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

MGM Resorts International (NYSE:MGM) saw some unusual options trading activity on Thursday. Traders bought 21,994 put options on the company. This is an increase of approximately 45% compared to the typical daily volume of 15,186 put options.

Insider Buying and Selling at MGM Resorts International

In related news, Director Keith A. Meister sold 121,000 shares of MGM Resorts International stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $36.72, for a total value of $4,443,120.00. Following the completion of the transaction, the director now owns 5,738,478 shares in the company, valued at approximately $210,716,912.16. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other MGM Resorts International news, CFO Jonathan S. Halkyard purchased 10,000 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was bought at an average cost of $34.00 per share, with a total value of $340,000.00. Following the acquisition, the chief financial officer now directly owns 38,299 shares of the company’s stock, valued at approximately $1,302,166. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Keith A. Meister sold 121,000 shares of MGM Resorts International stock in a transaction dated 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 sale, the director now owns 5,738,478 shares in the company, valued at $210,716,912.16. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have purchased 216,400 shares of company stock valued at $7,312,197 over the last 90 days. 2.13% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Boston Partners raised its holdings in MGM Resorts International by 12.6% in the 1st quarter. Boston Partners now owns 6,111,930 shares of the company’s stock valued at $286,933,000 after acquiring an additional 684,676 shares during the last quarter. Bamco Inc. NY raised its holdings in MGM Resorts International by 3.6% in the 1st quarter. Bamco Inc. NY now owns 2,101,065 shares of the company’s stock valued at $99,191,000 after acquiring an additional 73,515 shares during the last quarter. Marshall Wace LLP raised its holdings in 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 acquiring an additional 706,159 shares during the last quarter. Key Colony Management LLC raised its holdings in MGM Resorts International by 11.1% in the 3rd quarter. Key Colony Management LLC now owns 883,000 shares of the company’s stock valued at $34,516,000 after acquiring an additional 88,000 shares during the last quarter. Finally, Goldentree Asset Management LP acquired a new position in MGM Resorts International in the 1st quarter valued at $35,726,000. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Price Performance

MGM stock traded down $4.47 on Thursday, reaching $36.94. The company had a trading volume of 7,149,371 shares, compared to its average volume of 4,073,097. MGM Resorts International has a 1 year low of $33.44 and a 1 year high of $48.24. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.42 and a current ratio of 1.47. The company’s fifty day moving average is $38.50 and its 200 day moving average is $40.24. The company has a market cap of $11.22 billion, a P/E ratio of 13.96, a PEG ratio of 0.97 and a beta of 2.23.

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

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Morgan Stanley lifted their target price on 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. Stifel Nicolaus boosted their target price on MGM Resorts International from $60.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Macquarie decreased their price target on MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Susquehanna boosted their price target on MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a research note on Thursday, August 1st. Finally, UBS Group raised MGM Resorts International to a “hold” rating in a research note on Friday, August 23rd. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.62.

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.