Traders Buy MGM Resorts International (MGM) on Weakness
Traders purchased shares of MGM Resorts International (NYSE:MGM) on weakness during trading on Friday. $52.13 million flowed into the stock on the tick-up and $21.11 million flowed out of the stock on the tick-down, for a money net flow of $31.02 million into the stock. Of all equities tracked, MGM Resorts International had the highest net in-flow for the day. MGM Resorts International traded down ($0.02) for the day and closed at $22.96
A number of research firms have recently weighed in on MGM. Sterne Agee CRT reiterated a “buy” rating and issued a $30.00 price target (up from $27.50) on shares of MGM Resorts International in a research report on Sunday, May 8th. Zacks Investment Research cut shares of MGM Resorts International from a “buy” rating to a “hold” rating in a research note on Friday. Argus reissued a “hold” rating on shares of MGM Resorts International in a research note on Thursday, May 12th. JPMorgan Chase & Co. reissued a “buy” rating on shares of MGM Resorts International in a research note on Friday, June 17th. Finally, Stifel Nicolaus lifted their price objective on shares of MGM Resorts International from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, June 9th. Two equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of C$27.65.
The company has a 50-day moving average price of $23.47 and a 200 day moving average price of $21.40. The firm’s market cap is $12.98 billion.
MGM Resorts International (NYSE:MGM) last posted its earnings results on Thursday, May 5th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.01. During the same quarter in the prior year, the company earned $0.26 earnings per share. The firm earned $2.21 billion during the quarter, compared to analysts’ expectations of $2.28 billion. The business’s revenue for the quarter was down 5.2% compared to the same quarter last year. Equities research analysts forecast that MGM Resorts International will post $0.75 EPS for the current year.
In other MGM Resorts International news, COO Corey Ian Sanders sold 32,894 shares of the stock in a transaction that occurred on Tuesday, May 10th. The shares were sold at an average price of C$22.36, for a total value of C$735,509.84. Following the sale, the chief operating officer now directly owns 188,865 shares in the company, valued at approximately C$4,223,021.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mary Christine Gay sold 5,300 shares of the stock in a transaction that occurred on Tuesday, June 14th. The stock was sold at an average price of C$23.89, for a total transaction of C$126,617.00. Following the completion of the sale, the director now owns 11,959 shares in the company, valued at C$285,700.51. The disclosure for this sale can be found here.
Other hedge funds have recently bought and sold shares of the company. Andra AP fonden boosted its stake in MGM Resorts International by 148.1% in the fourth quarter. Andra AP fonden now owns 45,900 shares of the company’s stock valued at $1,043,000 after buying an additional 27,400 shares in the last quarter. DIAM Co. Ltd. raised its position in shares of MGM Resorts International by 29.0% in the fourth quarter. DIAM Co. Ltd. now owns 52,142 shares of the company’s stock worth $1,194,000 after buying an additional 11,711 shares during the last quarter. Korea Investment CORP bought a new position in shares of MGM Resorts International during the fourth quarter worth approximately $1,235,000. Quantitative Investment Management LLC raised its position in shares of MGM Resorts International by 293.2% in the fourth quarter. Quantitative Investment Management LLC now owns 57,800 shares of the company’s stock worth $1,313,000 after buying an additional 43,100 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of MGM Resorts International by 8.3% in the fourth quarter. Principal Financial Group Inc. now owns 66,642 shares of the company’s stock worth $1,514,000 after buying an additional 5,111 shares during the last quarter.
MGM Resorts International is a holding company. Through its wholly owned subsidiaries, the Company owns and operates casino resorts. The Company operates in two segments: wholly owned domestic resorts and MGM China. The wholly owned domestic resorts segment includes non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities.
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