Traders Purchase Large Volume of MGM Resorts International Call Options (NYSE:MGM)

MGM Resorts International (NYSE:MGM) was the recipient of some unusual options trading activity on Thursday. Stock traders purchased 27,606 call options on the stock. This represents an increase of 140% compared to the average daily volume of 11,517 call options.

Insider Activity

In other MGM Resorts International news, Director Alexis Herman sold 4,344 shares of the business’s stock in a transaction on Friday, May 17th. The stock was sold at an average price of $41.50, for a total value of $180,276.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Alexis Herman sold 4,344 shares of the company’s stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $41.50, for a total value of $180,276.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Keith A. Meister sold 139,300 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $40.44, for a total transaction of $5,633,292.00. Following the sale, the director now directly owns 5,859,478 shares of the company’s stock, valued at approximately $236,957,290.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 147,988 shares of company stock worth $5,991,759. Insiders own 2.13% of the company’s stock.

Institutional Trading of MGM Resorts International

A number of hedge funds have recently added to or reduced their stakes in MGM. Norges Bank purchased a new stake in MGM Resorts International during the fourth quarter worth $139,599,000. Boston Partners lifted its stake in shares of MGM Resorts International by 36.3% during the 4th quarter. Boston Partners now owns 5,427,254 shares of the company’s stock worth $242,002,000 after purchasing an additional 1,446,362 shares during the last quarter. Capital World Investors boosted its position in MGM Resorts International by 17.7% during the fourth quarter. Capital World Investors now owns 6,551,310 shares of the company’s stock valued at $292,713,000 after purchasing an additional 984,617 shares in the last quarter. Hsbc Holdings PLC grew its stake in MGM Resorts International by 112.1% in the fourth quarter. Hsbc Holdings PLC now owns 1,505,982 shares of the company’s stock valued at $67,466,000 after purchasing an additional 795,920 shares during the last quarter. Finally, Goldentree Asset Management LP bought a new position in MGM Resorts International in the first quarter worth about $35,726,000. 68.11% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MGM has been the subject of a number of research reports. JPMorgan Chase & Co. upped their price objective on MGM Resorts International from $54.00 to $57.00 and gave the company an “overweight” rating in a research report on Thursday, May 2nd. Barclays raised their price objective on shares of MGM Resorts International from $55.00 to $56.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. Susquehanna upped their target price on shares of MGM Resorts International from $54.00 to $55.00 and gave the company a “positive” rating in a report on Thursday. Morgan Stanley cut their price objective 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. Finally, Stifel Nicolaus raised their target price on MGM Resorts International from $60.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday. Three equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $55.09.

MGM Resorts International Trading Down 13.6 %

Shares of NYSE MGM traded down $5.85 during midday trading on Thursday, hitting $37.12. The company’s stock had a trading volume of 10,961,412 shares, compared to its average volume of 3,763,912. The business’s 50 day moving average is $42.15 and its two-hundred day moving average is $42.83. MGM Resorts International has a 12-month low of $34.12 and a 12-month high of $49.63. The company has a current ratio of 1.51, a quick ratio of 1.46 and a debt-to-equity ratio of 1.56. The firm has a market cap of $11.64 billion, a P/E ratio of 14.18, a price-to-earnings-growth ratio of 0.89 and a beta of 2.24.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.86 EPS for the quarter, topping the consensus estimate of $0.66 by $0.20. The company had revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.21 billion. MGM Resorts International had a net margin of 5.35% and a return on equity of 23.62%. The firm’s revenue was up 9.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.59 EPS. As a group, equities research analysts expect that MGM Resorts International will post 3 EPS for the current year.

MGM Resorts International Company Profile

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.