MGM Resorts International (MGM) Earns “Buy” Rating from Instinet
MGM Resorts International (NYSE:MGM)‘s stock had its “buy” rating reissued by analysts at Instinet in a research report issued to clients and investors on Monday. They currently have a $40.00 price target on the stock, up from their prior price target of $35.00. Instinet’s price objective points to a potential upside of 20.66% from the company’s previous close.
Several other equities research analysts also recently weighed in on MGM. Goldman Sachs Group, Inc. (The) reiterated a “buy” rating and issued a $36.00 price target on shares of MGM Resorts International in a report on Tuesday, March 28th. Barclays PLC reduced their price target on MGM Resorts International from $32.00 to $31.00 and set an “overweight” rating on the stock in a report on Thursday, March 23rd. Wolfe Research reiterated an “outperform” rating on shares of MGM Resorts International in a report on Tuesday, March 28th. Telsey Advisory Group reiterated an “outperform” rating and issued a $36.00 price target (up from $32.00) on shares of MGM Resorts International in a report on Thursday, April 27th. Finally, Aegis reiterated a “buy” rating and issued a $35.00 price target (up from $33.00) on shares of MGM Resorts International in a report on Saturday, April 29th. Two research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. MGM Resorts International has an average rating of “Buy” and an average price target of $34.20.
MGM Resorts International (NYSE MGM) traded up 1.66% during trading on Monday, reaching $33.15. The company had a trading volume of 8,222,537 shares. The firm’s 50 day moving average is $31.62 and its 200 day moving average is $29.01. MGM Resorts International has a one year low of $21.31 and a one year high of $33.23. The company has a market capitalization of $19.05 billion, a PE ratio of 15.40 and a beta of 1.44.
MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Thursday, April 27th. The company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.12. MGM Resorts International had a return on equity of 7.76% and a net margin of 12.25%. The business had revenue of $2.71 billion for the quarter, compared to the consensus estimate of $2.63 billion. During the same period in the prior year, the business posted $0.16 earnings per share. The company’s quarterly revenue was up 22.6% compared to the same quarter last year. On average, equities research analysts predict that MGM Resorts International will post $1.27 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, June 15th. Shareholders of record on Friday, June 9th were given a dividend of $0.11 per share. The ex-dividend date of this dividend was Wednesday, June 7th. This represents a $0.44 annualized dividend and a yield of 1.33%. MGM Resorts International’s dividend payout ratio (DPR) is presently 20.37%.
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In other MGM Resorts International news, EVP John Mcmanus sold 14,942 shares of the stock in a transaction on Monday, May 1st. The stock was sold at an average price of $30.74, for a total transaction of $459,317.08. Following the sale, the executive vice president now owns 93,517 shares of the company’s stock, valued at approximately $2,874,712.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Corey Ian Sanders sold 19,855 shares of the stock in a transaction on Monday, May 1st. The shares were sold at an average price of $31.01, for a total value of $615,703.55. Following the sale, the insider now directly owns 185,558 shares in the company, valued at approximately $5,754,153.58. The disclosure for this sale can be found here. Insiders have sold a total of 83,070 shares of company stock worth $2,591,372 in the last ninety days. Insiders own 16.90% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Achmea Investment Management B.V. acquired a new stake in MGM Resorts International during the first quarter worth $356,000. Tower Research Capital LLC TRC boosted its stake in MGM Resorts International by 2,473.9% in the first quarter. Tower Research Capital LLC TRC now owns 10,373 shares of the company’s stock worth $284,000 after buying an additional 9,970 shares during the last quarter. YG Partners LLC boosted its stake in MGM Resorts International by 20.8% in the first quarter. YG Partners LLC now owns 541,746 shares of the company’s stock worth $14,844,000 after buying an additional 93,314 shares during the last quarter. Janus Capital Management LLC boosted its stake in MGM Resorts International by 297.5% in the first quarter. Janus Capital Management LLC now owns 2,876,597 shares of the company’s stock worth $78,819,000 after buying an additional 2,152,863 shares during the last quarter. Finally, First Financial Equity Corporation acquired a new stake in MGM Resorts International during the first quarter worth $306,000. 73.62% of the stock is currently owned by institutional investors and hedge funds.
MGM Resorts International Company Profile
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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