Key Points
- MGM Resorts director Keith Meister bought 1.74 million shares for about $51.5 million at an average price of $29.64, increasing his position by 32.5% to roughly 7.09 million shares.
- MGM reported quarterly adjusted earnings per share of -$0.11, missing the $0.04 consensus; revenue matched expectations at $4.21 billion but fell 0.9% year over year.
- Analysts have a consensus “Hold” rating and an average price target of $45.18, with ratings ranging from strong buy to sell.
MGM Resorts International (NYSE:MGM - Get Free Report) Director Keith Meister bought 7,518 shares of the stock in a transaction that occurred on Monday, November 2nd. The shares were purchased at an average price of $30.24 per share, with a total value of $227,344.32. Following the purchase, the director owned 7,093,570 shares of the company's stock, valued at approximately $214,509,556.80. This represents a 0.11% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website.
MGM Resorts International Stock Up 1.6%
MGM Resorts International stock opened at $31.03 on Wednesday. MGM Resorts International has a 1-year low of $26.71 and a 1-year high of $51.59. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.24 and a quick ratio of 1.20. The stock has a market cap of $7.85 billion, a PE ratio of 11.80, a P/E/G ratio of 1.82 and a beta of 1.34. The stock's fifty day moving average is $34.27 and its two-hundred day moving average is $38.97.
MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly earnings results on Wednesday, October 28th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.04 by ($0.15). The business had revenue of $4.21 billion for the quarter, compared to analysts' expectations of $4.21 billion. MGM Resorts International had a return on equity of 20.58% and a net margin of 3.92%. The firm's quarterly revenue was down .9% on a year-over-year basis. During the same period last year, the firm earned $0.24 earnings per share. On average, sell-side analysts expect that MGM Resorts International will post 1.68 EPS for the current fiscal year.
Wall Street Analyst Weigh In
Several equities research analysts recently weighed in on MGM shares. Truist Financial decreased their target price on MGM Resorts International from $45.00 to $40.00 and set a "buy" rating for the company in a research note on Thursday, October 29th. Mizuho set a $50.00 price target on shares of MGM Resorts International in a research note on Thursday, October 29th. The Goldman Sachs Group reissued a "sell" rating and set a $26.00 price objective on shares of MGM Resorts International in a report on Thursday, October 29th. UBS Group reduced their price objective on shares of MGM Resorts International from $50.00 to $46.00 and set a "neutral" rating for the company in a research report on Friday, September 11th. Finally, Morgan Stanley reduced their price objective on shares of MGM Resorts International from $43.00 to $29.00 and set an "underweight" rating for the company in a research report on Monday, October 19th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $45.18.
Read Our Latest Research Report on MGM
Institutional Trading of MGM Resorts International
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. International Assets Investment Management LLC acquired a new stake in shares of MGM Resorts International in the 1st quarter valued at about $30,000. Latitude Advisors LLC acquired a new position in MGM Resorts International during the third quarter worth approximately $27,000. Optiver Holding B.V. acquired a new position in MGM Resorts International during the first quarter worth approximately $35,000. Fiduciary Financial Advisors purchased a new stake in MGM Resorts International in the second quarter valued at approximately $48,000. Finally, Global Retirement Partners LLC purchased a new stake in MGM Resorts International in the second quarter valued at approximately $53,000. Institutional investors and hedge funds own 68.11% of the company's stock.
MGM Resorts International Company Profile
(
Get Free Report)
MGM Resorts International is a global hospitality and entertainment company that develops, owns, and operates destination resorts featuring casinos, hotels, restaurants, entertainment venues, convention facilities, retail spaces, and nightlife offerings. Its portfolio includes well-known properties such as MGM Grand, Bellagio, ARIA, Mandalay Bay, and The Cosmopolitan of Las Vegas.
The company serves customers through properties in Las Vegas and other U.S. markets, including regional destinations in Michigan, Maryland, Massachusetts, Mississippi, New Jersey, New York, and Ohio.
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