FY2019 EPS Estimates for MGM Resorts International (MGM) Lowered by Analyst
MGM Resorts International (NYSE:MGM) – Stock analysts at Gabelli reduced their FY2019 EPS estimates for shares of MGM Resorts International in a research note issued to investors on Monday. Gabelli analyst A. Trivison now forecasts that the company will post earnings of $2.00 per share for the year, down from their previous forecast of $2.15.
Other research analysts have also issued reports about the company. Nomura decreased their price objective on MGM Resorts International from $38.00 to $37.00 and set a “buy” rating on the stock in a research report on Wednesday, November 1st. Roth Capital started coverage on MGM Resorts International in a research report on Wednesday, October 25th. They issued a “buy” rating and a $38.00 price target on the stock. Morgan Stanley set a $34.00 price target on MGM Resorts International and gave the stock a “buy” rating in a research report on Friday, October 13th. Instinet restated a “buy” rating and issued a $40.00 price target on shares of MGM Resorts International in a research report on Tuesday, October 3rd. Finally, Bank of America restated a “buy” rating and issued a $40.00 price target (up from $38.00) on shares of MGM Resorts International in a research report on Friday, September 8th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $36.50.
MGM Resorts International announced that its board has initiated a stock buyback plan on Tuesday, September 5th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 5.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Monday, December 11th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 1.33%. The ex-dividend date is Friday, December 8th. MGM Resorts International’s payout ratio is presently 43.14%.
In related news, EVP John Mcmanus sold 5,273 shares of the firm’s stock in a transaction on Friday, September 8th. The stock was sold at an average price of $33.70, for a total transaction of $177,700.10. Following the sale, the executive vice president now owns 40,744 shares of the company’s stock, valued at approximately $1,373,072.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Robert Baldwin sold 61,600 shares of the firm’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $32.56, for a total value of $2,005,696.00. Following the sale, the insider now directly owns 70,049 shares in the company, valued at approximately $2,280,795.44. The disclosure for this sale can be found here. Insiders have sold a total of 735,557 shares of company stock worth $24,934,279 in the last ninety days. 12.20% of the stock is currently owned by company insiders.
A number of institutional investors have recently modified their holdings of MGM. Spirit of America Management Corp NY acquired a new stake in shares of MGM Resorts International in the 3rd quarter valued at about $104,000. Sun Life Financial INC acquired a new stake in shares of MGM Resorts International in the 3rd quarter valued at about $124,000. Pacad Investment Ltd. acquired a new stake in shares of MGM Resorts International in the 2nd quarter valued at about $169,000. Toronto Dominion Bank raised its stake 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 valued at $177,000 after purchasing an additional 624 shares during the period. Finally, Steward Partners Investment Advisory LLC acquired a new stake in shares of MGM Resorts International in the 3rd quarter valued at about $197,000. 83.01% of the stock is currently owned by institutional investors and hedge funds.
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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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