MGM Resorts International (MGM) Given Overweight Rating at Barclays PLC
MGM Resorts International (NYSE:MGM)‘s stock had its “overweight” rating restated by Barclays PLC in a research note issued on Monday, October 2nd, MarketBeat.com reports.
A number of other equities analysts have also recently issued reports on MGM. UBS AG cut shares of MGM Resorts International from a “buy” rating to a “neutral” rating and upped their price target for the stock from $33.00 to $36.00 in a research note on Tuesday, August 1st. BidaskClub cut shares of MGM Resorts International from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, August 1st. Instinet reiterated a “buy” rating on shares of MGM Resorts International in a research note on Monday, July 17th. Deutsche Bank AG reiterated a “buy” rating and issued a $36.00 price target (up previously from $34.00) on shares of MGM Resorts International in a research note on Sunday, July 30th. Finally, Telsey Advisory Group upped their target price on shares of MGM Resorts International from $36.00 to $39.00 and gave the company an “outperform” rating in a research note on Friday, July 28th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have issued a buy rating to the company. MGM Resorts International currently has a consensus rating of “Buy” and a consensus price target of $35.73.
Shares of MGM Resorts International (MGM) traded down 1.10% during trading on Monday, reaching $29.74. 12,380,941 shares of the company’s stock were exchanged. The stock’s 50 day moving average price is $32.02 and its 200-day moving average price is $31.35. The stock has a market cap of $17.11 billion, a PE ratio of 17.61 and a beta of 1.46. MGM Resorts International has a 52-week low of $25.15 and a 52-week high of $34.65.
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 the Zacks’ consensus estimate of $0.28 by $0.03. The company had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.67 billion. MGM Resorts International had a net margin of 9.26% and a return on equity of 7.97%. MGM Resorts International’s revenue was up 16.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.29 EPS. On average, equities research analysts forecast that MGM Resorts International will post $1.28 EPS for the current year.
MGM Resorts International announced that its board has initiated a stock buyback program on Tuesday, September 5th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the company to purchase up to 5.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.
In other MGM Resorts International news, CEO James Murren sold 57,269 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $33.05, for a total value of $1,892,740.45. Following the completion of the transaction, the chief executive officer now directly owns 1,231,611 shares in the company, valued at approximately $40,704,743.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robert Baldwin sold 49,179 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now owns 145,105 shares of the company’s stock, valued at $4,807,328.65. 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 over the last three months. 12.20% of the stock is currently owned by insiders.
Hedge funds have recently bought and sold shares of the business. Pacad Investment Ltd. bought a new position in MGM Resorts International in the 2nd quarter worth approximately $169,000. Toronto Dominion Bank boosted its position in shares of MGM Resorts International by 12.4% during the 2nd quarter. Toronto Dominion Bank now owns 5,644 shares of the company’s stock valued at $177,000 after acquiring an additional 624 shares during the last quarter. Global X Management Co. LLC boosted its position in shares of MGM Resorts International by 30.4% during the 1st quarter. Global X Management Co. LLC now owns 7,403 shares of the company’s stock valued at $203,000 after acquiring an additional 1,724 shares during the last quarter. Colony Group LLC bought a new position in shares of MGM Resorts International during the 2nd quarter valued at approximately $203,000. Finally, Cigna Investments Inc. New bought a new position in shares of MGM Resorts International during the 2nd quarter valued at approximately $206,000. Institutional investors and hedge funds own 75.20% of the company’s stock.
About MGM Resorts International
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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