MGM Resorts International’s (MGM) Neutral Rating Reiterated at Susquehanna Bancshares Inc
MGM Resorts International (NYSE:MGM)‘s stock had its “neutral” rating restated by stock analysts at Susquehanna Bancshares Inc in a report issued on Tuesday.
Several other equities analysts also recently commented on MGM. UBS AG downgraded shares of MGM Resorts International from a “positive” rating to a “neutral” rating in a research note on Tuesday. Barclays PLC reissued an “overweight” rating on shares of MGM Resorts International in a research note on Monday. Deutsche Bank AG cut MGM Resorts International from a “buy” rating to a “hold” rating and set a $36.00 target price on the stock. in a research note on Monday, September 11th. Bank of America Corporation restated a “buy” rating and set a $40.00 price target (up previously from $38.00) on shares of MGM Resorts International in a report on Friday, September 8th. Finally, Stifel Nicolaus restated a “buy” rating on shares of MGM Resorts International in a report on Friday, September 1st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $35.12.
MGM Resorts International (NYSE:MGM) opened at 30.77 on Tuesday. MGM Resorts International has a 12-month low of $25.15 and a 12-month high of $34.65. The company has a market cap of $17.70 billion, a price-to-earnings ratio of 18.22 and a beta of 1.46. The firm’s 50-day moving average is $32.17 and its 200 day moving average is $31.15.
MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Thursday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.03. The business had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.67 billion. MGM Resorts International had a net margin of 9.26% and a return on equity of 7.97%. The company’s revenue was up 16.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.29 EPS. On average, equities analysts expect that MGM Resorts International will post $1.29 earnings per share for the current fiscal year.
MGM Resorts International declared that its board has authorized a share buyback plan on Tuesday, September 5th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 5.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
In other news, insider Corey Ian Sanders sold 16,446 shares of the stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $33.63, for a total value of $553,078.98. Following the sale, the insider now directly owns 198,058 shares of the company’s stock, valued at $6,660,690.54. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Robert Baldwin sold 49,179 shares of the stock in a transaction on Monday, September 11th. The stock was sold at an average price of $33.13, for a total value of $1,629,300.27. Following the completion of the sale, the insider now directly owns 145,105 shares in the company, valued at $4,807,328.65. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 819,831 shares of company stock valued at $27,686,927. 12.20% of the stock is owned by corporate insiders.
Large investors have recently modified their holdings of the company. Canyon Capital Advisors LLC boosted its stake in MGM Resorts International by 19.3% in the 1st quarter. Canyon Capital Advisors LLC now owns 17,818,760 shares of the company’s stock worth $488,234,000 after purchasing an additional 2,877,500 shares in the last quarter. Oppenheimer Asset Management Inc. purchased a new stake in MGM Resorts International during the 1st quarter valued at about $2,165,000. Neuberger Berman Group LLC grew its position in MGM Resorts International by 63.2% during the 2nd quarter. Neuberger Berman Group LLC now owns 1,189,143 shares of the company’s stock valued at $37,208,000 after purchasing an additional 460,431 shares during the last quarter. GMT Capital Corp grew its position in MGM Resorts International by 89.4% during the 1st quarter. GMT Capital Corp now owns 3,490,000 shares of the company’s stock valued at $95,626,000 after purchasing an additional 1,647,200 shares during the last quarter. Finally, Highbridge Capital Management LLC grew its position in MGM Resorts International by 92.4% during the 1st quarter. Highbridge Capital Management LLC now owns 36,357 shares of the company’s stock valued at $996,000 after purchasing an additional 17,457 shares during the last quarter. 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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