MGM Resorts International (NYSE:MGM)‘s stock had its “buy” rating reaffirmed by stock analysts at Bank of America Corporation in a research note issued to investors on Friday. They presently have a $40.00 price target on the stock, up from their prior price target of $38.00. Bank of America Corporation’s price target indicates a potential upside of 20.30% from the stock’s current price.

Several other equities research analysts have also recently weighed in on the company. BidaskClub cut MGM Resorts International from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 1st. UBS AG reiterated a “buy” rating on shares of MGM Resorts International in a report on Monday, July 10th. Instinet reiterated a “buy” rating and issued a $40.00 price objective on shares of MGM Resorts International in a report on Monday, July 3rd. Deutsche Bank AG reiterated a “buy” rating and issued a $34.00 price objective on shares of MGM Resorts International in a report on Monday, July 3rd. Finally, Zacks Investment Research cut MGM Resorts International from a “hold” rating to a “sell” rating in a report on Friday, July 28th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and nineteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $35.12.

MGM Resorts International (NYSE MGM) opened at 33.25 on Friday. The firm has a 50-day moving average price of $32.23 and a 200 day moving average price of $30.39. MGM Resorts International has a 52 week low of $24.26 and a 52 week high of $34.65. The firm has a market capitalization of $19.13 billion, a price-to-earnings ratio of 19.69 and a beta of 1.48. MGM Resorts International also was the target of unusually large options trading on Thursday. Stock traders acquired 28,097 call options on the stock. This represents an increase of approximately 322% compared to the typical volume of 6,660 call options.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Thursday, July 27th. The company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.03. MGM Resorts International had a return on equity of 7.97% and a net margin of 9.26%. The business had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.67 billion. During the same quarter last year, the business posted $0.29 EPS. The business’s revenue was up 16.4% on a year-over-year basis. On average, equities research analysts forecast that MGM Resorts International will post $1.29 earnings per share for the current fiscal year.

MGM Resorts International announced that its board has approved a share buyback program on Tuesday, September 5th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to buy up to 5.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

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In other MGM Resorts International news, CAO Robert Selwood sold 40,325 shares of MGM Resorts International stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $33.86, for a total value of $1,365,404.50. Following the completion of the sale, the chief accounting officer now owns 197,993 shares of the company’s stock, valued at approximately $6,704,042.98. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO James Murren sold 259,760 shares of MGM Resorts International stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $34.19, for a total value of $8,881,194.40. Following the completion of the sale, the chief executive officer now directly owns 71,442 shares of the company’s stock, valued at approximately $2,442,601.98. The disclosure for this sale can be found here. In the last three months, insiders sold 770,652 shares of company stock valued at $26,057,626. Corporate insiders own 12.20% of the company’s stock.

Several institutional investors have recently bought and sold shares of the business. Toronto Dominion Bank increased its holdings in shares of MGM Resorts International by 12.4% in the 2nd quarter. Toronto Dominion Bank now owns 5,644 shares of the company’s stock worth $177,000 after purchasing an additional 624 shares in the last quarter. WINTON GROUP Ltd bought a new stake in shares of MGM Resorts International in the 2nd quarter worth $4,512,000. Public Employees Retirement System of Ohio increased its holdings in shares of MGM Resorts International by 1.4% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 462,455 shares of the company’s stock worth $14,470,000 after purchasing an additional 6,429 shares in the last quarter. Colony Group LLC bought a new stake in shares of MGM Resorts International in the 2nd quarter worth $203,000. Finally, Verition Fund Management LLC increased its holdings in shares of MGM Resorts International by 29.9% in the 2nd quarter. Verition Fund Management LLC now owns 12,987 shares of the company’s stock worth $406,000 after purchasing an additional 2,987 shares in the last quarter. 75.22% of the stock is 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.

Analyst Recommendations for MGM Resorts International (NYSE:MGM)

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