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. Stock traders bought 21,994 put options on the company. This represents an increase of 45% compared to the typical volume of 15,186 put options.

MGM Resorts International Stock Performance

NYSE MGM traded down $4.47 during trading hours on Thursday, reaching $36.94. The company’s stock had a trading volume of 7,149,371 shares, compared to its average volume of 4,073,097. The company has a current ratio of 1.47, a quick ratio of 1.42 and a debt-to-equity ratio of 1.65. The business has a 50-day simple moving average of $38.50 and a 200 day simple moving average of $40.24. MGM Resorts International has a 52 week low of $33.44 and a 52 week high of $48.24. The stock has a market cap of $11.22 billion, a PE ratio of 13.96, a PEG ratio of 0.97 and a beta of 2.23.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.54 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.04). MGM Resorts International had a net margin of 5.15% and a return on equity of 26.36%. The firm had revenue of $4.18 billion during the quarter, compared to analyst estimates of $4.21 billion. During the same quarter in the previous year, the business posted $0.64 EPS. MGM Resorts International’s revenue for the quarter was up 5.3% compared to the same quarter last year. Equities research analysts predict that MGM Resorts International will post 2.54 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on MGM shares. JMP Securities decreased their price objective on shares of MGM Resorts International from $57.00 to $56.00 and set a “market outperform” rating for the company in a research report on Monday, October 14th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of MGM Resorts International from $57.00 to $52.00 and set a “buy” rating for the company in a research report on Tuesday, October 1st. Truist Financial decreased their price objective on shares of MGM Resorts International from $58.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, October 23rd. Morgan Stanley increased their price target on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 22nd. Finally, Stifel Nicolaus increased their price target on shares of MGM Resorts International from $60.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $53.62.

Insider Transactions at MGM Resorts International

In other news, Director Paul J. Salem acquired 147,500 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was acquired at an average cost of $33.80 per share, for a total transaction of $4,985,500.00. Following the acquisition, the director now directly owns 1,702,500 shares in the company, valued at approximately $57,544,500. This represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Keith A. Meister sold 121,000 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $36.72, for a total value of $4,443,120.00. Following the completion of the sale, the director now directly owns 5,738,478 shares in the company, valued at approximately $210,716,912.16. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul J. Salem purchased 147,500 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was bought at an average price of $33.80 per share, with a total value of $4,985,500.00. Following the completion of the acquisition, the director now owns 1,702,500 shares in the company, valued at $57,544,500. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 216,400 shares of company stock worth $7,312,197 in the last ninety days. Insiders own 2.13% of the company’s stock.

Hedge Funds Weigh In On MGM Resorts International

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. ACR Alpine Capital Research LLC acquired a new stake in shares of MGM Resorts International in the 1st quarter valued at $3,922,000. Marshall Wace LLP lifted its stake in shares of MGM Resorts International by 174.8% in the 2nd quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock valued at $49,330,000 after purchasing an additional 706,159 shares during the last quarter. Maverick Capital Ltd. acquired a new stake in shares of MGM Resorts International in the 2nd quarter valued at $1,211,000. Texas Permanent School Fund Corp lifted its stake 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 valued at $2,667,000 after purchasing an additional 245 shares during the last quarter. Finally, Wedge Capital Management L L P NC acquired a new stake in shares of MGM Resorts International in the 2nd quarter valued at $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.