MGM Resorts International (MGM) Given Neutral Rating at Susquehanna Bancshares Inc
MGM has been the topic of a number of other reports. Zacks Investment Research lowered shares of MGM Resorts International from a hold rating to a sell rating in a research report on Friday, July 28th. BidaskClub raised shares of MGM Resorts International from a buy rating to a strong-buy rating in a report on Tuesday, July 25th. UBS AG downgraded shares of MGM Resorts International from a positive rating to a neutral rating in a research report on Tuesday. Instinet reiterated a buy rating and issued a $40.00 price target on shares of MGM Resorts International in a research report on Monday, July 3rd. Finally, Barclays PLC reiterated an overweight rating on shares of MGM Resorts International in a research report on Monday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have issued a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average price target of $35.12.
Shares of MGM Resorts International (NYSE:MGM) traded up 1.410% during trading on Tuesday, reaching $31.285. 5,071,515 shares of the company traded hands. The company has a market capitalization of $17.99 billion, a price-to-earnings ratio of 18.523 and a beta of 1.46. The stock’s 50 day moving average is $32.17 and its 200 day moving average is $31.17. MGM Resorts International has a 1-year low of $25.15 and a 1-year high of $34.65. MGM Resorts International also was the recipient of some unusual options trading activity on Monday. Traders bought 25,657 put options on the company. This is an increase of 317% compared to the average volume of 6,159 put options.
MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Thursday, July 27th. The company reported $0.31 EPS for the quarter, topping the Thomson Reuters’ 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 analyst estimates of $2.67 billion. During the same period last year, the business earned $0.29 EPS. MGM Resorts International’s revenue for the quarter was up 16.4% compared to the same quarter last year. On average, analysts forecast that MGM Resorts International will post $1.29 EPS for the current year.
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The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Monday, September 11th were given a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, September 8th. This represents a $0.44 annualized dividend and a dividend yield of 1.43%. MGM Resorts International’s payout ratio is currently 26.04%.
MGM Resorts International declared that its board has authorized a share buyback program on Tuesday, September 5th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 5.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
In related news, Director Rose Mckinney-James sold 3,097 shares of the business’s stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $33.83, for a total transaction of $104,771.51. Following the sale, the director now owns 10,724 shares of the company’s stock, valued at $362,792.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO James Murren sold 57,269 shares of the company’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $33.05, for a total transaction 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 disclosure for this sale can be found here. Insiders sold a total of 819,831 shares of company stock valued at $27,686,927 in the last quarter. Insiders own 12.20% of the company’s stock.
Institutional investors have recently modified their holdings of the business. World Asset Management Inc lifted its position in shares of MGM Resorts International by 0.5% during the 2nd quarter. World Asset Management Inc now owns 19,646 shares of the company’s stock valued at $615,000 after acquiring an additional 91 shares during the period. Raymond James Financial Services Advisors Inc. boosted its stake in shares of MGM Resorts International by 0.4% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 34,213 shares of the company’s stock worth $937,000 after acquiring an additional 140 shares in the last quarter. Calamos Wealth Management LLC boosted its stake in shares of MGM Resorts International by 0.5% during the 2nd quarter. Calamos Wealth Management LLC now owns 52,540 shares of the company’s stock worth $1,644,000 after acquiring an additional 257 shares in the last quarter. Pacer Advisors Inc. boosted its stake in shares of MGM Resorts International by 3.4% during the 1st quarter. Pacer Advisors Inc. now owns 9,269 shares of the company’s stock worth $254,000 after acquiring an additional 302 shares in the last quarter. Finally, Nordea Investment Management AB boosted its stake in shares of MGM Resorts International by 3.2% during the 2nd quarter. Nordea Investment Management AB now owns 15,493 shares of the company’s stock worth $485,000 after acquiring an additional 475 shares in the last quarter. 75.17% of the stock is owned by institutional investors.
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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