In yesterday’s Wall Street session, MGM Resorts International (NYSE:MGM) shares traded at $36.48, up 4.86% from the previous session.
MGM stock price is now -14.06% away from the 50-day moving average and -13.71% away from the 200-day moving average. The market capitalization of the company currently stands at $12.80B.
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With the price target enhanced from $47 to $48, Morgan Stanley maintained Equal-Weight rating for MGM Resorts International (NYSE: MGM).
In other news, McManus John, CHIEF LEGAL ADMIN OFC AND SECY sold 10,000 shares of the company’s stock on Aug 10. The stock was sold for $465,914 at an average price of $46.59. Upon completion of the transaction, the CHIEF LEGAL ADMIN OFC AND SECY now directly owns 32,283 shares in the company, valued at $1.18 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Aug 07, CHIEF OPERATING OFFICER SANDERS COREY IAN sold 25,000 shares of the business’s stock. A total of $1,130,300 was realized by selling the stock at an average price of $45.21. This leaves the insider owning 136,632 shares of the company worth $4.98 million. Insiders disposed of 1,045,941 shares of company stock worth roughly $38.16 million over the past 1 year. A total of 19.16% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in MGM stock. A new stake in MGM Resorts International shares was purchased by JACOBS LEVY EQUITY MANAGEMENT, INC during the first quarter worth $51,686,000. SHELLBACK CAPITAL, LP invested $13,680,000 in shares of MGM during the first quarter. In the first quarter, QUBE RESEARCH & TECHNOLOGIES LTD acquired a new stake in MGM Resorts International valued at approximately $11,291,000. BOSTON PARTNERS acquired a new stake in MGM for approximately $9,384,000. SEGANTII CAPITAL MANAGEMENT LTD purchased a new stake in MGM valued at around $8,208,000 in the second quarter. In total, there are 939 active investors with 68.43% ownership of the company’s stock.
Friday morning saw MGM Resorts International (NYSE: MGM) opened at $35.81. During the past 12 months, MGM Resorts International has had a low of $29.57 and a high of $51.35. As of last week, the company has a debt-to-equity ratio of 7.25, a current ratio of 2.04, and a quick ratio of 2.00. The fifty day moving average price for MGM is $42.18 and a two-hundred day moving average price translates $42.29 for the stock.
The latest earnings results from MGM Resorts International (NYSE: MGM) was released for Jun, 2023. According to the Resorts & Casinos Company, earnings per share came in at $0.59, beating analysts’ expectations of $0.54 by 0.05. This compares to $3.85 EPS in the same period last year. The net profit margin was 2.47% and return on equity was 7.21% for MGM. The company reported revenue of $3.94 billion for the quarter, compared to $3.26 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 20.75 percent. For the current quarter, analysts expect MGM to generate $3.92B in revenue.
Moreover, the firm recently paid out its quarterly dividend on 12/15/2022. Investors who held shares on 12/09/2022 were paid a $0.0025 dividend. In terms of dividend payout ratio, MGM is presently at 0.29%.
