MGM Resorts International (MGM) Rating Reiterated by Deutsche Bank AG
MGM Resorts International (NYSE:MGM)‘s stock had its “buy” rating reaffirmed by research analysts at Deutsche Bank AG in a note issued to investors on Friday.
A number of other research firms have also issued reports on MGM. Stifel Nicolaus reaffirmed a “buy” rating on shares of MGM Resorts International in a report on Friday, September 9th. Susquehanna reissued a “positive” rating and set a $30.00 price target on shares of MGM Resorts International in a research report on Thursday, September 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 on the stock. Telsey Advisory Group boosted their price target on shares of MGM Resorts International from $27.00 to $29.00 and gave the company an “outperform” rating in a research report on Friday, June 17th. Finally, JPMorgan Chase & 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 given a buy rating and one has given a strong buy rating to the company’s stock. MGM Resorts International presently has a consensus rating of “Buy” and an average price target of C$27.63.
MGM Resorts International (NYSE:MGM) opened at 24.94 on Friday. The stock’s market cap is $14.11 billion. The firm’s 50-day moving average is $24.49 and its 200-day moving average is $22.98. MGM Resorts International has a 52-week low of $16.18 and a 52-week high of $25.72.
MGM Resorts International (NYSE:MGM) last released its earnings results 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. MGM Resorts International had a positive return on equity of 3.65% and a negative net margin of 1.90%. The business had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.33 billion. During the same period in the previous year, the company earned $0.19 EPS. MGM Resorts International’s quarterly revenue was down 4.8% compared to the same quarter last year. Equities research analysts predict that MGM Resorts International will post $0.67 earnings per share for the current year.
In other MGM Resorts International news, Director Alexis Herman sold 2,391 shares of the 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 value of C$58,962.06. Following the transaction, the director now directly owns 24,511 shares in the company, valued at C$604,441.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John Mcmanus sold 12,363 shares of the stock in a transaction that occurred on Wednesday, August 31st. The shares were 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 owns 40,071 shares in the company, valued at C$979,335.24. The disclosure for this sale can be found here. 16.90% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in MGM. State Street Corp raised its position in shares of MGM Resorts International by 2.2% in the first quarter. State Street Corp now owns 7,836,892 shares of the company’s stock valued at $168,028,000 after buying an additional 168,059 shares in the last quarter. Geode Capital Management LLC raised its position in shares of MGM Resorts International by 4.1% in the first quarter. Geode Capital Management LLC now owns 2,854,644 shares of the company’s stock valued at $61,171,000 after buying an additional 111,720 shares in the last quarter. Bridger Management LLC bought a new position in shares of MGM Resorts International during the first quarter valued at approximately $84,880,000. Crystal Rock Capital Management bought a new position in shares of MGM Resorts International during the first quarter valued at approximately $4,099,000. Finally, Schonfeld Strategic Advisors LLC bought a new position in shares of MGM Resorts International during the first quarter valued at approximately $715,000. Institutional investors own 71.24% 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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