MGM Resorts International (MGM) Earns Buy Rating from Nomura
Nomura restated their buy rating on shares of MGM Resorts International (NYSE:MGM) in a research report released on Wednesday morning. The brokerage currently has a $32.00 price objective on the stock, up from their prior price objective of $28.00.
MGM has been the topic of several other reports. Credit Agricole SA reaffirmed an overweight rating and set a $29.00 target price on shares of MGM Resorts International in a report on Tuesday, September 20th. Stifel Nicolaus reaffirmed a buy rating and set a $20.00 target price on shares of MGM Resorts International in a report on Thursday, September 15th. Deutsche Bank AG reissued a buy rating and issued a $29.00 price objective on shares of MGM Resorts International in a report on Monday, June 27th. Susquehanna reissued a positive rating and issued a $30.00 price objective on shares of MGM Resorts International in a report on Thursday, September 8th. Finally, Zacks Investment Research lowered MGM Resorts International from a buy rating to a hold rating in a report on Friday, July 8th. One investment analyst has rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of Buy and an average target price of C$28.17.
Shares of MGM Resorts International (NYSE:MGM) opened at 26.58 on Wednesday. The stock’s market capitalization is $15.03 billion. The stock’s 50 day moving average price is $25.09 and its 200 day moving average price is $23.48. MGM Resorts International has a one year low of $16.18 and a one year high of $27.04.
MGM Resorts International (NYSE:MGM) last posted its earnings results on Thursday, August 4th. The company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.28 by $0.02. The company had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.33 billion. MGM Resorts International had a positive return on equity of 3.65% and a negative net margin of 1.90%. The firm’s revenue was down 4.8% on a year-over-year basis. During the same period last year, the business earned $0.19 earnings per share. Equities research analysts predict that MGM Resorts International will post $0.67 EPS for the current fiscal year.
In other news, EVP John Mcmanus sold 12,363 shares of the stock in a transaction that occurred on Wednesday, August 31st. The stock was sold at an average price of C$24.44, for a total transaction of C$302,151.72. Following the completion of the transaction, the executive vice president now directly owns 40,071 shares of the company’s stock, valued at approximately C$979,335.24. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Corp Tracinda sold 4,000,000 shares of the stock in a transaction that occurred on Thursday, September 1st. The stock was 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 transaction, the insider now directly owns 87,173,744 shares of the company’s stock, valued at C$8,717,374,400,000,000. The disclosure for this sale can be found here. Corporate insiders own 16.90% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Global X Management Co. LLC boosted its stake in MGM Resorts International by 155.2% in the second quarter. Global X Management Co. LLC now owns 4,551 shares of the company’s stock worth $103,000 after buying an additional 2,768 shares in the last quarter. Mizuho Asset Management Co. Ltd. boosted its stake in MGM Resorts International by 146.3% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 6,894 shares of the company’s stock worth $156,000 after buying an additional 4,095 shares in the last quarter. Tower Research Capital LLC TRC purchased a new stake in MGM Resorts International during the second quarter worth $182,000. Pacer Advisors Inc. boosted its stake in MGM Resorts International by 10.4% in the second quarter. Pacer Advisors Inc. now owns 9,075 shares of the company’s stock worth $205,000 after buying an additional 852 shares in the last quarter. Finally, Oakbrook Investments LLC purchased a new stake in MGM Resorts International during the second quarter worth $212,000. Institutional investors and hedge funds own 71.23% of the company’s stock.
MGM Resorts International Company Profile
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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