MGM Resorts International (MGM) Given Average Recommendation of “Buy” by Brokerages
Shares of MGM Resorts International (NYSE:MGM) have been assigned a consensus recommendation of “Buy” from the twenty-two analysts that are covering the stock. Two analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $34.07.
A number of brokerages have issued reports on MGM. Stifel Nicolaus raised their target price on MGM Resorts International from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Friday, April 28th. Nomura reiterated a “buy” rating and set a $35.00 price objective on shares of MGM Resorts International in a report on Friday, April 28th. CLSA reiterated an “outperform” rating on shares of MGM Resorts International in a report on Friday, April 28th. TheStreet upgraded MGM Resorts International from a “c+” rating to a “b” rating in a report on Friday, April 28th. Finally, Deutsche Bank AG lifted their price objective on MGM Resorts International from $32.00 to $34.00 and gave the company a “buy” rating in a report on Friday, April 28th.
MGM Resorts International (NYSE:MGM) traded up 0.94% during mid-day trading on Friday, reaching $31.25. The company’s stock had a trading volume of 5,673,770 shares. The company has a market cap of $17.96 billion, a price-to-earnings ratio of 14.52 and a beta of 1.66. The stock’s 50 day moving average is $29.42 and its 200 day moving average is $28.37. MGM Resorts International has a 12 month low of $21.31 and a 12 month high of $32.28. MGM Resorts International also was the recipient of unusually large options trading on Tuesday. Stock investors purchased 575 put options on the company. This represents an increase of approximately 176% compared to the average volume of 208 put options.
MGM Resorts International (NYSE:MGM) last issued its earnings results on Thursday, April 27th. The company reported $0.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.12. MGM Resorts International had a return on equity of 6.45% and a net margin of 3.15%. The firm had revenue of $2.71 billion for the quarter, compared to analysts’ expectations of $2.63 billion. During the same quarter last year, the business earned $0.16 earnings per share. The company’s revenue was up 22.6% compared to the same quarter last year. Equities research analysts predict that MGM Resorts International will post $1.27 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Friday, June 9th will be given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date of this dividend is Wednesday, June 7th.
In related news, Director William Warwick Grounds purchased 1,150 shares of the stock in a transaction on Tuesday, February 21st. The shares were purchased at an average price of $26.74 per share, with a total value of $30,751.00. Following the transaction, the director now directly owns 1,350 shares of the company’s stock, valued at $36,099. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Corey Ian Sanders sold 21,441 shares of the business’s stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $31.60, for a total value of $677,535.60. Following the transaction, the chief operating officer now directly owns 210,558 shares in the company, valued at approximately $6,653,632.80. The disclosure for this sale can be found here. In the last three months, insiders sold 169,184 shares of company stock worth $4,749,281. 16.90% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Great West Life Assurance Co. Can raised its position in MGM Resorts International by 3.9% in the third quarter. Great West Life Assurance Co. Can now owns 294,357 shares of the company’s stock valued at $7,655,000 after buying an additional 11,063 shares during the period. Winch Advisory Services LLC bought a new position in MGM Resorts International during the third quarter valued at $817,000. Aviance Capital Partners LLC bought a new position in MGM Resorts International during the third quarter valued at $2,082,000. Hosking Partners LLP raised its position in MGM Resorts International by 13.6% in the third quarter. Hosking Partners LLP now owns 1,903,142 shares of the company’s stock valued at $49,539,000 after buying an additional 227,767 shares during the period. Finally, Ameriprise Financial Inc. raised its position in MGM Resorts International by 31.6% in the third quarter. Ameriprise Financial Inc. now owns 275,687 shares of the company’s stock valued at $7,177,000 after buying an additional 66,209 shares during the period. 71.92% of the stock is currently owned by hedge funds and other institutional investors.
About MGM Resorts International
MGM Resorts International is a holding company. The Company, through its subsidiaries, owns and operates casino resorts. The Company operates in two segments: domestic resorts and MGM China. Its domestic resorts segment consists of non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities.
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