Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

MGM Resorts director sells $178,582 worth of stock

Published 05/21/2024, 05:13 PM
MGM
-

Investors following the movements of MGM Resorts International (NYSE:MGM) insiders might have noticed a recent transaction by a company director. On May 20, 2024, Mary Chris Jammet, a member of the board, sold 4,344 shares of MGM common stock at an average price of $41.1101 per share, totaling approximately $178,582.

This sale has adjusted Jammet's holdings in the company to 5,250 shares of common stock, as reported in the latest filing with the Securities and Exchange Commission. It's worth noting that such transactions are closely watched by investors as they can provide insights into an insider's perspective on the company's current valuation and future prospects.

MGM Resorts International, known for its significant presence in the hospitality and entertainment industry, particularly in Las Vegas, has not provided any specific reasons for this transaction through footnotes in the filing. The sale was executed directly, indicating that Jammet personally owned the shares sold.

As is standard practice, the SEC filing was signed by an attorney-in-fact, Jessica Cunningham, on behalf of Jammet, confirming the accuracy and completion of the report on May 21, 2024.

Investors and analysts often scrutinize insider trades, such as this one by Jammet, to gain additional context to the stock's performance and the company's internal dynamics. However, it is essential to consider a broader set of information and not base investment decisions solely on insider transactions.

InvestingPro Insights

Amidst the recent insider trading activity at MGM Resorts International, investors may find additional context through real-time data and insights provided by InvestingPro. The company's market capitalization stands at a robust $12.8 billion, with a Price/Earnings (P/E) ratio of 15.64, indicating the level at which the market values every dollar of MGM's earnings. Notably, the adjusted P/E ratio for the last twelve months as of Q1 2024 is higher at 19.78, suggesting investors are willing to pay more per share in the company's future earnings potential.

InvestingPro data also reveals a healthy revenue growth of 17.91% for the same period, demonstrating MGM's ability to expand its income streams. This is complemented by a solid gross profit margin of 46.65%, which indicates the company's efficiency in controlling the costs associated with its revenue.

However, it's crucial to understand the company's stock price movements, which have been quite volatile, as per one of the InvestingPro Tips. This volatility can be a critical factor for investors to consider, especially when analyzing the timing of insider transactions. Furthermore, another InvestingPro Tip highlights that MGM's management has been aggressively buying back shares, which, coupled with a high shareholder yield, could signal confidence in the company's valuation and prospects.

For those seeking a more comprehensive analysis, InvestingPro offers additional insights. There are currently 9 analysts who have revised their earnings expectations upwards for the upcoming period, a hint that the company's financial health may be trending positively. However, it's important to note that MGM does not pay a dividend to shareholders, which may influence the investment strategies of income-focused investors.

Investors intrigued by these insights can uncover even more with a subscription to InvestingPro. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are a total of 9 InvestingPro Tips available on https://www.investing.com/pro/MGM, offering a deeper dive into MGM Resorts International's performance and potential.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.