MGM Resorts International (NYSE:MGM) Shares Gap Up After Analyst Upgrade
MGM Resorts International (NYSE:MGM) shares gapped up before the market opened on Monday after Argus raised their price target on the stock to $35.00. The stock had previously closed at $30.59, but opened at $30.47. Argus currently has a buy rating on the stock. MGM Resorts International shares last traded at $30.40, with a volume of 189,004 shares trading hands.
Other analysts have also issued reports about the stock. ValuEngine raised shares of United Bancshares Inc. OH from a “sell” rating to a “hold” rating in a research note on Sunday. JPMorgan Chase & Co. lifted their price objective on PROS from $55.00 to $78.00 and gave the company an “overweight” rating in a report on Friday. Deutsche Bank set a $129.00 price objective on Proofpoint and gave the company a “hold” rating in a report on Friday. Morgan Stanley set a $112.00 price objective on Tractor Supply and gave the company a “hold” rating in a report on Friday. Finally, Citigroup lifted their price objective on BRP from C$49.00 to C$54.00 in a report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $31.62.
In other news, Director Keith A. Meister bought 81,249 shares of MGM Resorts International stock in a transaction on Monday, June 24th. The stock was acquired at an average cost of $27.99 per share, for a total transaction of $2,274,159.51. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Keith A. Meister bought 2,874,578 shares of MGM Resorts International stock in a transaction on Friday, June 7th. The stock was purchased at an average price of $26.18 per share, with a total value of $75,256,452.04. The disclosure for this purchase can be found here. Insiders purchased 6,117,360 shares of company stock valued at $161,200,100 over the last 90 days. 3.47% of the stock is currently owned by corporate insiders.
The company has a debt-to-equity ratio of 1.39, a current ratio of 0.73 and a quick ratio of 0.69. The firm has a 50 day moving average price of $28.43. The firm has a market cap of $16.37 billion, a P/E ratio of 30.68, a P/E/G ratio of 4.00 and a beta of 1.40.
MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Thursday, July 25th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.25 by ($0.02). The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.21 billion. MGM Resorts International had a return on equity of 3.77% and a net margin of 1.56%. The firm’s revenue was up 12.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.26 earnings per share. As a group, analysts anticipate that MGM Resorts International will post 0.94 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Tuesday, September 10th will be paid a $0.13 dividend. The ex-dividend date is Monday, September 9th. This represents a $0.52 annualized dividend and a dividend yield of 1.71%. MGM Resorts International’s payout ratio is 52.53%.
About MGM Resorts International (NYSE:MGM)
MGM Resorts International, through its subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts in the United States and Macau. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.
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