MGM Resorts International (MGM) Given Average Rating of “Buy” by Analysts
MGM Resorts International (NYSE:MGM) has received an average rating of “Buy” from the twenty-two analysts that are covering the company. One equities research analyst has rated the stock with a hold recommendation, twenty have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is C$28.31.
A number of equities analysts have recently issued reports on the company. Zacks Investment Research upgraded MGM Resorts International from a “hold” rating to a “buy” rating and set a $26.00 price target on the stock in a research note on Tuesday, July 12th. Credit Agricole SA restated an “overweight” rating and issued a $29.00 price target on shares of MGM Resorts International in a research note on Tuesday, September 20th. Buckingham Research assumed coverage on MGM Resorts International in a research note on Thursday, August 11th. They issued a “buy” rating and a $31.00 price target on the stock. Susquehanna raised their price target on MGM Resorts International from $27.00 to $31.00 and gave the stock a “positive” rating in a research note on Monday, June 20th. Finally, Gabelli restated a “buy” rating on shares of MGM Resorts International in a research note on Monday.
In related news, major shareholder Corp Tracinda sold 4,000,000 shares of MGM Resorts International 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 transaction, the insider now owns 87,173,744 shares in the company, valued at C$8,717,374,400,000,000. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP John Mcmanus sold 12,363 shares of MGM Resorts International stock in a transaction dated Wednesday, August 31st. The stock was sold at an average price of C$24.44, for a total value of C$302,151.72. Following the completion of the transaction, the executive vice president now owns 40,071 shares of the company’s stock, valued at approximately C$979,335.24. The disclosure for this sale can be found here. 16.90% of the stock is owned by corporate insiders.
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Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp raised its position in MGM Resorts International by 2.2% in the first quarter. State Street Corp now owns 7,836,892 shares of the company’s stock valued at $168,028,000 after buying an additional 168,059 shares in the last quarter. Geode Capital Management LLC raised its position in shares of MGM Resorts International by 4.1% in the first quarter. Geode Capital Management LLC now owns 2,854,644 shares of the company’s stock valued at $61,171,000 after buying an additional 111,720 shares during the period. Bridger Management LLC acquired a new position in shares of MGM Resorts International during the first quarter valued at about $84,880,000. BNP Paribas Arbitrage SA raised its position in shares of MGM Resorts International by 39.2% in the second quarter. BNP Paribas Arbitrage SA now owns 42,622 shares of the company’s stock valued at $965,000 after buying an additional 12,005 shares during the period. Finally, Crystal Rock Capital Management acquired a new position in shares of MGM Resorts International during the first quarter valued at about $4,099,000. Institutional investors own 71.21% of the company’s stock.
MGM Resorts International (NYSE:MGM) traded up 1.05% during trading on Monday, reaching $26.02. The company had a trading volume of 2,257,875 shares. MGM Resorts International has a one year low of $16.18 and a one year high of $27.04. The firm’s 50-day moving average price is $25.43 and its 200 day moving average price is $23.66. The firm’s market capitalization is $14.72 billion.
MGM Resorts International (NYSE:MGM) last issued its earnings results on Thursday, August 4th. The company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.28 by $0.02. MGM Resorts International had a negative net margin of 1.90% and a positive return on equity of 3.65%. The business had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.33 billion. During the same quarter in the prior year, the business posted $0.19 earnings per share. The business’s revenue for the quarter was down 4.8% on a year-over-year basis. Equities analysts forecast that MGM Resorts International will post $0.67 earnings per share for the current fiscal year.
MGM Resorts International Company Profile
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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