Shares of MGM Resorts International (NYSE:MGM) have been given a consensus rating of “Buy” by the twenty ratings firms that are presently covering the stock, MarketBeat reports. Six equities research analysts have rated the stock with a hold recommendation and thirteen have issued a buy recommendation on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $37.00.
A number of research analysts have weighed in on the company. Bank of America restated a “buy” rating and issued a $40.00 price objective (up previously from $38.00) on shares of MGM Resorts International in a report on Friday, September 8th. Zacks Investment Research lowered MGM Resorts International from a “hold” rating to a “sell” rating in a report on Wednesday, October 18th. Morgan Stanley set a $35.00 price target on MGM Resorts International and gave the stock a “buy” rating in a report on Friday, October 6th. Instinet reiterated a “buy” rating and set a $40.00 price target on shares of MGM Resorts International in a report on Tuesday, October 3rd. Finally, Stifel Nicolaus reiterated a “buy” rating on shares of MGM Resorts International in a report on Friday, September 1st.
Shares of MGM Resorts International (NYSE MGM) traded up $0.24 during mid-day trading on Thursday, reaching $33.34. The company’s stock had a trading volume of 8,713,386 shares, compared to its average volume of 8,657,923. The company has a quick ratio of 0.98, a current ratio of 1.02 and a debt-to-equity ratio of 1.26. The stock has a market cap of $19,214.73, a price-to-earnings ratio of 30.03, a P/E/G ratio of 7.71 and a beta of 1.44. MGM Resorts International has a 12 month low of $25.15 and a 12 month high of $34.65.
MGM Resorts International announced that its Board of Directors has initiated a share repurchase program on Tuesday, September 5th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the company to purchase up to 5.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
In related news, Director William A. Bible sold 6,128 shares of the firm’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $33.23, for a total transaction of $203,633.44. Following the completion of the sale, the director now directly owns 27,081 shares of the company’s stock, valued at approximately $899,901.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John Mcmanus sold 5,273 shares of the firm’s stock in a transaction dated Friday, September 8th. The stock was sold at an average price of $33.70, for a total value of $177,700.10. Following the sale, the executive vice president now directly owns 40,744 shares of the company’s stock, valued at $1,373,072.80. The disclosure for this sale can be found here. Insiders have sold a total of 445,479 shares of company stock valued at $15,018,634 over the last three months. Corporate insiders own 12.20% of the company’s stock.
Several large investors have recently modified their holdings of the stock. AXA increased its position in shares of MGM Resorts International by 22.0% during the 3rd quarter. AXA now owns 313,177 shares of the company’s stock worth $10,206,000 after purchasing an additional 56,566 shares during the last quarter. Steward Partners Investment Advisory LLC acquired a new position in MGM Resorts International in the 3rd quarter valued at about $197,000. FrontFour Capital Group LLC grew its position in MGM Resorts International by 6.2% in the 3rd quarter. FrontFour Capital Group LLC now owns 340,902 shares of the company’s stock valued at $11,110,000 after acquiring an additional 19,782 shares in the last quarter. Ameritas Investment Partners Inc. acquired a new position in MGM Resorts International in the 3rd quarter valued at about $362,000. Finally, Neuberger Berman Group LLC grew its position in MGM Resorts International by 1.1% in the 3rd quarter. Neuberger Berman Group LLC now owns 1,202,010 shares of the company’s stock valued at $39,174,000 after acquiring an additional 12,867 shares in the last quarter. 83.01% of the stock is owned by hedge funds and other institutional investors.
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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