MGM Resorts International (MGM) Receives Consensus Rating of “Buy” from Analysts
Shares of MGM Resorts International (NYSE:MGM) have received a consensus rating of “Buy” from the twenty-two research firms that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and eighteen have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $34.71.
MGM has been the subject of several research reports. BidaskClub cut shares of MGM Resorts International from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 1st. UBS AG reiterated a “buy” rating on shares of MGM Resorts International in a research note on Monday, July 10th. Instinet reiterated a “buy” rating and issued a $40.00 target price on shares of MGM Resorts International in a research note on Monday, July 3rd. Deutsche Bank AG reiterated a “buy” rating and issued a $34.00 target price on shares of MGM Resorts International in a research note on Monday, July 3rd. Finally, Zacks Investment Research cut shares of MGM Resorts International from a “hold” rating to a “sell” rating in a research note on Friday, July 28th.
In related news, CEO James Murren sold 57,269 shares of the firm’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $33.05, for a total value of $1,892,740.45. Following the completion of the sale, the chief executive officer now owns 1,231,611 shares of the company’s stock, valued at $40,704,743.55. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Mary Christine Gay sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $31.88, for a total transaction of $95,640.00. Following the completion of the sale, the director now directly owns 11,208 shares of the company’s stock, valued at approximately $357,311.04. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 121,283 shares of company stock valued at $3,916,395. Company insiders own 12.20% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Canyon Capital Advisors LLC raised its stake in shares of MGM Resorts International by 19.3% in the first quarter. Canyon Capital Advisors LLC now owns 17,818,760 shares of the company’s stock worth $488,234,000 after buying an additional 2,877,500 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new stake in shares of MGM Resorts International during the first quarter worth $2,165,000. Stifel Financial Corp raised its stake in shares of MGM Resorts International by 39.2% in the first quarter. Stifel Financial Corp now owns 127,554 shares of the company’s stock worth $3,487,000 after buying an additional 35,898 shares in the last quarter. GMT Capital Corp raised its stake in shares of MGM Resorts International by 89.4% in the first quarter. GMT Capital Corp now owns 3,490,000 shares of the company’s stock worth $95,626,000 after buying an additional 1,647,200 shares in the last quarter. Finally, Highbridge Capital Management LLC raised its stake in shares of MGM Resorts International by 92.4% in the first quarter. Highbridge Capital Management LLC now owns 36,357 shares of the company’s stock worth $996,000 after buying an additional 17,457 shares in the last quarter. 75.22% of the stock is owned by institutional investors and hedge funds.
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Shares of MGM Resorts International (NYSE:MGM) traded up 1.10% during midday trading on Tuesday, reaching $32.04. The company’s stock had a trading volume of 3,862,742 shares. The firm has a market capitalization of $18.43 billion, a price-to-earnings ratio of 18.97 and a beta of 1.48. MGM Resorts International has a 52 week low of $23.52 and a 52 week high of $34.53. The firm’s 50 day moving average is $32.00 and its 200 day moving average is $30.10.
MGM Resorts International (NYSE:MGM) last released its earnings results on Thursday, July 27th. The company reported $0.31 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.03. MGM Resorts International had a net margin of 9.26% and a return on equity of 7.97%. The business had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.67 billion. During the same quarter last year, the company earned $0.29 earnings per share. The firm’s revenue was up 16.4% on a year-over-year basis. Equities analysts forecast that MGM Resorts International will post $1.24 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Monday, September 11th will be issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 1.37%. The ex-dividend date is Friday, September 8th. MGM Resorts International’s payout ratio is 26.04%.
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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