Stock traders buy high volume call options on MGM Resorts International (NYSE:MGM)

MGM Resorts International (NYSE:MGM – Get Rating) saw some unusual options trading on Friday. Traders acquired 12,618 call options on the company. This is an increase of approximately 45% from the typical daily volume of 8,727 call options.

A Wall Street analyst gives his opinion

Several stock analysts have weighed in on the company. Argus upgraded MGM Resorts International from a “buy” to a “hold” rating in a Thursday, September 8, report. Truist Financial raised its price target on MGM Resorts International from $35.00 to $40.00 in a Thursday, August 4 report. StockNews.com picked up coverage from MGM Resorts International in a Wednesday, October 12 report. They set a “hold” rating for the company. Credit Suisse Group cut its price target on MGM Resorts International from $72.00 to $67.00 and set an “outperform” rating for the company in a report on Thursday. Finally, Citigroup raised its price target on MGM Resorts International from $58.00 to $58.50 and gave the company a “buy” rating in a Monday, September 26 report. Eight analysts gave the stock a hold rating and seven gave the company a buy rating. According to data from MarketBeat, MGM Resorts International currently has an average rating of “Hold” and an average target price of $51.83.

Insider Buying and Selling at MGM Resorts International

In other news, COO Corey Ian Sanders sold 10,000 shares of the company in a trade dated Monday, October 31. The stock was sold at an average price of $36.21, for a total value of $362,100.00. Following the transaction, the chief operating officer now owns 331,498 shares of the company, valued at $12,003,542.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, accessible via this link. Separately, major shareholder Iac Inc. acquired 142,400 shares of the company in a transaction dated Thursday, August 11. The shares were purchased at an average price of $35.10 per share, with a total value of $4,998,240.00. Following the completion of the purchase, the insider now directly owns 63,676,302 shares of the company, valued at $2,235,038,200.20. The purchase was disclosed in a document filed with the SEC, which can be accessed on the SEC’s website. Additionally, COO Corey Ian Sanders sold 10,000 shares of MGM Resorts International in a trade that took place on Monday, October 31. The shares were sold at an average price of $36.21, for a total value of $362,100.00. Following the sale, the COO now directly owns 331,498 shares of the company, valued at approximately $12,003,542.58. The disclosure of this sale can be found here. Over the past 90 days, insiders have purchased 590,030 shares of the company valued at $20,493,524. 2.13% of the shares are held by insiders of the company.

MGM Resorts International Institutional Trade

Major investors have recently increased or reduced their stake in the company. Strategic Wealth Advisors Group LLC increased its holdings of MGM Resorts International shares by 14.7% in the first quarter. Strategic Wealth Advisors Group LLC now owns 24,183 shares of the company valued at $1,009,000 after acquiring 3,097 additional shares in the last quarter. Prospera Financial Services Inc acquired a new stock position in MGM Resorts International during the first quarter valued at approximately $121,000. Avantax Advisory Services Inc. increased its equity stake in MGM Resorts International by 11.3% during the first quarter. Avantax Advisory Services Inc. now owns 8,844 shares of the company valued at $368,000 after acquiring an additional 899 shares in the last quarter. Meeder Asset Management Inc. acquired a new stock position in MGM Resorts International during the first quarter valued at approximately $106,000. Finally, Advisor Group Holdings Inc. increased its equity stake in MGM Resorts International by 0.4% during the first quarter. Advisor Group Holdings Inc. now owns 216,600 shares of the company valued at $8,541,000 after acquiring 767 additional shares in the last quarter. Hedge funds and other institutional investors own 67.54% of the company’s shares.

MGM Resorts International stock up 4.9%

NYSE MGM rose $1.53 on Friday, hitting $32.94. 179,995 shares of shares traded in hands, compared to its average volume of 5,118,485. The company has a leverage ratio of 0.99, a quick ratio of 1.63 and a current ratio of 1.65. The company has a fifty-day moving average price of $32.86 and a 200-day moving average price of $33.45. The company has a market capitalization of $12.95 billion, a price-earnings ratio of 10.76 and a beta of 2.06. MGM Resorts International has a 12 month minimum of $26.41 and a 12 month maximum of $51.17.

MGM Resorts International (NYSE:MGM – Get Rating) last released its quarterly results on Wednesday, August 3. The company reported EPS of $0.03 for the quarter, missing the consensus estimate of $0.24 per ($0.21). The company posted revenue of $3.26 billion in the quarter, versus a consensus estimate of $3.03 billion. MGM Resorts International achieved a return on equity of 1.44% and a net margin of 27.33%. As a group, research analysts expect MGM Resorts International to post an EPS of 4.49 for the current fiscal year.

MGM Resorts International announces dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 15. Investors of record on Friday, December 9 will receive a dividend of $0.0025 per share. The ex-dividend date is Thursday, December 8. This represents an annualized dividend of $0.01 and a yield of 0.03%. The dividend payout ratio (DPR) of MGM Resorts International is 0.34%.

About MGM Resorts International

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MGM Resorts International, through its subsidiaries, owns and operates casinos, hotels and entertainment centers in the United States and Macau. The Company operates through three segments: Las Vegas Strip Resorts, Regional Operations and MGM China. Its casino complexes offer gaming, hotels, conventions, restaurants, entertainment, retail and other resort amenities.

Further reading

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