MGM Resorts International (MGM) PT Raised to $33.00 at Stifel Nicolaus
MGM Resorts International (NYSE:MGM) had its target price upped by stock analysts at Stifel Nicolaus from $30.00 to $33.00 in a research report issued to clients and investors on Tuesday. The firm presently has a “buy” rating on the stock.
A number of other research firms also recently weighed in on MGM. Zacks Investment Research upgraded MGM Resorts International from a “hold” rating to a “buy” rating and set a $26.00 target price for the company in a research report on Tuesday, July 12th. Credit Agricole SA restated an “overweight” rating and set a $29.00 target price on shares of MGM Resorts International in a research report on Tuesday, September 20th. Buckingham Research began coverage on MGM Resorts International in a research note on Thursday, August 11th. They set a “buy” rating and a $31.00 price objective for the company. Gabelli reaffirmed a “buy” rating on shares of MGM Resorts International in a research note on Monday, October 17th. Finally, Telsey Advisory Group lifted their price objective on MGM Resorts International from $29.00 to $33.00 and gave the stock an “outperform” rating in a research note on Tuesday. Twenty-two analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of C$30.40.
Shares of MGM Resorts International (NYSE:MGM) opened at 28.32 on Tuesday. The stock’s market capitalization is $16.02 billion. MGM Resorts International has a 52 week low of $16.18 and a 52 week high of $28.80. The company has a 50-day moving average price of $26.23 and a 200 day moving average price of $24.22.
MGM Resorts International (NYSE:MGM) last released its earnings results on Monday, November 7th. The company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.47. The company earned $2.52 billion during the quarter, compared to the consensus estimate of $2.37 billion. MGM Resorts International had a return on equity of 6.45% and a net margin of 3.15%. The firm’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.15 earnings per share. Analysts forecast that MGM Resorts International will post $0.79 earnings per share for the current fiscal year.
In other MGM Resorts International news, major shareholder Corp Tracinda sold 4,000,000 shares of the company’s stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of C$100,000,000.00, for a total value of C$400,000,000,000,000.00. Following the sale, the insider now owns 87,173,744 shares in the company, valued at C$8,717,374,400,000,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Alexis Herman sold 2,391 shares of the company’s stock in a transaction that occurred on Friday, August 12th. The shares were sold at an average price of C$24.66, for a total value of C$58,962.06. Following the completion of the sale, the director now owns 24,511 shares in the company, valued at approximately C$604,441.26. The disclosure for this sale can be found here. 16.90% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in MGM. Prudential Financial Inc. raised its stake in MGM Resorts International by 1.5% in the first quarter. Prudential Financial Inc. now owns 27,061 shares of the company’s stock valued at $580,000 after buying an additional 400 shares in the last quarter. Credit Agricole S A raised its stake in MGM Resorts International by 67.7% in the first quarter. Credit Agricole S A now owns 91,528 shares of the company’s stock valued at $1,963,000 after buying an additional 36,959 shares in the last quarter. State Street Corp raised its stake in MGM Resorts International by 2.2% in the first quarter. State Street Corp now owns 7,836,892 shares of the company’s stock valued at $168,028,000 after buying an additional 168,059 shares in the last quarter. Pictet Asset Management Ltd. raised its stake in MGM Resorts International by 1.2% in the first quarter. Pictet Asset Management Ltd. now owns 151,350 shares of the company’s stock valued at $2,865,000 after buying an additional 1,800 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in MGM Resorts International by 4.1% in the first quarter. Geode Capital Management LLC now owns 2,854,644 shares of the company’s stock valued at $61,171,000 after buying an additional 111,720 shares in the last quarter. Hedge funds and other institutional investors own 71.14% of the company’s stock.
About MGM Resorts International
MGM Resorts International is a holding company. The Company owns and operates casino resorts. It operates in two segments: wholly owned domestic resorts and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail and other resort amenities. It has additional business activities, including its investments in unconsolidated affiliates, and other corporate and management operations.
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