MGM Resorts International (MGM) Receives Consensus Rating of “Buy” from Analysts
MGM Resorts International (NYSE:MGM) has received an average recommendation of “Buy” from the twenty-one analysts that are covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and fourteen have assigned a buy recommendation to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $35.69.
A number of equities analysts have recently issued reports on MGM shares. BidaskClub downgraded MGM Resorts International from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 1st. Deutsche Bank AG reissued a “buy” rating and set a $34.00 price target on shares of MGM Resorts International in a research report on Monday, July 3rd. Instinet reissued a “buy” rating and set a $40.00 price target on shares of MGM Resorts International in a research report on Monday, July 3rd. Morgan Stanley reissued an “overweight” rating and set a $34.00 price target (up previously from $33.00) on shares of MGM Resorts International in a research report on Monday, July 10th. Finally, UBS AG reissued a “buy” rating on shares of MGM Resorts International in a research report on Monday, July 10th.
In other MGM Resorts International news, CEO James Murren sold 259,760 shares of the stock in a transaction dated 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 in the company, valued at $2,442,601.98. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Rose Mckinney-James sold 3,097 shares of the stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $33.83, for a total value of $104,771.51. Following the completion of the sale, the director now owns 10,724 shares of the company’s stock, valued at $362,792.92. The disclosure for this sale can be found here. Over the last quarter, insiders sold 819,831 shares of company stock valued at $27,686,927. 12.20% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in MGM. Pacad Investment Ltd. purchased a new stake in MGM Resorts International in the second quarter valued at about $169,000. Toronto Dominion Bank raised its stake in MGM Resorts International by 12.4% in the second quarter. Toronto Dominion Bank now owns 5,644 shares of the company’s stock valued at $177,000 after buying an additional 624 shares during the last quarter. Global X Management Co. LLC raised its stake in MGM Resorts International by 30.4% in the first quarter. Global X Management Co. LLC now owns 7,403 shares of the company’s stock valued at $203,000 after buying an additional 1,724 shares during the last quarter. Colony Group LLC purchased a new stake in MGM Resorts International in the second quarter valued at about $203,000. Finally, Cigna Investments Inc. New purchased a new stake in MGM Resorts International in the second quarter valued at about $206,000. Institutional investors own 75.21% of the company’s stock.
Shares of MGM Resorts International (NYSE:MGM) traded down 0.16% during trading on Wednesday, reaching $30.44. The company’s stock had a trading volume of 7,658,652 shares. The company has a 50-day moving average price of $31.88 and a 200-day moving average price of $31.44. The stock has a market cap of $17.51 billion, a price-to-earnings ratio of 18.02 and a beta of 1.46. MGM Resorts International has a one year low of $25.15 and a one year high of $34.65.
MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Thursday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter in the prior year, the company earned $0.29 EPS. The business’s revenue was up 16.4% compared to the same quarter last year. On average, equities research analysts forecast that MGM Resorts International will post $1.28 earnings per share for the current fiscal year.
MGM Resorts International announced that its board has approved a share repurchase plan on Tuesday, September 5th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to purchase up to 5.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.
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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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