MGM Resorts International (NYSE:MGM) Short Interest Down 14.4% in October

MGM Resorts International (NYSE:MGM) was the recipient of a significant decrease in short interest in October. As of October 30th, there was short interest totalling 34,390,000 shares, a decrease of 14.4% from the October 15th total of 40,170,000 shares. Approximately 8.0% of the company’s stock are sold short. Based on an average daily volume of 13,320,000 shares, the days-to-cover ratio is presently 2.6 days.
Several research firms have issued reports on MGM. Bank of America reiterated a “sell” rating and issued a $15.00 price objective on shares of MGM Resorts International in a research report on Friday, August 7th. The Goldman Sachs Group cut MGM Resorts International from a “neutral” rating to a “sell” rating and increased their price objective for the stock from $17.00 to $20.00 in a research report on Monday, September 14th. Roth Capital increased their price objective on MGM Resorts International from $19.00 to $20.00 and gave the stock a “neutral” rating in a research report on Friday, October 30th. JPMorgan Chase & Co. increased their price objective on MGM Resorts International from $17.00 to $23.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 9th. Finally, Barclays cut MGM Resorts International from an “equal weight” rating to an “underweight” rating and increased their price objective for the stock from $17.00 to $20.00 in a research report on Monday, October 12th. Five research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $18.94. Get MGM Resorts International alerts:
In other news, EVP John Mcmanus sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $22.84, for a total transaction of $456,800.00. Following the completion of the sale, the executive vice president now owns 92,567 shares in the company, valued at $2,114,230.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website . Corporate insiders own 5.06% of the company’s stock. Hedge funds have recently made changes to their positions in the business. Orbis Allan Gray Ltd acquired a new stake in shares of MGM Resorts International during the third quarter worth $183,348,000. Southeastern Asset Management Inc. TN bought a new stake in shares of MGM Resorts International during the third quarter worth approximately $107,944,000. Morgan Stanley boosted its holdings in shares of MGM Resorts International by 69.7% during the third quarter. Morgan Stanley now owns 4,150,031 shares of the company’s stock worth $90,263,000 after acquiring an additional 1,704,017 shares during the period. First Trust Advisors LP boosted its holdings in shares of MGM Resorts International by 871.5% during the second quarter. First Trust Advisors LP now owns 1,466,675 shares of the company’s stock worth $24,640,000 after acquiring an additional 1,315,711 shares during the period. Finally, Psagot Investment House Ltd. bought a new stake in shares of MGM Resorts International during the second quarter worth approximately $17,653,000. Institutional investors own 66.23% of the company’s stock.
Shares of NYSE:MGM opened at $26.21 on Friday. The company has a market cap of $12.95 billion, a P/E ratio of 9.36 and a beta of 2.28. The company has a debt-to-equity ratio of 0.98, a quick ratio of 2.20 and a current ratio of 2.24. MGM Resorts International has a one year low of $5.90 and a one year high of $34.63. The business’s 50-day simple moving average is $22.45 and its 200 day simple moving average is $19.73.
MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Thursday, October 29th. The company reported ($1.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.10) by $0.02. MGM Resorts International had a negative return on equity of 12.08% and a net margin of 20.81%. The company had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.30 billion. During the same period in the previous year, the business earned $0.31 EPS. MGM Resorts International’s revenue for the quarter was down 66.0% compared to the same quarter last year. Analysts predict that MGM Resorts International will post -4.1 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Thursday, December 10th will be given a dividend of $0.0025 per share. The ex-dividend date is Wednesday, December 9th. This represents a $0.01 dividend on an annualized basis and a yield of 0.04%. MGM Resorts International’s dividend payout ratio (DPR) is presently 1.30%.
About MGM Resorts International
MGM Resorts International, through its subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts in the United States and Macau. 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.

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