Equities research analysts at Telsey Advisory Group initiated coverage on shares of MGM Resorts International (NYSE:MGM) in a note issued to investors on Wednesday. The firm set a “market perform” rating and a $39.00 price target on the stock. Telsey Advisory Group’s price objective points to a potential upside of 8.97% from the company’s current price.
A number of other equities research analysts have also weighed in on MGM. Bank of America upped their target price on shares of MGM Resorts International from $38.00 to $39.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Zacks Investment Research lowered shares of MGM Resorts International from a “buy” rating to a “hold” rating in a research note on Friday, February 23rd. Stifel Nicolaus reiterated a “hold” rating and issued a $37.00 price objective (up previously from $36.00) on shares of MGM Resorts International in a research note on Wednesday, February 21st. Barclays increased their price objective on shares of MGM Resorts International from $37.00 to $40.00 and gave the company an “overweight” rating in a research note on Friday, February 23rd. Finally, Jefferies Group started coverage on shares of MGM Resorts International in a research note on Thursday, January 18th. They issued a “buy” rating and a $43.00 price objective for the company. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. MGM Resorts International presently has an average rating of “Buy” and an average price target of $37.94.
Shares of MGM Resorts International (NYSE MGM) opened at $35.79 on Wednesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.77 and a quick ratio of 0.73. MGM Resorts International has a fifty-two week low of $25.21 and a fifty-two week high of $38.41. The firm has a market cap of $20,825.33, a PE ratio of 10.53, a P/E/G ratio of 1.75 and a beta of 1.45.
In other news, insider Corey Ian Sanders sold 23,134 shares of the stock in a transaction that occurred on Monday, March 12th. The shares were sold at an average price of $36.68, for a total transaction of $848,555.12. Following the completion of the transaction, the insider now directly owns 203,425 shares of the company’s stock, valued at approximately $7,461,629. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President William Hornbuckle sold 60,000 shares of the stock in a transaction that occurred on Friday, March 9th. The shares were sold at an average price of $36.36, for a total transaction of $2,181,600.00. Following the transaction, the president now directly owns 26,289 shares of the company’s stock, valued at $955,868.04. The disclosure for this sale can be found here. Insiders have sold a total of 142,646 shares of company stock valued at $5,104,710 over the last three months. Insiders own 12.20% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Asset Management One Co. Ltd. boosted its holdings in MGM Resorts International by 5.1% in the 3rd quarter. Asset Management One Co. Ltd. now owns 712,424 shares of the company’s stock worth $23,209,000 after buying an additional 34,625 shares during the period. Cadence Capital Management LLC bought a new position in MGM Resorts International in the 3rd quarter worth approximately $351,000. Arrow Investment Advisors LLC bought a new position in MGM Resorts International in the 3rd quarter worth approximately $479,000. Nordea Investment Management AB boosted its holdings in MGM Resorts International by 47.6% in the 3rd quarter. Nordea Investment Management AB now owns 22,871 shares of the company’s stock worth $745,000 after buying an additional 7,378 shares during the period. Finally, AXA boosted its holdings in MGM Resorts International by 22.0% in the 3rd quarter. AXA now owns 313,177 shares of the company’s stock worth $10,206,000 after buying an additional 56,566 shares during the period. 82.52% of the stock is owned by hedge funds and other institutional investors.
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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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