Analysts’ Weekly Ratings Updates for MGM Resorts International (MGM)
A number of firms have modified their ratings and price targets on shares of MGM Resorts International (NYSE: MGM) recently:
- 9/20/2016 – MGM Resorts International had its “overweight” rating reaffirmed by analysts at Credit Agricole SA. They now have a $29.00 price target on the stock.
- 9/16/2016 – MGM Resorts International had its “buy” rating reaffirmed by analysts at Deutsche Bank AG.
- 9/15/2016 – MGM Resorts International had its “buy” rating reaffirmed by analysts at Stifel Nicolaus. They now have a $20.00 price target on the stock.
- 9/9/2016 – MGM Resorts International had its “buy” rating reaffirmed by analysts at Stifel Nicolaus.
- 9/8/2016 – MGM Resorts International had its “positive” rating reaffirmed by analysts at Susquehanna. They now have a $30.00 price target on the stock.
- 8/11/2016 – MGM Resorts International is now covered by analysts at Buckingham Research. They set a “buy” rating and a $31.00 price target on the stock.
- 7/26/2016 – MGM Resorts International was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. According to Zacks, “MGM Resorts’ Las Vegas business is doing well on the back of ongoing economic recovery and growing tourism in the region, which should drive incremental revenues at the company’s properties in the region. The company’s profit growth plan that began in Aug 2015 is also poised to boost profits. Meanwhile, estimates have been mostly going up ahead of MGM Resorts second quarter earnings release. Also, the company has positive record of earnings surprises in recent quarters. However, the company’s revenues have been sluggish over the past few quarters due to a weak performance in Macau. Gambling revenues in the region were dismal throughout 2015 and continued to be so in the first quarter as high-stake gamblers are curtailing spending amid a cooling Chinese economy. Nonetheless, the company’s strong portfolio and focus on non-gaming activities could offset the impact of these headwinds to some extent.”
MGM Resorts International (NYSE:MGM) opened at 24.97 on Wednesday. MGM Resorts International has a 12 month low of $16.18 and a 12 month high of $25.72. The stock’s 50 day moving average price is $24.52 and its 200-day moving average price is $23.02. The firm’s market capitalization is $14.12 billion.
MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Thursday, August 4th. The company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by $0.02. The business had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.33 billion. MGM Resorts International had a negative net margin of 1.90% and a positive return on equity of 3.65%. The business’s quarterly revenue was down 4.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.19 EPS. On average, analysts forecast that MGM Resorts International will post $0.67 earnings per share for the current year.
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In other MGM Resorts International news, major shareholder Corp Tracinda sold 4,000,000 shares of the business’s stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of C$100,000,000.00, for a total value of C$400,000,000,000,000.00. Following the completion of the sale, the insider now owns 87,173,744 shares of the company’s stock, valued at C$8,717,374,400,000,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Alexis Herman sold 2,391 shares of the business’s stock in a transaction dated Friday, August 12th. The stock was sold at an average price of C$24.66, for a total value of C$58,962.06. Following the completion of the sale, the director now directly owns 24,511 shares of the company’s stock, valued at approximately C$604,441.26. The disclosure for this sale can be found here. 16.90% of the stock is owned by company insiders.
MGM Resorts International is a holding company. The Company owns and operates casino resorts. It operates in two segments: wholly owned domestic resorts and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail and other resort amenities. It has additional business activities, including its investments in unconsolidated affiliates, and other corporate and management operations.
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