MGM Resorts International (MGM) Shares Gap Down to $27.93

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MGM Resorts International (NYSE:MGM) shares gapped down prior to trading on Thursday . The stock had previously closed at $29.24, but opened at $27.93. MGM Resorts International shares last traded at $26.95, with a volume of 7638671 shares trading hands.

Several brokerages have recently weighed in on MGM. Zacks Investment Research upgraded shares of MGM Resorts International from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 8th. Barclays decreased their target price on shares of MGM Resorts International from $39.00 to $37.00 and set an “overweight” rating for the company in a research note on Monday, August 6th. Credit Suisse Group began coverage on shares of MGM Resorts International in a research note on Tuesday, August 14th. They issued a “neutral” rating and a $31.00 target price for the company. Stifel Nicolaus restated a “hold” rating and issued a $33.00 target price (down from $37.00) on shares of MGM Resorts International in a research note on Friday, August 3rd. Finally, Morgan Stanley decreased their target price on shares of MGM Resorts International from $38.00 to $34.00 and set a “buy” rating for the company in a research note on Friday, August 3rd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the stock. MGM Resorts International presently has an average rating of “Buy” and an average target price of $36.36.

The company has a current ratio of 0.74, a quick ratio of 0.71 and a debt-to-equity ratio of 1.36. The company has a market cap of $15.02 billion, a P/E ratio of 25.04, a price-to-earnings-growth ratio of 3.55 and a beta of 1.39.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Tuesday, October 30th. The company reported $0.24 EPS for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.06. MGM Resorts International had a net margin of 16.75% and a return on equity of 4.51%. The firm had revenue of $3.03 billion for the quarter, compared to the consensus estimate of $2.99 billion. During the same period in the prior year, the firm posted $0.34 EPS. The firm’s revenue was up 7.0% compared to the same quarter last year. As a group, sell-side analysts expect that MGM Resorts International will post 1.09 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Monday, December 10th will be paid a dividend of $0.12 per share. The ex-dividend date is Friday, December 7th. This represents a $0.48 dividend on an annualized basis and a yield of 1.88%. MGM Resorts International’s dividend payout ratio (DPR) is 47.06%.

In other MGM Resorts International news, insider Phyllis James sold 15,815 shares of the stock in a transaction on Friday, November 2nd. The shares were sold at an average price of $28.26, for a total transaction of $446,931.90. Following the transaction, the insider now directly owns 13,164 shares in the company, valued at approximately $372,014.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Daniel D’arrigo sold 29,377 shares of the stock in a transaction on Friday, August 31st. The shares were sold at an average price of $29.23, for a total transaction of $858,689.71. Following the transaction, the chief financial officer now owns 260,676 shares in the company, valued at $7,619,559.48. The disclosure for this sale can be found here. Insiders have sold a total of 46,942 shares of company stock worth $1,355,112 over the last quarter. 12.20% of the stock is currently owned by insiders.

Several large investors have recently modified their holdings of MGM. MUFG Americas Holdings Corp acquired a new stake in shares of MGM Resorts International during the second quarter worth $102,000. Stratos Wealth Partners LTD. acquired a new stake in shares of MGM Resorts International during the third quarter worth $102,000. Garner Asset Management Corp acquired a new stake in shares of MGM Resorts International during the third quarter worth $151,000. Piedmont Investment Advisors LLC acquired a new stake in shares of MGM Resorts International during the second quarter worth $170,000. Finally, Zeke Capital Advisors LLC acquired a new stake in shares of MGM Resorts International during the third quarter worth $206,000. 80.23% of the stock is currently owned by institutional investors.

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About MGM Resorts International (NYSE:MGM)

MGM Resorts International, through its subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts in the United States and China. The company operates through two segments, Domestic Resorts and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.

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