MGM Resorts International (NYSE:MGM) Director Sean Charland bought 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 6th. The shares were purchased at an average cost of $22.50 per share, for a total transaction of $562,500.00.
MGM Resorts International (MGM) traded up $0.24 during midday trading on Thursday, reaching $33.34. The company’s stock had a trading volume of 8,713,386 shares, compared to its average volume of 8,657,923. The company has a quick ratio of 0.98, a current ratio of 1.02 and a debt-to-equity ratio of 1.26. The firm has a market capitalization of $19,214.73, a P/E ratio of 30.03, a price-to-earnings-growth ratio of 7.71 and a beta of 1.44. MGM Resorts International has a 12 month low of $25.15 and a 12 month high of $34.65.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Monday, December 11th will be issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 1.32%. The ex-dividend date is Friday, December 8th. MGM Resorts International’s payout ratio is 43.14%.
MGM Resorts International announced that its board has authorized a share repurchase plan on Tuesday, September 5th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 5.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
A number of equities research analysts recently weighed in on MGM shares. Morgan Stanley set a $34.00 target price on MGM Resorts International and gave the stock a “buy” rating in a research report on Friday, October 13th. Deutsche Bank downgraded MGM Resorts International from a “buy” rating to a “hold” rating and set a $36.00 target price on the stock. in a research report on Monday, September 11th. Nomura decreased their target price on MGM Resorts International from $38.00 to $37.00 and set a “buy” rating on the stock in a research report on Wednesday, November 1st. Roth Capital started coverage on MGM Resorts International in a research report on Wednesday, October 25th. They set a “buy” rating and a $38.00 target price on the stock. Finally, Zacks Investment Research downgraded MGM Resorts International from a “hold” rating to a “sell” rating in a research report on Wednesday, October 18th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. MGM Resorts International currently has an average rating of “Buy” and a consensus target price of $36.50.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Spirit of America Management Corp NY acquired a new position in shares of MGM Resorts International in the 3rd quarter worth approximately $104,000. Sun Life Financial INC acquired a new position in shares of MGM Resorts International in the 3rd quarter worth approximately $124,000. Pacad Investment Ltd. acquired a new position in shares of MGM Resorts International in the 2nd quarter worth approximately $169,000. Toronto Dominion Bank boosted its holdings in shares of MGM Resorts International by 12.4% in the 2nd quarter. Toronto Dominion Bank now owns 5,644 shares of the company’s stock worth $177,000 after acquiring an additional 624 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC acquired a new position in shares of MGM Resorts International in the 3rd quarter worth approximately $197,000. 83.01% of the stock is currently owned by institutional investors.
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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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