MGM Resorts International (MGM) Given a $34.00 Price Target at Morgan Stanley
MGM Resorts International (NYSE:MGM) received a $34.00 price target from stock analysts at Morgan Stanley in a report released on Friday. The brokerage currently has a “buy” rating on the stock. Morgan Stanley’s target price points to a potential upside of 13.07% from the company’s current price.
Several other equities analysts have also issued reports on MGM. BidaskClub lowered MGM Resorts International from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, August 1st. Instinet reiterated a “buy” rating on shares of MGM Resorts International in a research note on Monday, July 17th. Susquehanna Bancshares Inc reiterated a “neutral” rating and issued a $33.00 target price (down previously from $38.00) on shares of MGM Resorts International in a research note on Tuesday, October 3rd. Barclays PLC reiterated an “overweight” rating on shares of MGM Resorts International in a research note on Monday, October 2nd. Finally, UBS AG lowered MGM Resorts International from a “positive” rating to a “neutral” rating in a research note on Tuesday, October 3rd. One analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $35.73.
MGM Resorts International (MGM) traded down 0.150% during mid-day trading on Friday, hitting $30.025. 4,930,316 shares of the stock were exchanged. MGM Resorts International has a 52-week low of $25.15 and a 52-week high of $34.65. The stock has a 50 day moving average of $32.07 and a 200-day moving average of $31.33. The stock has a market cap of $17.27 billion, a price-to-earnings ratio of 17.777 and a beta of 1.46.
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, beating the consensus estimate of $0.28 by $0.03. The firm had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.67 billion. MGM Resorts International had a return on equity of 7.97% and a net margin of 9.26%. The firm’s quarterly revenue was up 16.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.29 earnings per share. Equities analysts predict that MGM Resorts International will post $1.28 EPS for the current fiscal year.
MGM Resorts International announced that its board has approved a share buyback program on Tuesday, September 5th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the company to buy up to 5.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.
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In related news, CEO James Murren sold 259,760 shares of MGM Resorts International stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $34.19, for a total transaction of $8,881,194.40. Following the completion of the sale, the chief executive officer now owns 71,442 shares of the company’s stock, valued at $2,442,601.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robert Baldwin sold 49,179 shares of MGM Resorts International stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $33.13, for a total value of $1,629,300.27. Following the sale, the insider now directly owns 145,105 shares of the company’s stock, valued at approximately $4,807,328.65. The disclosure for this sale can be found here. Insiders have sold 819,831 shares of company stock valued at $27,686,927 in the last ninety days. Corporate insiders own 12.20% of the company’s stock.
Large investors have recently made changes to their positions in the business. Canyon Capital Advisors LLC lifted its holdings in MGM Resorts International by 19.3% in the first quarter. Canyon Capital Advisors LLC now owns 17,818,760 shares of the company’s stock valued at $488,234,000 after acquiring an additional 2,877,500 shares during the period. Oppenheimer Asset Management Inc. acquired a new position in MGM Resorts International in the first quarter valued at approximately $2,165,000. Advisor Group Inc. lifted its holdings in MGM Resorts International by 35.3% in the second quarter. Advisor Group Inc. now owns 24,967 shares of the company’s stock valued at $780,000 after acquiring an additional 6,509 shares during the period. Neuberger Berman Group LLC lifted its holdings in MGM Resorts International by 63.2% in the second quarter. Neuberger Berman Group LLC now owns 1,189,143 shares of the company’s stock valued at $37,208,000 after acquiring an additional 460,431 shares during the period. Finally, Highbridge Capital Management LLC lifted its holdings in MGM Resorts International by 92.4% in the first quarter. Highbridge Capital Management LLC now owns 36,357 shares of the company’s stock valued at $996,000 after acquiring an additional 17,457 shares during the period. 75.20% of the stock is owned by 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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