Deutsche Bank AG Lowers MGM Resorts International (MGM) to Hold

Deutsche Bank AG downgraded shares of MGM Resorts International (NYSE:MGM) from a buy rating to a hold rating in a report published on Monday morning, Marketbeat.com reports. The firm currently has $36.00 price objective on the stock.

A number of other equities research analysts have also recently weighed in on the company. BidaskClub cut MGM Resorts International from a strong-buy rating to a buy rating in a report on Saturday, July 1st. UBS AG reissued a buy rating on shares of MGM Resorts International in a report on Monday, July 10th. Stifel Nicolaus reissued a buy rating on shares of MGM Resorts International in a report on Friday, September 1st. Instinet reissued a buy rating and set a $40.00 target price on shares of MGM Resorts International in a report on Monday, July 3rd. Finally, Zacks Investment Research cut MGM Resorts International from a hold rating to a sell rating in a report on Friday, July 28th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eighteen have assigned a buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus price target of $35.12.

Shares of MGM Resorts International (NYSE MGM) opened at 32.06 on Monday. The company has a 50 day moving average price of $32.07 and a 200-day moving average price of $30.56. MGM Resorts International has a 12-month low of $24.78 and a 12-month high of $34.65. The firm has a market cap of $18.44 billion, a PE ratio of 18.98 and a beta of 1.48.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Thursday, July 27th. The company reported $0.31 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.03. The company had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.67 billion. MGM Resorts International had a return on equity of 7.97% and a net margin of 9.26%. The business’s revenue for the quarter was up 16.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.29 earnings per share. Analysts expect that MGM Resorts International will post $1.29 EPS for the current year.

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MGM Resorts International declared that its board has approved a stock repurchase plan on Tuesday, September 5th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 5.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Monday, September 11th will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 1.37%. The ex-dividend date is Friday, September 8th. MGM Resorts International’s payout ratio is 26.04%.

In other news, insider Robert Baldwin sold 49,179 shares of the business’s stock in a transaction on Monday, September 11th. The shares were sold at an average price of $33.13, for a total transaction of $1,629,300.27. Following the transaction, the insider now directly owns 145,105 shares in the company, valued at approximately $4,807,328.65. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Alexis Herman sold 3,745 shares of the business’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $32.51, for a total transaction of $121,749.95. Following the transaction, the director now owns 8,285 shares in the company, valued at $269,345.35. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 819,831 shares of company stock worth $27,686,927. 12.20% of the stock is currently owned by corporate insiders.

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of MGM Resorts International by 3.4% during the 2nd quarter. Vanguard Group Inc. now owns 41,200,270 shares of the company’s stock valued at $1,289,156,000 after acquiring an additional 1,354,902 shares in the last quarter. Capital Research Global Investors grew its holdings in shares of MGM Resorts International by 1.9% during the 2nd quarter. Capital Research Global Investors now owns 32,282,000 shares of the company’s stock valued at $1,010,104,000 after acquiring an additional 600,000 shares in the last quarter. BlackRock Inc. grew its holdings in shares of MGM Resorts International by 9,411.8% during the 1st quarter. BlackRock Inc. now owns 22,704,066 shares of the company’s stock valued at $622,092,000 after acquiring an additional 22,465,373 shares in the last quarter. Canyon Capital Advisors LLC grew its holdings in shares of MGM Resorts International by 8.9% during the 2nd quarter. Canyon Capital Advisors LLC now owns 19,402,345 shares of the company’s stock valued at $607,099,000 after acquiring an additional 1,583,585 shares in the last quarter. Finally, State Street Corp grew its holdings in shares of MGM Resorts International by 1.0% during the 2nd quarter. State Street Corp now owns 8,934,495 shares of the company’s stock valued at $279,564,000 after acquiring an additional 92,329 shares in the last quarter. Institutional investors and hedge funds own 75.22% of the company’s stock.

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.

Analyst Recommendations for MGM Resorts International (NYSE:MGM)

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