Several other brokerages also recently weighed in on MGM. Zacks Investment Research upgraded MGM Resorts International from a hold rating to a buy rating and set a $26.00 target price for the company in a research note on Tuesday, July 12th. Stifel Nicolaus raised their target price on MGM Resorts International from $27.00 to $30.00 and gave the company a buy rating in a research note on Thursday, June 9th. Credit Agricole SA restated an overweight rating and set a $29.00 target price on shares of MGM Resorts International in a research note on Tuesday, September 20th. Buckingham Research started coverage on MGM Resorts International in a research note on Thursday, August 11th. They set a buy rating and a $31.00 target price for the company. Finally, Susquehanna raised their target price on MGM Resorts International from $27.00 to $31.00 and gave the company a positive rating in a research note on Monday, June 20th. One equities research analyst has rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of Buy and an average target price of C$27.94.
MGM Resorts International (NYSE:MGM) traded up 0.64% during mid-day trading on Wednesday, reaching $26.81. The company’s stock had a trading volume of 3,149,145 shares. The firm’s market capitalization is $15.16 billion. The stock’s 50-day moving average is $24.97 and its 200-day moving average is $23.42. MGM Resorts International has a 12 month low of $16.18 and a 12 month high of $27.04.
MGM Resorts International (NYSE:MGM) last announced its earnings results on Thursday, August 4th. The company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.28 by $0.02. The business had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.33 billion. MGM Resorts International had a negative net margin of 1.90% and a positive return on equity of 3.65%. The firm’s revenue was down 4.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.19 earnings per share. On average, equities analysts anticipate that MGM Resorts International will post $0.67 EPS for the current year.
In other MGM Resorts International news, Director Alexis Herman sold 2,391 shares of MGM Resorts International stock in a transaction that occurred on Friday, August 12th. The shares were sold at an average price of C$24.66, for a total value of C$58,962.06. Following the transaction, the director now owns 24,511 shares in the company, valued at C$604,441.26. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Corp Tracinda sold 4,000,000 shares of MGM Resorts International stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of C$100,000,000.00, for a total transaction of C$400,000,000,000,000.00. Following the completion of the transaction, the insider now owns 87,173,744 shares in the company, valued at approximately C$8,717,374,400,000,000. The disclosure for this sale can be found here. 16.90% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of MGM. Global X Management Co. LLC raised its position in MGM Resorts International by 155.2% in the second quarter. Global X Management Co. LLC now owns 4,551 shares of the company’s stock valued at $103,000 after buying an additional 2,768 shares during the period. Mizuho Asset Management Co. Ltd. boosted its position in MGM Resorts International by 146.3% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 6,894 shares of the company’s stock valued at $156,000 after buying an additional 4,095 shares during the last quarter. Tower Research Capital LLC TRC purchased a new position in MGM Resorts International during the second quarter valued at $182,000. Pacer Advisors Inc. boosted its position in MGM Resorts International by 10.4% in the second quarter. Pacer Advisors Inc. now owns 9,075 shares of the company’s stock valued at $205,000 after buying an additional 852 shares during the last quarter. Finally, Oakbrook Investments LLC purchased a new position in MGM Resorts International during the second quarter valued at $212,000. Hedge funds and other institutional investors own 71.23% of the company’s stock.
MGM Resorts International Company Profile
MGM Resorts International is a holding company. The Company owns and operates casino resorts. It operates in two segments: wholly owned domestic resorts and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail and other resort amenities. It has additional business activities, including its investments in unconsolidated affiliates, and other corporate and management operations.
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