MGM Resorts International (MGM US, +1, 07-Aug-24)

Two officers and one director bought a combined $7.3 million worth of stock on August 5th at ≈$34.

Paul Salem (Chair since 2020, joined 2018) purchased $5 million worth of stock at $33.8, increasing his holding by 9%. He has a near-perfect record as a buyer and we previously ranked stock partly based on his $20.3 million buy at $25.4 in May 2019 and $2 million buy at $11 in April 2020, both signals worked well. 

William Hornbuckle (CEO since 2020, joined 1998) spent $2 million at $33.73, increasing his holdings by 12%. This is his largest buy and the highest price he has ever paid for shares across his 3 buys. He previously bought $184,300 at $9.22 in August 2011 and $596,000 at $11.97 in March 2020, both proved timely. Moreover, this is a reversal from a series of sales via a 10b5-1 plan, the most recent was at $44.86 in February 2023. 

Jonathan Halkyard (CFO since 2021) purchased $340,000 at $34 in his first buy despite a reasonable term with the company. This is a solid cluster of buying from the Chair, CEO, and CFO after a recent pullback. The company published its Q2 report on July 31st. 

We are ranking stock +1 (strongly positive).