MGM Resorts International (NYSE:MGM) was downgraded by BidaskClub from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Tuesday, August 1st.
MGM has been the topic of a number of other reports. Telsey Advisory Group reissued an “outperform” rating and set a $36.00 price target (up from $32.00) on shares of MGM Resorts International in a report on Thursday, April 27th. Zacks Investment Research cut shares of MGM Resorts International from a “hold” rating to a “sell” rating in a research report on Wednesday, June 28th. Goldman Sachs Group, Inc. (The) restated a “buy” rating and set a $36.00 price objective on shares of MGM Resorts International in a research report on Tuesday, April 4th. TheStreet upgraded shares of MGM Resorts International from a “c+” rating to a “b” rating in a research report on Friday, April 28th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $34.00 target price (up from $33.00) on shares of MGM Resorts International in a research report on Monday, July 10th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eighteen have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $34.81.
Shares of MGM Resorts International (MGM) opened at 30.71 on Tuesday. The stock’s 50 day moving average is $31.93 and its 200 day moving average is $30.00. MGM Resorts International has a 12 month low of $23.38 and a 12 month high of $34.53. The company has a market capitalization of $17.66 billion, a P/E ratio of 18.18 and a beta of 1.48.
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. 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 the consensus estimate of $2.67 billion. During the same period in the prior year, the firm posted $0.29 earnings per share. The firm’s quarterly revenue was up 16.4% compared to the same quarter last year. On average, equities analysts predict that MGM Resorts International will post $1.24 EPS for the current fiscal year.
TRADEMARK VIOLATION NOTICE: “MGM Resorts International (MGM) Downgraded by BidaskClub to “Buy”” was first posted by Markets Daily and is the property of of Markets Daily. If you are viewing this piece on another website, it was illegally stolen and reposted in violation of U.S. & international copyright legislation. The original version of this piece can be viewed at https://www.themarketsdaily.com/2017/08/19/mgm-resorts-international-mgm-downgraded-by-bidaskclub-updated-updated.html.
In other news, CEO James Murren sold 57,269 shares of MGM Resorts International stock in a transaction on Monday, July 31st. The shares were sold at an average price of $33.05, for a total value of $1,892,740.45. Following the transaction, the chief executive officer now directly owns 1,231,611 shares of the company’s stock, valued at approximately $40,704,743.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Robert Selwood sold 10,046 shares of MGM Resorts International stock in a transaction on Thursday, May 25th. The shares were sold at an average price of $31.56, for a total transaction of $317,051.76. Following the completion of the transaction, the executive vice president now owns 116,743 shares in the company, valued at $3,684,409.08. The disclosure for this sale can be found here. In the last three months, insiders have sold 131,329 shares of company stock worth $4,233,446. 12.20% of the stock is owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of MGM. Highbridge Capital Management LLC purchased a new position in MGM Resorts International during the fourth quarter worth $545,000. Chevy Chase Trust Holdings Inc. raised its position in MGM Resorts International by 7.4% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 8,094 shares of the company’s stock worth $222,000 after buying an additional 560 shares during the period. Creative Planning raised its position in MGM Resorts International by 12.9% in the first quarter. Creative Planning now owns 112,600 shares of the company’s stock worth $3,085,000 after buying an additional 12,893 shares during the period. National Pension Service raised its position in MGM Resorts International by 3.8% in the first quarter. National Pension Service now owns 451,774 shares of the company’s stock worth $12,347,000 after buying an additional 16,649 shares during the period. Finally, Private Capital Advisors Inc. purchased a new position in MGM Resorts International during the first quarter worth $724,000. Hedge funds and other institutional investors own 74.10% 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.
Receive News & Ratings for MGM Resorts International Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for MGM Resorts International and related companies with MarketBeat.com’s FREE daily email newsletter.