MGM Resorts International (NYSE:MGM) CEO Buys $1,986,697.00 in Stock

MGM Resorts International (NYSE:MGM) CEO William Hornbuckle acquired 58,900 shares of MGM Resorts International stock in a transaction that occurred on Monday, August 5th. The stock was purchased at an average cost of $33.73 per share, with a total value of $1,986,697.00. Following the completion of the purchase, the chief executive officer now owns 377,112 shares in the company, valued at approximately $12,719,987.76. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

MGM Resorts International Trading Up 2.9 %

MGM opened at $37.48 on Friday. The company has a quick ratio of 1.46, a current ratio of 1.47 and a debt-to-equity ratio of 1.65. The firm has a market cap of $11.76 billion, a P/E ratio of 14.42, a P/E/G ratio of 0.77 and a beta of 2.24. MGM Resorts International has a 52 week low of $33.44 and a 52 week high of $48.24. The business has a fifty day simple moving average of $41.78 and a 200-day simple moving average of $42.56.

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

Institutional Investors Weigh In On MGM Resorts International

Several large investors have recently added to or reduced their stakes in the business. International Assets Investment Management LLC acquired a new position in shares of MGM Resorts International in the second quarter worth $28,000. EverSource Wealth Advisors LLC increased its holdings in MGM Resorts International by 60.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock worth $41,000 after purchasing an additional 329 shares during the period. UMB Bank n.a. increased its holdings in MGM Resorts International by 33.3% during the 2nd quarter. UMB Bank n.a. now owns 949 shares of the company’s stock worth $42,000 after purchasing an additional 237 shares during the period. Accent Capital Management LLC acquired a new stake in MGM Resorts International in the 4th quarter valued at about $45,000. Finally, Mendota Financial Group LLC boosted its stake in shares of MGM Resorts International by 36.0% in the 1st quarter. Mendota Financial Group LLC now owns 1,004 shares of the company’s stock valued at $47,000 after buying an additional 266 shares during the period. 68.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on MGM. Morgan Stanley reduced their target price on shares of 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. BTIG Research assumed coverage on shares of MGM Resorts International in a research note on Wednesday, July 3rd. They issued a “buy” rating and a $52.00 target price on the stock. Barclays upped their price target on MGM Resorts International from $55.00 to $56.00 and gave the company an “overweight” rating in a research report on Thursday, May 2nd. Susquehanna lifted their price objective on MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a research report on Thursday, August 1st. Finally, StockNews.com cut MGM Resorts International from a “buy” rating to a “hold” rating in a report on Friday, May 10th. Three investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, MGM Resorts International presently has an average rating of “Moderate Buy” and a consensus target price 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.