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.
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.
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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.
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