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

MGM Resorts International (NYSE:MGM) was the recipient of unusually large options trading activity on Wednesday. Traders bought 21,351 put options on the stock. This is an increase of 38% compared to the typical daily volume of 15,474 put options.

MGM Resorts International Price Performance

MGM Resorts International stock traded up $0.26 during mid-day trading on Wednesday, hitting $32.87. 2,492,784 shares of the company were exchanged, compared to its average volume of 5,032,683. The company has a market capitalization of $9.39 billion, a PE ratio of 13.70, a price-to-earnings-growth ratio of 0.98 and a beta of 2.18. 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 business has a fifty day moving average of $34.56 and a 200 day moving average of $36.64. MGM Resorts International has a 1-year low of $31.60 and a 1-year high of $48.24.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.08. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. As a group, sell-side analysts expect that MGM Resorts International will post 2.21 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO Todd Meinert sold 6,000 shares of the business’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total value of $227,040.00. Following the completion of the sale, the chief accounting officer now directly owns 18,301 shares in the company, valued at approximately $692,509.84. The trade was a 24.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 owns 5,687,478 shares in the company, valued at $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. Company insiders own 2.83% of the company’s stock.

Institutional Investors Weigh In On MGM Resorts International

Hedge funds and other institutional investors have recently bought and sold shares of the business. Empower Advisory Group LLC grew its holdings in shares of MGM Resorts International by 4.2% during the third quarter. Empower Advisory Group LLC now owns 1,571,492 shares of the company’s stock worth $61,430,000 after purchasing an additional 62,997 shares during the last quarter. Goldentree Asset Management LP increased its position in MGM Resorts International by 86.4% in the 3rd quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock valued at $117,270,000 after acquiring an additional 1,390,599 shares in the last quarter. Miracle Mile Advisors LLC bought a new position in shares of MGM Resorts International in the fourth quarter worth about $2,010,000. Assenagon Asset Management S.A. lifted its position in shares of MGM Resorts International by 80.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 358,186 shares of the company’s stock worth $12,411,000 after purchasing an additional 159,522 shares in the last quarter. Finally, Zacks Investment Management grew its stake in shares of MGM Resorts International by 7.8% during the third quarter. Zacks Investment Management now owns 400,393 shares of the company’s stock valued at $15,651,000 after purchasing an additional 29,107 shares during the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on MGM shares. Wells Fargo & Company raised their target price on MGM Resorts International from $44.00 to $46.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Stifel Nicolaus raised their price objective on shares of MGM Resorts International from $47.00 to $50.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. 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. Wedbush restated an “outperform” rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Finally, Leerink Partners lowered shares of MGM Resorts International to a “market perform” rating in a research 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, MGM Resorts International presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.29.

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.