MGM Resorts International (MGM) Shares Up 3.3%
Shares of MGM Resorts International (NYSE:MGM) shot up 3.3% on Thursday . The company traded as high as $24.74 and last traded at $24.68, with a volume of 4,774,504 shares traded. The stock had previously closed at $23.89.
A number of research firms have recently weighed in on MGM. Stifel Nicolaus raised their price target on shares of MGM Resorts International from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, June 9th. Deutsche Bank AG reissued a “buy” rating and set a $29.00 price target (up previously from $28.00) on shares of MGM Resorts International in a research report on Wednesday, June 8th. Buckingham Research began coverage on shares of MGM Resorts International in a research report on Thursday, August 11th. They set a “buy” rating and a $31.00 price target for the company. Susquehanna raised their price target on shares of MGM Resorts International from $27.00 to $31.00 and gave the stock a “positive” rating in a research report on Monday, June 20th. Finally, Wells Fargo & Co. reissued a “buy” rating on shares of MGM Resorts International in a research report on Friday, June 17th. Two research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of C$28.32.
The stock has a 50-day moving average price of $23.95 and a 200-day moving average price of $22.43. The stock’s market cap is $13.94 billion.
MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by $0.02. During the same quarter last year, the business earned $0.19 EPS. The business earned $2.45 billion during the quarter, compared to analysts’ expectations of $2.33 billion. MGM Resorts International’s revenue for the quarter was down 4.8% on a year-over-year basis. On average, equities research analysts anticipate that MGM Resorts International will post $0.74 EPS for the current year.
In other MGM Resorts International news, Director Alexis Herman sold 2,391 shares of the company’s stock in a transaction on Friday, August 12th. The stock was sold at an average price of C$24.66, for a total value of C$58,962.06. Following the sale, the director now directly owns 24,511 shares in the company, valued at C$604,441.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Corp Tracinda sold 4,000,000 shares of the company’s stock in a transaction on Thursday, September 1st. The shares were sold at an average price of C$100,000,000.00, for a total value of C$400,000,000,000,000.00. Following the completion of the sale, the insider now owns 87,173,744 shares in the company, valued at C$8,717,374,400,000,000. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in MGM Resorts International stock. KBC Group NV increased its position in shares of MGM Resorts International (NYSE:MGM) by 143.5% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 75,981 shares of the company’s stock after buying an additional 44,782 shares during the period. KBC Group NV’s holdings in MGM Resorts International were worth $1,726,000 as of its most recent SEC filing.
MGM Resorts International is a holding company. The Company owns and operates casino resorts. It operates in two segments: wholly owned domestic resorts and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail and other resort amenities. It has additional business activities, including its investments in unconsolidated affiliates, and other corporate and management operations.
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