MGM Resorts International (MGM) Trading Up 3.3%
MGM Resorts International (NYSE:MGM)’s share price was up 3.3% during trading on Thursday . The stock traded as high as $24.74 and last traded at $24.68, with a volume of 4,774,504 shares changing hands. The stock had previously closed at $23.89.
Several equities analysts recently commented on MGM shares. Morgan Stanley started coverage on shares of MGM Resorts International in a report on Friday, May 6th. They set an “overweight” rating and a $29.00 price target on the stock. Telsey Advisory Group upped their price target on shares of MGM Resorts International from $26.00 to $27.00 and gave the company an “outperform” rating in a report on Friday, May 6th. Sterne Agee CRT reiterated a “buy” rating and set a $30.00 price target (up from $27.50) on shares of MGM Resorts International in a report on Sunday, May 8th. Goldman Sachs Group Inc. reiterated a “buy” rating on shares of MGM Resorts International in a report on Monday, May 9th. Finally, Zacks Investment Research upgraded shares of MGM Resorts International from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a report on Tuesday, May 10th. Two equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of C$28.32.
The stock’s 50-day moving average price is $24.03 and its 200 day moving average price is $22.46. The company’s market cap is $13.90 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. The business had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.33 billion. During the same period in the previous year, the company posted $0.19 EPS. MGM Resorts International’s revenue was down 4.8% on a year-over-year basis. Equities research analysts expect that MGM Resorts International will post $0.74 earnings per share for the current fiscal year.
In other news, major shareholder Corp Tracinda sold 4,000,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now owns 87,173,744 shares of the company’s stock, valued at C$8,717,374,400,000,000. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Alexis Herman sold 2,391 shares of the firm’s stock in a transaction that occurred on Friday, August 12th. The shares were sold at an average price of C$24.66, for a total transaction of C$58,962.06. Following the completion of the transaction, the director now directly owns 24,511 shares of the company’s stock, valued at approximately C$604,441.26. The disclosure for this sale can be found here.
An institutional investor recently raised its position in MGM Resorts International stock. KBC Group NV raised its stake in shares of MGM Resorts International (NYSE:MGM) by 143.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (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 at the end of the most recent reporting period.
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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