Instinet Reiterates Buy Rating for MGM Resorts International (MGM)

MGM Resorts International (NYSE:MGM)‘s stock had its “buy” rating reiterated by Instinet in a research report issued on Saturday, April 29th. They presently have a $35.00 price objective on the stock, up from their prior price objective of $34.00. Instinet’s price target points to a potential upside of 13.05% from the company’s current price.

A number of other research firms have also commented on MGM. Sanford C. Bernstein lowered shares of MGM Resorts International from an “outperform” rating to a “market perform” rating in a report on Thursday, January 19th. Zacks Investment Research lowered shares of MGM Resorts International from a “buy” rating to a “hold” rating in a report on Friday, February 17th. JPMorgan Chase & Co. restated an “overweight” rating and issued a $39.00 price objective on shares of MGM Resorts International in a report on Friday, February 10th. Stifel Nicolaus decreased their price objective on shares of MGM Resorts International from $36.00 to $35.00 and set a “buy” rating for the company in a report on Friday, February 17th. Finally, Goldman Sachs Group Inc restated a “buy” rating and issued a $36.00 price objective on shares of MGM Resorts International in a report on Tuesday, April 4th. Two investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. MGM Resorts International presently has an average rating of “Buy” and a consensus price target of $33.87.

Analyst Recommendations for MGM Resorts International (NYSE:MGM)

MGM Resorts International (NYSE:MGM) traded up 1.082% during mid-day trading on Friday, reaching $31.295. 4,846,827 shares of the company’s stock were exchanged. The firm has a market cap of $17.99 billion, a price-to-earnings ratio of 14.542 and a beta of 1.66. MGM Resorts International has a 12 month low of $21.31 and a 12 month high of $32.28. The stock has a 50-day moving average of $29.42 and a 200-day moving average of $28.37. MGM Resorts International also saw some unusual options trading activity on Tuesday. Traders bought 575 put options on the company. This represents an increase of 176% compared to the typical volume of 208 put options.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Thursday, April 27th. The company reported $0.38 EPS for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.12. MGM Resorts International had a net margin of 3.15% and a return on equity of 6.45%. The company had revenue of $2.71 billion during the quarter, compared to analyst estimates of $2.63 billion. During the same period in the prior year, the business posted $0.16 EPS. The firm’s revenue was up 22.6% compared to the same quarter last year. Analysts anticipate that MGM Resorts International will post $1.27 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Friday, June 9th will be paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date is Wednesday, June 7th.

TRADEMARK VIOLATION WARNING: This story was posted by Chaffey Breeze and is the sole property of of Chaffey Breeze. If you are viewing this story on another site, it was illegally copied and reposted in violation of international copyright laws. The original version of this story can be viewed at https://www.chaffeybreeze.com/2017/05/19/mgm-resorts-international-mgm-rating-reiterated-by-instinet-updated-updated.html.

In other MGM Resorts International news, Director Rose Mckinney-James sold 880 shares of the firm’s stock in a transaction that occurred on Wednesday, May 3rd. The shares were sold at an average price of $30.95, for a total transaction of $27,236.00. Following the sale, the director now owns 100 shares in the company, valued at approximately $3,095. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Corey Ian Sanders sold 21,441 shares of the stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $31.60, for a total transaction of $677,535.60. Following the sale, the chief operating officer now directly owns 210,558 shares of the company’s stock, valued at $6,653,632.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 169,184 shares of company stock worth $4,749,281. 16.90% of the stock is owned by company insiders.

A number of large investors have recently made changes to their positions in the stock. YG Partners LLC raised its stake in shares of MGM Resorts International by 20.8% in the first quarter. YG Partners LLC now owns 541,746 shares of the company’s stock worth $14,844,000 after buying an additional 93,314 shares during the period. Janus Capital Management LLC raised its stake in shares of MGM Resorts International by 297.5% in the first quarter. Janus Capital Management LLC now owns 2,876,597 shares of the company’s stock worth $78,819,000 after buying an additional 2,152,863 shares during the period. First Financial Equity Corporation bought a new stake in shares of MGM Resorts International during the first quarter worth about $306,000. OLD Mutual Customised Solutions Proprietary Ltd. raised its stake in shares of MGM Resorts International by 23.0% in the first quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 13,286 shares of the company’s stock worth $364,000 after buying an additional 2,486 shares during the period. Finally, Brookfield Asset Management Inc. raised its stake in shares of MGM Resorts International by 37.4% in the first quarter. Brookfield Asset Management Inc. now owns 247,700 shares of the company’s stock worth $6,787,000 after buying an additional 67,400 shares during the period. 71.92% of the stock is owned by institutional investors and hedge funds.

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.

5 Day Chart for NYSE:MGM

Receive News & Ratings for MGM Resorts International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGM Resorts International and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply