MGM Resorts International (NYSE:MGM) Sees Unusually-High Trading Volume

MGM Resorts International (NYSE:MGM) shares saw unusually-strong trading volume on Tuesday . Approximately 561,612 shares were traded during trading, a decline of 93% from the previous session’s volume of 7,729,695 shares.The stock last traded at $39.97 and had previously closed at $41.28.

Several equities research analysts have recently weighed in on MGM shares. Sanford C. Bernstein raised MGM Resorts International from a “market perform” rating to an “outperform” rating and set a $58.90 target price on the stock in a research report on Monday, September 13th. Wells Fargo & Company started coverage on MGM Resorts International in a research note on Tuesday, September 14th. They issued an “overweight” rating and a $55.00 target price on the stock. Deutsche Bank Aktiengesellschaft upgraded MGM Resorts International from a “hold” rating to a “buy” rating and lifted their target price for the company from $42.00 to $54.00 in a research note on Thursday, June 24th. They noted that the move was a valuation call. The Goldman Sachs Group upgraded MGM Resorts International from a “sell” rating to a “neutral” rating and lifted their target price for the company from $38.00 to $43.00 in a research note on Wednesday, July 28th. Finally, JPMorgan Chase & Co. lifted their target price on MGM Resorts International from $47.00 to $52.00 and gave the company an “overweight” rating in a research note on Thursday, June 10th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, MGM Resorts International presently has an average rating of “Hold” and an average target price of $43.26.

The stock has a 50-day simple moving average of $40.17 and a 200-day simple moving average of $40.59. The company has a debt-to-equity ratio of 1.13, a current ratio of 3.23 and a quick ratio of 3.19. The stock has a market cap of $19.98 billion, a PE ratio of -16.19 and a beta of 2.44.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, August 4th. The company reported ($0.13) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.37) by $0.24. MGM Resorts International had a negative return on equity of 11.74% and a negative net margin of 18.51%. The business had revenue of $2.27 billion for the quarter, compared to analysts’ expectations of $2.17 billion. During the same quarter in the previous year, the firm posted ($1.52) earnings per share. The company’s revenue was up 682.6% compared to the same quarter last year. As a group, equities research analysts anticipate that MGM Resorts International will post -1.05 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 15th. Shareholders of record on Friday, September 10th were paid a dividend of $0.0025 per share. The ex-dividend date was Thursday, September 9th. This represents a $0.01 annualized dividend and a yield of 0.02%. This is a boost from MGM Resorts International’s previous quarterly dividend of $0.00. MGM Resorts International’s dividend payout ratio is presently -0.25%.

In related news, Director Alexis Herman sold 2,500 shares of the stock in a transaction that occurred on Wednesday, August 25th. The stock was sold at an average price of $41.95, for a total value of $104,875.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Corey Ian Sanders sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 24th. The stock was sold at an average price of $40.00, for a total value of $400,000.00. Following the completion of the transaction, the chief operating officer now directly owns 359,286 shares of the company’s stock, valued at $14,371,440. The disclosure for this sale can be found here. Insiders have sold 22,500 shares of company stock worth $938,375 in the last 90 days. 5.09% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Laurel Wealth Advisors Inc. raised its holdings in shares of MGM Resorts International by 2.8% during the first quarter. Laurel Wealth Advisors Inc. now owns 9,700 shares of the company’s stock worth $369,000 after acquiring an additional 265 shares in the last quarter. Checchi Capital Advisers LLC raised its holdings in shares of MGM Resorts International by 4.4% during the first quarter. Checchi Capital Advisers LLC now owns 6,825 shares of the company’s stock worth $259,000 after acquiring an additional 285 shares in the last quarter. US Bancorp DE raised its holdings in shares of MGM Resorts International by 1.0% during the second quarter. US Bancorp DE now owns 31,803 shares of the company’s stock worth $1,356,000 after acquiring an additional 310 shares in the last quarter. NEXT Financial Group Inc raised its holdings in shares of MGM Resorts International by 4.1% during the second quarter. NEXT Financial Group Inc now owns 7,964 shares of the company’s stock worth $339,000 after acquiring an additional 317 shares in the last quarter. Finally, Larson Financial Group LLC raised its holdings in shares of MGM Resorts International by 53.3% during the second quarter. Larson Financial Group LLC now owns 966 shares of the company’s stock worth $41,000 after acquiring an additional 336 shares in the last quarter. 63.52% of the stock is owned by institutional investors and hedge funds.

MGM Resorts International Company Profile (NYSE:MGM)

MGM Resorts International is a holding company, which engages in the ownership and operations of casino resorts. The firm’s casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities. It operates through the following business segments: Las Vegas Strip Resorts, Regional Operations and MGM China.

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