Barclays PLC Reaffirms Overweight Rating for MGM Resorts International (MGM)
Barclays PLC reissued their overweight rating on shares of MGM Resorts International (NYSE:MGM) in a research note released on Monday, Marketbeat.com reports.
A number of other equities research analysts have also recently weighed in on MGM. BidaskClub cut MGM Resorts International from a strong-buy rating to a buy rating in a report on Tuesday, August 1st. Instinet reaffirmed a buy rating on shares of MGM Resorts International in a report on Monday, July 17th. Zacks Investment Research cut MGM Resorts International from a hold rating to a sell rating in a report on Friday, July 28th. Telsey Advisory Group lifted their price target on MGM Resorts International from $36.00 to $39.00 and gave the company an outperform rating in a report on Friday, July 28th. Finally, Deutsche Bank AG reaffirmed a buy rating and set a $34.00 price target on shares of MGM Resorts International in a report on Monday, July 3rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have given a buy rating to the company. MGM Resorts International has an average rating of Buy and a consensus price target of $35.50.
MGM Resorts International (NYSE MGM) opened at 30.90 on Monday. The firm has a market cap of $17.77 billion, a PE ratio of 18.29 and a beta of 1.46. MGM Resorts International has a 12 month low of $25.15 and a 12 month high of $34.65. The company has a 50-day moving average price of $32.13 and a 200 day moving average price of $31.17.
MGM Resorts International (NYSE:MGM) last issued its earnings results on Thursday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.03. MGM Resorts International had a net margin of 9.26% and a return on equity of 7.97%. The firm had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.67 billion. During the same quarter last year, the company posted $0.29 earnings per share. MGM Resorts International’s revenue was up 16.4% on a year-over-year basis. Equities research analysts anticipate that MGM Resorts International will post $1.29 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Monday, September 11th were given a $0.11 dividend. The ex-dividend date of this dividend was Friday, September 8th. This represents a $0.44 annualized dividend and a yield of 1.42%. MGM Resorts International’s dividend payout ratio (DPR) is 26.04%.
MGM Resorts International declared that its board has initiated a stock buyback program on Tuesday, September 5th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 5.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
In other MGM Resorts International news, CEO James Murren sold 57,269 shares of MGM Resorts International stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $33.05, for a total value of $1,892,740.45. Following the transaction, the chief executive officer now owns 1,231,611 shares in the company, valued at $40,704,743.55. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Robert Baldwin sold 49,179 shares of MGM Resorts International stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $33.13, for a total transaction of $1,629,300.27. Following the completion of the transaction, the insider now owns 145,105 shares in the company, valued at approximately $4,807,328.65. The disclosure for this sale can be found here. In the last 90 days, insiders sold 819,831 shares of company stock worth $27,686,927. 12.20% of the stock is currently owned by company insiders.
A number of institutional investors have recently bought and sold shares of the business. Centre Asset Management LLC acquired a new position in MGM Resorts International in the third quarter worth approximately $5,168,000. Toronto Dominion Bank grew its position in MGM Resorts International by 12.4% in the second quarter. Toronto Dominion Bank now owns 5,644 shares of the company’s stock worth $177,000 after buying an additional 624 shares during the last quarter. WINTON GROUP Ltd acquired a new position in MGM Resorts International in the second quarter worth approximately $4,512,000. Public Employees Retirement System of Ohio grew its position in MGM Resorts International by 1.4% in the second quarter. Public Employees Retirement System of Ohio now owns 462,455 shares of the company’s stock worth $14,470,000 after buying an additional 6,429 shares during the last quarter. Finally, Colony Group LLC acquired a new position in MGM Resorts International in the second quarter worth approximately $203,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.
MGM Resorts International Company Profile
MGM Resorts International is a holding company. The Company, through its subsidiaries, owns and operates casino resorts. The Company operates in two segments: domestic resorts and MGM China. Its domestic resorts segment consists of non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities.
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