $169,000. Toronto Dominion Bank raised its stake in MGM Resorts International by 12.4% in the second quarter. Toronto Dominion Bank now owns 5,644 shares of the company’s stock valued at $177,000 after buying an additional 624 shares in the last quarter. Global X Management Co. LLC raised its stake in MGM Resorts International by 30.4% in the first quarter. Global X Management Co. LLC now owns 7,403 shares of the company’s stock valued at $203,000 after buying an additional 1,724 shares in the last quarter. Colony Group LLC acquired a new stake in MGM Resorts International in the second quarter valued at $203,000. Finally, Cigna Investments Inc. New acquired a new stake in MGM Resorts International in the second quarter valued at $206,000. Institutional investors own 75.17% of the company’s stock.

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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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