MGM Resorts International (MGM) CFO Daniel D’arrigo Sells 30,318 Shares
MGM Resorts International (NYSE:MGM) CFO Daniel D’arrigo sold 30,318 shares of the stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $34.12, for a total transaction of $1,034,450.16. Following the sale, the chief financial officer now directly owns 212,467 shares of the company’s stock, valued at $7,249,374.04. The sale was disclosed in a document filed with the SEC, which is available through this link.
MGM Resorts International (NYSE MGM) traded down 1.86% on Friday, reaching $33.25. 8,154,143 shares of the company’s stock traded hands. The firm has a 50-day moving average price of $32.24 and a 200-day moving average price of $30.37. The stock 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 saw some unusual options trading on Thursday. Stock investors purchased 28,097 call options on the stock. This represents an increase of 322% compared to the typical volume of 6,660 call options.
MGM Resorts International (NYSE:MGM) last issued its earnings results on Thursday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.03. The company had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.67 billion. MGM Resorts International had a return on equity of 7.97% and a net margin of 9.26%. The firm’s quarterly revenue was up 16.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.29 EPS. On average, analysts predict that MGM Resorts International will post $1.29 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Monday, September 11th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 1.32%. The ex-dividend date of this dividend is Friday, September 8th. MGM Resorts International’s payout ratio is currently 26.04%.
MGM Resorts International announced that its Board of Directors has initiated a stock 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 often an indication that the company’s leadership believes its shares are undervalued.
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A number of equities research analysts have issued reports on the stock. BidaskClub raised shares of MGM Resorts International from a “buy” rating to a “strong-buy” rating in a report on Tuesday, July 25th. Zacks Investment Research lowered shares of MGM Resorts International from a “hold” rating to a “sell” rating in a report on Wednesday, June 28th. Telsey Advisory Group increased their price objective on shares of MGM Resorts International from $36.00 to $39.00 and gave the company an “outperform” rating in a report on Friday, July 28th. Deutsche Bank AG reaffirmed a “buy” rating and set a $36.00 price objective (up from $34.00) on shares of MGM Resorts International in a report on Sunday, July 30th. Finally, Stifel Nicolaus reaffirmed a “buy” rating on shares of MGM Resorts International in a report on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eighteen have given a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $34.81.
A number of large investors have recently modified their holdings of the business. Canyon Capital Advisors LLC grew its holdings in shares of MGM Resorts International by 19.3% during the 1st quarter. Canyon Capital Advisors LLC now owns 17,818,760 shares of the company’s stock worth $488,234,000 after purchasing an additional 2,877,500 shares during the period. Oppenheimer Asset Management Inc. purchased a new position in shares of MGM Resorts International during the 1st quarter worth $2,165,000. Stifel Financial Corp grew its holdings in shares of MGM Resorts International by 39.2% during the 1st quarter. Stifel Financial Corp now owns 127,554 shares of the company’s stock worth $3,487,000 after purchasing an additional 35,898 shares during the period. GMT Capital Corp grew its holdings in shares of MGM Resorts International by 89.4% during the 1st quarter. GMT Capital Corp now owns 3,490,000 shares of the company’s stock worth $95,626,000 after purchasing an additional 1,647,200 shares during the period. Finally, Highbridge Capital Management LLC grew its holdings in shares of MGM Resorts International by 92.4% during the 1st quarter. Highbridge Capital Management LLC now owns 36,357 shares of the company’s stock worth $996,000 after purchasing an additional 17,457 shares during the period. Institutional investors own 75.22% of the company’s stock.
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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