Investors Buy MGM Resorts International (MGM) on Weakness
Traders bought shares of MGM Resorts International (NYSE:MGM) on weakness during trading on Tuesday. $65.24 million flowed into the stock on the tick-up and $41.01 million flowed out of the stock on the tick-down, for a money net flow of $24.23 million into the stock. Of all companies tracked, MGM Resorts International had the 17th highest net in-flow for the day. MGM Resorts International traded down ($0.07) for the day and closed at $33.13
A number of research analysts have weighed in on the company. Zacks Investment Research upgraded MGM Resorts International from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a research note on Monday, February 5th. Stifel Nicolaus downgraded MGM Resorts International from a “buy” rating to a “hold” rating and decreased their price target for the company from $38.00 to $33.00 in a research note on Wednesday, October 18th. JPMorgan Chase & Co. raised their price target on MGM Resorts International from $39.00 to $40.00 and gave the company an “overweight” rating in a research note on Wednesday, November 1st. Jefferies Group assumed coverage on MGM Resorts International in a research note on Thursday, January 18th. They issued a “buy” rating and a $43.00 price target for the company. Finally, Nomura decreased their price target on MGM Resorts International from $38.00 to $37.00 and set a “buy” rating for the company in a research note on Wednesday, November 1st. Four research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $37.38.
The company has a debt-to-equity ratio of 1.26, a current ratio of 1.02 and a quick ratio of 0.98. The company has a market cap of $18,760.00, a P/E ratio of 32.48, a P/E/G ratio of 5.88 and a beta of 1.43.
Several hedge funds and other institutional investors have recently modified their holdings of MGM. BlackRock Inc. boosted its stake in MGM Resorts International by 19.9% in the 4th quarter. BlackRock Inc. now owns 35,609,163 shares of the company’s stock valued at $1,188,991,000 after purchasing an additional 5,897,782 shares during the period. State Street Corp boosted its stake in MGM Resorts International by 1.0% in the 2nd quarter. State Street Corp now owns 8,934,495 shares of the company’s stock valued at $279,564,000 after purchasing an additional 92,329 shares during the period. Maverick Capital Ltd. boosted its stake in MGM Resorts International by 26.4% in the 4th quarter. Maverick Capital Ltd. now owns 8,867,800 shares of the company’s stock valued at $296,096,000 after purchasing an additional 1,852,880 shares during the period. Iridian Asset Management LLC CT boosted its stake in MGM Resorts International by 13.4% in the 3rd quarter. Iridian Asset Management LLC CT now owns 6,961,786 shares of the company’s stock valued at $226,885,000 after purchasing an additional 823,891 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in MGM Resorts International by 4.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 5,610,995 shares of the company’s stock valued at $182,848,000 after purchasing an additional 221,406 shares during the period. Institutional investors own 81.54% of the company’s stock.
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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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