MGM Resorts International (NYSE:MGM) CEO Sells $1,806,264.26 in Stock
MGM Resorts International (NYSE:MGM) CEO James Murren sold 57,269 shares of the firm’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $31.54, for a total value of $1,806,264.26. Following the completion of the sale, the chief executive officer now directly owns 969,111 shares of the company’s stock, valued at approximately $30,565,760.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.
James Murren also recently made the following trade(s):
- On Monday, July 31st, James Murren sold 57,269 shares of MGM Resorts International stock. The stock was sold at an average price of $33.05, for a total value of $1,892,740.45.
MGM Resorts International (NYSE:MGM) traded up 0.26% during midday trading on Friday, reaching $30.59. The company had a trading volume of 5,399,674 shares. The company has a market capitalization of $17.60 billion, a P/E ratio of 18.11 and a beta of 1.48. MGM Resorts International has a 1-year low of $23.38 and a 1-year high of $34.53. The firm has a 50-day moving average of $32.31 and a 200 day moving average of $29.94.
MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Thursday, July 27th. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.03. The business had revenue of $2.64 billion for 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%. The company’s revenue was up 16.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.29 earnings per share. On average, equities research analysts forecast that MGM Resorts International will post $1.24 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Monday, September 11th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.44%. The ex-dividend date is Friday, September 8th. MGM Resorts International’s dividend payout ratio is presently 26.04%.
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A number of brokerages recently commented on MGM. BidaskClub lowered MGM Resorts International from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, August 1st. UBS AG lowered MGM Resorts International from a “buy” rating to a “neutral” rating and raised their price target for the stock from $33.00 to $36.00 in a research note on Tuesday, August 1st. CLSA reaffirmed an “outperform” rating on shares of MGM Resorts International in a research note on Friday, April 28th. Instinet reaffirmed a “buy” rating on shares of MGM Resorts International in a research note on Monday, July 17th. Finally, Telsey Advisory Group raised their price target on MGM Resorts International from $36.00 to $39.00 and gave the stock an “outperform” rating in a research note on Friday, July 28th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eighteen have issued a buy rating to the stock. MGM Resorts International has a consensus rating of “Buy” and an average target price of $34.81.
Several hedge funds and other institutional investors have recently made changes to their positions in MGM. BlackRock Inc. raised its position in shares of MGM Resorts International by 9,411.8% in the first quarter. BlackRock Inc. now owns 22,704,066 shares of the company’s stock worth $622,092,000 after buying an additional 22,465,373 shares in the last quarter. Harris Associates L P raised its position in shares of MGM Resorts International by 40.7% in the first quarter. Harris Associates L P now owns 23,573,669 shares of the company’s stock worth $645,919,000 after buying an additional 6,814,070 shares in the last quarter. Iridian Asset Management LLC CT purchased a new position in shares of MGM Resorts International during the second quarter worth $192,055,000. Vanguard Group Inc. raised its position in shares of MGM Resorts International by 8.4% in the first quarter. Vanguard Group Inc. now owns 39,845,368 shares of the company’s stock worth $1,091,763,000 after buying an additional 3,096,490 shares in the last quarter. Finally, FMR LLC raised its position in shares of MGM Resorts International by 66.7% in the second quarter. FMR LLC now owns 7,242,214 shares of the company’s stock worth $226,609,000 after buying an additional 2,897,242 shares in the last quarter. 73.49% of the stock is currently owned by institutional investors and hedge funds.
About MGM Resorts International
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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