MGM Resorts International (NYSE:MGM) Director Buys $4,985,500.00 in Stock

MGM Resorts International (NYSE:MGM) Director Paul J. Salem purchased 147,500 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was bought at an average cost of $33.80 per share, with a total value of $4,985,500.00. Following the acquisition, the director now owns 1,702,500 shares in the company, valued at approximately $57,544,500. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

MGM Resorts International Price Performance

MGM Resorts International stock opened at $37.48 on Friday. The company has a current ratio of 1.47, a quick ratio of 1.46 and a debt-to-equity ratio of 1.65. The company has a 50-day moving average price of $41.78 and a 200 day moving average price of $42.56. MGM Resorts International has a 12-month low of $33.44 and a 12-month high of $48.24. The stock has a market cap of $11.76 billion, a P/E ratio of 14.42, a PEG ratio of 0.77 and a beta of 2.24.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.20. The business had revenue of $4.33 billion during the quarter, compared to analysts’ expectations of $4.21 billion. MGM Resorts International had a net margin of 5.15% and a return on equity of 26.36%. The business’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.59 EPS. Sell-side analysts anticipate that MGM Resorts International will post 3 earnings per share for the current year.

Institutional Investors Weigh In On MGM Resorts International

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Capital World Investors lifted its stake in shares of MGM Resorts International by 17.7% in the 4th quarter. Capital World Investors now owns 6,551,310 shares of the company’s stock valued at $292,713,000 after purchasing an additional 984,617 shares during the last quarter. Boston Partners lifted its position in MGM Resorts International by 12.6% in the first quarter. Boston Partners now owns 6,111,930 shares of the company’s stock valued at $286,933,000 after buying an additional 684,676 shares during the last quarter. Fisher Asset Management LLC boosted its stake in MGM Resorts International by 5.2% during the fourth quarter. Fisher Asset Management LLC now owns 4,357,344 shares of the company’s stock worth $194,686,000 after buying an additional 213,528 shares during the period. Norges Bank acquired a new stake in shares of MGM Resorts International during the fourth quarter valued at about $139,599,000. Finally, Westfield Capital Management Co. LP raised its stake in shares of MGM Resorts International by 21.0% in the 4th quarter. Westfield Capital Management Co. LP now owns 2,401,407 shares of the company’s stock valued at $107,295,000 after acquiring an additional 416,911 shares during the period. Institutional investors and hedge funds own 68.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Susquehanna boosted their target price on shares of MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a research note on Thursday, August 1st. JPMorgan Chase & Co. boosted their price objective on MGM Resorts International from $54.00 to $57.00 and gave the stock an “overweight” rating in a research note on Thursday, May 2nd. Mizuho raised their target price on MGM Resorts International from $61.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. Morgan Stanley dropped their price target on MGM Resorts International from $47.00 to $44.00 and set an “equal weight” rating for the company in a research report on Friday, July 12th. Finally, Barclays raised their price objective on MGM Resorts International from $55.00 to $56.00 and gave the company an “overweight” rating in a report on Thursday, May 2nd. Three research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $54.00.

About MGM Resorts International

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.