MGM Resorts International (NYSE:MGM) Director Alexis Herman Sells 2,350 Shares of Stock

MGM Resorts International (NYSE:MGM – Get Rating) Director Alexis Herman sold 2,350 shares of MGM Resorts International stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $42.63, for a total value of $100,180.50. Following the completion of the sale, the director now directly owns 14,797 shares of the company’s stock, valued at approximately $630,796.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

MGM Resorts International Price Performance

Shares of NYSE MGM opened at $42.33 on Tuesday. MGM Resorts International has a 1-year low of $26.41 and a 1-year high of $46.37. The business has a 50-day moving average of $43.09 and a 200-day moving average of $40.27. The company has a debt-to-equity ratio of 1.31, a current ratio of 2.19 and a quick ratio of 2.15. The company has a market capitalization of $15.40 billion, a price-to-earnings ratio of 9.04 and a beta of 2.06.

MGM Resorts International (NYSE:MGM – Get Rating) last issued its earnings results on Monday, May 1st. The company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.40. MGM Resorts International had a negative return on equity of 1.33% and a net margin of 13.84%. The company had revenue of $3.90 billion during the quarter, compared to the consensus estimate of $3.61 billion. During the same quarter in the prior year, the business earned $0.01 earnings per share. The company’s revenue was up 36.6% compared to the same quarter last year. On average, equities analysts anticipate that MGM Resorts International will post 1.89 EPS for the current fiscal year.

MGM Resorts International declared that its board has approved a stock buyback program on Wednesday, February 8th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 12.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Empirical Finance LLC lifted its stake in shares of MGM Resorts International by 2.3% in the first quarter. Empirical Finance LLC now owns 10,278 shares of the company’s stock worth $457,000 after acquiring an additional 232 shares in the last quarter. CENTRAL TRUST Co lifted its stake in shares of MGM Resorts International by 23.4% in the first quarter. CENTRAL TRUST Co now owns 1,319 shares of the company’s stock worth $59,000 after acquiring an additional 250 shares in the last quarter. Signaturefd LLC lifted its stake in shares of MGM Resorts International by 1.9% in the first quarter. Signaturefd LLC now owns 13,730 shares of the company’s stock worth $610,000 after acquiring an additional 251 shares in the last quarter. CWM LLC lifted its stake in shares of MGM Resorts International by 4.7% in the first quarter. CWM LLC now owns 5,868 shares of the company’s stock worth $261,000 after acquiring an additional 261 shares in the last quarter. Finally, Epoch Investment Partners Inc. lifted its stake in shares of MGM Resorts International by 2.0% in the first quarter. Epoch Investment Partners Inc. now owns 13,686 shares of the company’s stock worth $608,000 after acquiring an additional 273 shares in the last quarter. Institutional investors and hedge funds own 82.77% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. StockNews.com assumed coverage on MGM Resorts International in a research report on Thursday, May 18th. They issued a “buy” rating for the company. Credit Suisse Group boosted their price target on MGM Resorts International from $68.00 to $75.00 in a research report on Tuesday, May 2nd. TheStreet raised MGM Resorts International from a “c+” rating to a “b-” rating in a research report on Thursday, April 6th. Morgan Stanley boosted their price target on MGM Resorts International from $40.00 to $43.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 1st. Finally, JPMorgan Chase & Co. boosted their price target on MGM Resorts International from $55.00 to $60.00 in a research report on Tuesday, May 2nd. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $56.13.

About MGM Resorts International

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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.