Today, Insider Selling: MGM Resorts International (MGM) Insider Sold $772,314.00 in Stock

Today, Insider Selling: MGM Resorts International (MGM) Insider Sold $772,314.00 in Stock
MGM Resorts International (NYSE:MGM) insider Corey Ian Sanders sold 26,540 shares of the firm’s stock in a transaction that occurred on Monday, November 21st. The shares were sold at an average price of $29.10, for a total transaction of $772,314.00. Following the completion of the sale, the insider now directly owns 213,912 shares in the company, valued at $6,224,839.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

MGM Resorts International (NYSE:MGM) opened at 28.47 on Friday. The stock has a market cap of $16.32 billion, a price-to-earnings ratio of 54.54 and a beta of 1.79. The stock has a 50 day moving average price of $26.86 and a 200 day moving average price of $24.67. MGM Resorts International has a 52-week low of $16.18 and a 52-week high of $29.35.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Monday, November 7th. The company reported $0.58 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.47. MGM Resorts International had a return on equity of 6.45% and a net margin of 3.15%. The company had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.37 billion. During the same quarter in the prior year, the firm posted $0.15 EPS. MGM Resorts International’s quarterly revenue was up 10.3% compared to the same quarter last year. Analysts expect that MGM Resorts International will post $1.16 EPS for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in the stock. Toronto Dominion Bank raised its stake in MGM Resorts International by 57.1% in the third quarter. Toronto Dominion Bank now owns 3,902 shares of the company’s stock valued at $102,000 after buying an additional 1,418 shares during the last quarter. Global X Management Co. LLC raised its stake in MGM Resorts International by 155.2% in the second quarter. Global X Management Co. LLC now owns 4,551 shares of the company’s stock worth $103,000 after buying an additional 2,768 shares during the last quarter. BKS Advisors LLC acquired a new stake in MGM Resorts International during the third quarter worth $143,000. Mizuho Asset Management Co. Ltd. raised its stake in MGM Resorts International by 146.3% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 6,894 shares of the company’s stock worth $156,000 after buying an additional 4,095 shares during the last quarter. Finally, MSI Financial Services Inc raised its stake in MGM Resorts International by 38.9% in the third quarter. MSI Financial Services Inc now owns 7,188 shares of the company’s stock worth $187,000 after buying an additional 2,013 shares during the last quarter. Institutional investors own 72.54% of the company’s stock.

A number of equities research analysts recently weighed in on MGM shares. Buckingham Research started coverage on shares of MGM Resorts International in a research note on Thursday, August 11th. They issued a “buy” rating and a $31.00 target price on the stock. Susquehanna reaffirmed a “positive” rating and issued a $30.00 target price on shares of MGM Resorts International in a research note on Thursday, September 8th. Stifel Nicolaus reaffirmed a “buy” rating on shares of MGM Resorts International in a research note on Friday, September 9th. Deutsche Bank AG reaffirmed a “buy” rating on shares of MGM Resorts International in a research note on Friday, September 16th. Finally, reissued an “overweight” rating and set a $29.00 price target on shares of MGM Resorts International in a research note on Tuesday, September 20th. Twenty-three investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $30.63.

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