MGM Resorts International (MGM) Rating Reiterated by Deutsche Bank AG
MGM Resorts International (NYSE:MGM)‘s stock had its “buy” rating reiterated by research analysts at Deutsche Bank AG in a research report issued on Friday.
Several other equities analysts have also weighed in on the company. Stifel Nicolaus reaffirmed a “buy” rating and issued a $20.00 price objective on shares of MGM Resorts International in a research note on Thursday, September 15th. Susquehanna reaffirmed a “positive” rating and issued a $30.00 price objective on shares of MGM Resorts International in a research note on Thursday, September 8th. Buckingham Research began coverage on MGM Resorts International in a research note on Thursday, August 11th. They issued a “buy” rating and a $31.00 price objective on the stock. Zacks Investment Research lowered MGM Resorts International from a “buy” rating to a “hold” rating in a research note on Tuesday, July 26th. Finally, JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of MGM Resorts International in a research note on Friday, June 17th. Two 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 company presently has an average rating of “Buy” and a consensus price target of C$27.63.
MGM Resorts International (NYSE:MGM) opened at 24.94 on Friday. The stock’s market capitalization is $14.11 billion. The firm has a 50-day moving average of $24.49 and a 200 day moving average of $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 quarterly earnings data on Thursday, August 4th. The company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.28 by $0.02. The firm earned $2.45 billion during the quarter, compared to analyst estimates 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 business’s revenue for the quarter was down 4.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.19 earnings per share. On average, analysts anticipate that MGM Resorts International will post $0.67 EPS for the current year.
In related 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 transaction of C$58,962.06. Following the completion of the transaction, the director now directly owns 24,511 shares in the company, valued at approximately C$604,441.26. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Corp Tracinda sold 4,000,000 shares of the company’s 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 transaction, the insider now 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.
Hedge funds and other institutional investors have recently made changes to their positions in the company. 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 worth $168,028,000 after buying an additional 168,059 shares during the period. 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 worth $61,171,000 after buying an additional 111,720 shares during the period. Bridger Management LLC acquired a new position in shares of MGM Resorts International during the first quarter worth about $84,880,000. Crystal Rock Capital Management acquired a new position in shares of MGM Resorts International during the first quarter worth about $4,099,000. Finally, Schonfeld Strategic Advisors LLC acquired a new position in shares of MGM Resorts International during the first quarter worth about $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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