Insider Buying: MGM Resorts International (NYSE:MGM) CFO Purchases $321,700.00 in Stock

MGM Resorts International (NYSE:MGM) CFO Jonathan S. Halkyard bought 10,000 shares of MGM Resorts International stock in a transaction dated Thursday, March 6th. The stock was purchased at an average price of $32.17 per share, with a total value of $321,700.00. Following the purchase, the chief financial officer now owns 75,648 shares in the company, valued at approximately $2,433,596.16. This represents a 15.23 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

MGM Resorts International Trading Up 1.3 %

Shares of MGM Resorts International stock opened at $32.05 on Monday. MGM Resorts International has a 12-month low of $30.69 and a 12-month high of $48.24. The company has a market cap of $9.15 billion, a price-to-earnings ratio of 13.35, a PEG ratio of 0.98 and a beta of 2.18. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73. The company’s 50-day moving average price is $34.40 and its 200-day moving average price is $36.48.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share (EPS) 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%. On average, equities analysts expect that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MGM. Morgan Stanley boosted their price target on shares of MGM Resorts International from $39.00 to $41.00 and gave the stock an “equal weight” rating in a report on Monday, February 24th. Citigroup boosted their price target on shares of MGM Resorts International from $48.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Argus raised shares of MGM Resorts International from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Friday, February 14th. Capital One Financial boosted their price target on shares of MGM Resorts International from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Finally, JMP Securities reissued a “market outperform” rating and issued a $50.00 price target on shares of MGM Resorts International in a report on Thursday, February 13th. Six research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.29.

Institutional Investors Weigh In On MGM Resorts International

A number of institutional investors and hedge funds have recently modified their holdings of MGM. MidAtlantic Capital Management Inc. purchased a new stake in shares of MGM Resorts International in the third quarter worth about $28,000. Global Trust Asset Management LLC purchased a new stake in shares of MGM Resorts International in the fourth quarter worth about $28,000. Assetmark Inc. increased its position in shares of MGM Resorts International by 104.1% in the fourth quarter. Assetmark Inc. now owns 806 shares of the company’s stock worth $28,000 after purchasing an additional 411 shares during the last quarter. True Wealth Design LLC bought a new position in shares of MGM Resorts International in the fourth quarter worth approximately $33,000. Finally, Global Retirement Partners LLC increased its position in shares of MGM Resorts International by 47.8% in the fourth quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock worth $43,000 after purchasing an additional 404 shares during the last quarter. 68.11% of the stock is 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.