Investors Buy Large Volume of MGM Resorts International Put Options (NYSE:MGM)

MGM Resorts International (NYSE:MGM) was the target of some unusual options trading activity on Wednesday. Stock traders acquired 21,351 put options on the company. This represents an increase of 38% compared to the average daily volume of 15,474 put options.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on MGM shares. Susquehanna Bancshares upped their target price on MGM Resorts International from $53.00 to $56.00 in a research note on Wednesday, February 12th. JMP Securities restated a “market outperform” rating and issued a $50.00 price objective on shares of MGM Resorts International in a research report on Thursday, February 13th. Needham & Company LLC reiterated a “buy” rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Truist Financial decreased their price target on shares of MGM Resorts International from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Finally, Canaccord Genuity Group restated a “buy” rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Six equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $51.29.

Insider Activity at MGM Resorts International

In other news, CAO Todd Meinert sold 6,000 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total value of $227,040.00. Following the sale, the chief accounting officer now directly owns 18,301 shares of the company’s stock, valued at approximately $692,509.84. This represents a 24.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Keith A. Meister sold 51,000 shares of the firm’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $36.57, for a total transaction of $1,865,070.00. Following the completion of the transaction, the director now directly owns 5,687,478 shares of the company’s stock, valued at approximately $207,991,070.46. The trade was a 0.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.83% of the stock is owned by company insiders.

Institutional Investors Weigh In On MGM Resorts International

A number of institutional investors have recently made changes to their positions in the company. Davis Selected Advisers raised its holdings in MGM Resorts International by 4.6% in the 4th quarter. Davis Selected Advisers now owns 19,920,713 shares of the company’s stock worth $690,253,000 after acquiring an additional 882,417 shares during the last quarter. Invesco Ltd. raised its stake in shares of MGM Resorts International by 22.5% in the fourth quarter. Invesco Ltd. now owns 5,785,343 shares of the company’s stock worth $200,462,000 after purchasing an additional 1,063,707 shares during the last quarter. Fisher Asset Management LLC raised its stake in shares of MGM Resorts International by 2.0% in the third quarter. Fisher Asset Management LLC now owns 4,547,883 shares of the company’s stock worth $177,777,000 after purchasing an additional 90,645 shares during the last quarter. Marshall Wace LLP lifted its holdings in shares of MGM Resorts International by 50.9% during the fourth quarter. Marshall Wace LLP now owns 3,233,718 shares of the company’s stock valued at $112,048,000 after purchasing an additional 1,090,533 shares in the last quarter. Finally, Goldentree Asset Management LP boosted its position in shares of MGM Resorts International by 86.4% during the third quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock valued at $117,270,000 after buying an additional 1,390,599 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Price Performance

Shares of MGM stock opened at $32.84 on Thursday. The business’s fifty day moving average is $34.56 and its 200 day moving average is $36.64. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73. The stock has a market cap of $9.38 billion, a price-to-earnings ratio of 13.68, a PEG ratio of 0.98 and a beta of 2.18. MGM Resorts International has a twelve month low of $31.60 and a twelve month high of $48.24.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.08. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. Research analysts expect that MGM Resorts International will post 2.21 EPS for the current fiscal 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.