MGM Resorts International (NYSE:MGM)‘s stock had its “buy” rating reissued by Instinet in a research note issued to investors on Saturday, April 29th. They currently have a $35.00 price target on the stock, up from their prior price target of $34.00. Instinet’s price target suggests a potential upside of 13.05% from the stock’s current price.
MGM has been the topic of a number of other research reports. Zacks Investment Research lowered shares of MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Friday, February 17th. Susquehanna Bancshares Inc reaffirmed a “positive” rating and set a $31.00 price target on shares of MGM Resorts International in a research note on Thursday, April 20th. Stifel Nicolaus raised their price target on shares of MGM Resorts International from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Friday, April 28th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $39.00 price target on shares of MGM Resorts International in a research note on Friday, February 10th. Finally, TheStreet cut shares of MGM Resorts International from a “b” rating to a “c+” rating in a research note on Thursday, February 16th. Two analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. 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 1.437% during mid-day trading on Friday, reaching $31.405. 2,913,168 shares of the company traded hands. The stock has a market capitalization of $18.05 billion, a PE ratio of 14.593 and a beta of 1.66. The stock has a 50-day moving average of $29.42 and a 200 day moving average of $28.37. MGM Resorts International has a 52-week low of $21.31 and a 52-week high of $32.28. MGM Resorts International also was the recipient of some unusual options trading activity on Tuesday. Traders purchased 575 put options on the company. This represents an increase of 176% compared to the average daily volume of 208 put options.
MGM Resorts International (NYSE:MGM) last posted its earnings results on Thursday, April 27th. The company reported $0.38 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.12. The firm had revenue of $2.71 billion during the quarter, compared to analysts’ expectations of $2.63 billion. MGM Resorts International had a net margin of 3.15% and a return on equity of 6.45%. The company’s revenue was up 22.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.16 earnings per share. Equities research analysts expect that MGM Resorts International will post $1.27 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Stockholders of record on Friday, June 9th will be paid a dividend of $0.11 per share. The ex-dividend date is Wednesday, June 7th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.42%.
In other MGM Resorts International news, insider Corey Ian Sanders sold 19,855 shares of the company’s stock in a transaction on Monday, May 1st. The stock was sold at an average price of $31.01, for a total transaction of $615,703.55. Following the completion of the sale, the insider now owns 185,558 shares in the company, valued at $5,754,153.58. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director William Warwick Grounds bought 1,150 shares of the stock in a transaction on Tuesday, February 21st. The shares were bought at an average price of $26.74 per share, with a total value of $30,751.00. Following the acquisition, the director now owns 1,350 shares of the company’s stock, valued at $36,099. The disclosure for this purchase can be found here. Insiders sold 169,184 shares of company stock valued at $4,749,281 in the last quarter. 16.90% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the stock. IFP Advisors Inc raised its stake in shares of MGM Resorts International by 0.7% in the first quarter. IFP Advisors Inc now owns 4,558 shares of the company’s stock valued at $125,000 after buying an additional 31 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. increased its position in MGM Resorts International by 15.5% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,521 shares of the company’s stock valued at $129,000 after buying an additional 606 shares during the last quarter. Toronto Dominion Bank increased its position in MGM Resorts International by 28.0% in the first quarter. Toronto Dominion Bank now owns 5,020 shares of the company’s stock valued at $138,000 after buying an additional 1,099 shares during the last quarter. MUFG Americas Holdings Corp bought a new stake in shares of MGM Resorts International during the first quarter valued at $198,000. Finally, Pacad Investment Ltd. bought a new stake in shares of MGM Resorts International during the fourth quarter valued at $199,000. Hedge funds and other institutional investors own 71.92% of the company’s stock.
MGM Resorts International Company Profile
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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