MGM Resorts International’s (MGM) Buy Rating Reaffirmed at Goldman Sachs Group Inc.
A number of other analysts have also recently commented on MGM. Zacks Investment Research upgraded shares of MGM Resorts International from a hold rating to a buy rating and set a $26.00 target price on the stock in a report on Tuesday, July 12th. Wells Fargo & Co. restated a buy rating on shares of MGM Resorts International in a report on Friday, June 17th. Credit Agricole SA restated 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 restated a buy rating on shares of MGM Resorts International in a report on Friday, June 17th. Finally, Deutsche Bank AG restated a buy rating and set a $29.00 target price (up previously from $28.00) on shares of MGM Resorts International in a report on Wednesday, June 8th. One research analyst has rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. MGM Resorts International presently has an average rating of Buy and a consensus price target of C$28.17.
MGM Resorts International (NYSE:MGM) opened at 26.79 on Wednesday. MGM Resorts International has a 12 month low of $16.18 and a 12 month high of $27.04. The firm’s market capitalization is $15.15 billion. The stock has a 50 day moving average of $25.17 and a 200 day moving average of $23.56.
MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Thursday, August 4th. The company reported $0.26 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.28 by $0.02. The company had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.33 billion. MGM Resorts International had a negative net margin of 1.90% and a positive return on equity of 3.65%. The firm’s revenue for the quarter was down 4.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.19 earnings per share. On average, equities analysts predict that MGM Resorts International will post $0.67 earnings per share for the current fiscal year.
In related news, Director Alexis Herman sold 2,391 shares of the firm’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 completion of 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 filing with the SEC, which can be accessed through this link. Also, major shareholder Corp Tracinda sold 4,000,000 shares of the stock in a transaction 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 completion of the sale, the insider now owns 87,173,744 shares in the company, valued at approximately C$8,717,374,400,000,000. The disclosure for this sale can be found here. 16.90% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the company. Chartwell Investment Partners LLC acquired a new stake in MGM Resorts International during the second quarter worth $104,274,000. Bridger Management LLC acquired a new stake in MGM Resorts International during the first quarter worth $84,880,000. Vanguard Group Inc. raised its stake in MGM Resorts International by 7.4% in the second quarter. Vanguard Group Inc. now owns 34,658,063 shares of the company’s stock worth $784,311,000 after buying an additional 2,386,562 shares during the last quarter. Highline Capital Management L.P. acquired a new stake in MGM Resorts International during the second quarter worth $49,605,000. Finally, Capital World Investors raised its stake in MGM Resorts International by 9.7% in the second quarter. Capital World Investors now owns 24,427,302 shares of the company’s stock worth $552,790,000 after buying an additional 2,150,087 shares during the last quarter. Institutional investors and hedge funds own 71.23% of the company’s stock.
About MGM Resorts International
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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