MGM Resorts International (MGM) Downgraded by BidaskClub to “Buy”

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.

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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.

Analyst Recommendations for MGM Resorts International (NYSE:MGM)

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