MGM Resorts International Sees Unusually High Options Volume (NYSE:MGM)

MGM Resorts International (NYSE:MGM) was the target of unusually large options trading on Thursday. Investors acquired 21,994 put options on the stock. This is an increase of 45% compared to the typical volume of 15,186 put options.

MGM Resorts International Price Performance

MGM Resorts International stock opened at $36.41 on Friday. MGM Resorts International has a 1 year low of $33.44 and a 1 year high of $48.24. The firm has a 50 day moving average price of $38.46 and a 200 day moving average price of $40.22. The company has a market cap of $11.06 billion, a price-to-earnings ratio of 13.00, a PEG ratio of 1.02 and a beta of 2.23. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.42 and a current ratio of 1.47.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). MGM Resorts International had a net margin of 5.23% and a return on equity of 25.46%. The company had revenue of $4.18 billion during the quarter, compared to analysts’ expectations of $4.21 billion. During the same quarter in the previous year, the firm posted $0.64 earnings per share. MGM Resorts International’s revenue for the quarter was up 5.3% compared to the same quarter last year. Sell-side analysts predict that MGM Resorts International will post 2.55 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on MGM shares. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of MGM Resorts International from $57.00 to $52.00 and set a “buy” rating on the stock in a report on Tuesday, October 1st. Truist Financial reduced their target price on shares of MGM Resorts International from $58.00 to $56.00 and set a “buy” rating on the stock in a report on Wednesday, October 23rd. Macquarie reduced their target price on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. UBS Group upgraded shares of MGM Resorts International to a “hold” rating in a report on Friday, August 23rd. Finally, Wells Fargo & Company reduced their target price on shares of MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, MGM Resorts International currently has a consensus rating of “Moderate Buy” and an average price target of $53.15.

Insider Transactions at MGM Resorts International

In related news, CEO William Hornbuckle bought 58,900 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was acquired at an average price 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 directly owns 377,112 shares of the company’s stock, valued at approximately $12,719,987.76. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CFO Jonathan S. Halkyard purchased 10,000 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was acquired at an average price of $34.00 per share, with a total value of $340,000.00. Following the purchase, the chief financial officer now directly owns 38,299 shares in the company, valued at approximately $1,302,166. This represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO William Hornbuckle purchased 58,900 shares of the company’s stock in a transaction dated 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 purchase, the chief executive officer now owns 377,112 shares in the company, valued at approximately $12,719,987.76. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 216,400 shares of company stock valued at $7,312,197 in the last three months. 2.13% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On MGM Resorts International

A number of institutional investors have recently bought and sold shares of MGM. ACR Alpine Capital Research LLC acquired a new position in shares of MGM Resorts International during the first quarter worth $3,922,000. Marshall Wace LLP raised its holdings in MGM Resorts International by 174.8% in the second quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock valued at $49,330,000 after acquiring an additional 706,159 shares in the last quarter. Maverick Capital Ltd. bought a new position in shares of MGM Resorts International in the 2nd quarter worth about $1,211,000. Texas Permanent School Fund Corp lifted its position in shares of MGM Resorts International by 0.4% in the 1st quarter. Texas Permanent School Fund Corp now owns 56,487 shares of the company’s stock worth $2,667,000 after buying an additional 245 shares during the last quarter. Finally, Wedge Capital Management L L P NC bought a new position in shares of MGM Resorts International in the 2nd quarter worth about $3,314,000. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

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.