An issue of MGM Resorts International (NYSE:MGM) debt fell 0.8% as a percentage of its face value during trading on Wednesday. The high-yield issue of debt has a 6.75% coupon and will mature on October 1, 2020. The debt is now trading at $109.50 and was trading at $110.75 last week. Price changes in a company’s debt in credit markets often predict parallel changes in its share price.

MGM has been the subject of several recent analyst reports. Buckingham Research initiated coverage on shares of MGM Resorts International in a research note on Thursday, August 11th. They issued a “buy” rating and a $31.00 price objective for the company. Zacks Investment Research cut shares of MGM Resorts International from a “buy” rating to a “hold” rating in a research note on Tuesday, July 26th. Gabelli reiterated a “buy” rating on shares of MGM Resorts International in a research note on Monday, October 17th. Nomura reiterated a “buy” rating and issued a $32.00 price objective (up previously from $28.00) on shares of MGM Resorts International in a research note on Wednesday, October 5th. Finally, Susquehanna reiterated a “positive” rating and issued a $30.00 price objective on shares of MGM Resorts International in a research note on Thursday, September 8th. Twenty-three equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of C$30.63.

MGM Resorts International (NYSE:MGM) traded down 0.43% on Wednesday, hitting $27.71. 5,723,988 shares of the stock were exchanged. MGM Resorts International has a one year low of $16.18 and a one year high of $28.80. The company has a market cap of $15.89 billion, a P/E ratio of 53.08 and a beta of 1.79. The company’s 50 day moving average price is $26.47 and its 200-day moving average price is $24.41.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Monday, November 7th. The company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.47. MGM Resorts International had a net margin of 3.15% and a return on equity of 6.45%. The company earned $2.52 billion during the quarter, compared to analyst estimates of $2.37 billion. During the same period in the prior year, the firm earned $0.15 earnings per share. The business’s quarterly revenue was up 10.3% on a year-over-year basis. Equities research analysts predict that MGM Resorts International will post $1.17 EPS for the current fiscal year.

In other MGM Resorts International news, President William Hornbuckle sold 26,225 shares of the company’s stock in a transaction dated Wednesday, November 9th. The shares were sold at an average price of C$28.56, for a total transaction of C$748,986.00. Following the completion of the sale, the president now directly owns 210,141 shares of the company’s stock, valued at C$6,001,626.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Corp Tracinda sold 4,000,000 shares of the company’s stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of C$100,000,000.00, for a total transaction of C$400,000,000,000,000.00. Following the sale, the insider now directly owns 87,173,744 shares of the company’s stock, valued at C$8,717,374,400,000,000. The disclosure for this sale can be found here. Company insiders own 16.90% of the company’s stock.

A number of hedge funds have recently bought and sold shares of MGM. First Western Capital Management Co acquired a new position in shares of MGM Resorts International during the second quarter worth $853,000. Creative Planning increased its position in shares of MGM Resorts International by 7.4% in the second quarter. Creative Planning now owns 94,726 shares of the company’s stock worth $2,144,000 after buying an additional 6,537 shares in the last quarter. DNB Asset Management AS increased its position in shares of MGM Resorts International by 6.1% in the second quarter. DNB Asset Management AS now owns 25,938 shares of the company’s stock worth $587,000 after buying an additional 1,500 shares in the last quarter. British Columbia Investment Management Corp increased its position in shares of MGM Resorts International by 24.5% in the second quarter. British Columbia Investment Management Corp now owns 152,557 shares of the company’s stock worth $3,452,000 after buying an additional 30,067 shares in the last quarter. Finally, BNP Paribas Arbitrage SA increased its position in shares of MGM Resorts International by 39.2% in the second quarter. BNP Paribas Arbitrage SA now owns 42,622 shares of the company’s stock worth $965,000 after buying an additional 12,005 shares in the last quarter. 71.27% of the stock is owned by institutional investors.

MGM Resorts International Company Profile

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.

5 Day Chart for NYSE:MGM

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