UBS AG cut shares of MGM Resorts International (NYSE:MGM) from a buy rating to a neutral rating in a research note published on Tuesday morning, 99wallstreet.com reports. The firm currently has $36.00 price objective on the stock, up from their prior price objective of $33.00.
Several other research analysts have also recently weighed in on the company. BidaskClub cut MGM Resorts International from a strong-buy rating to a buy rating in a report on Saturday, July 1st. Telsey Advisory Group restated an outperform rating and set a $36.00 target price (up from $32.00) on shares of MGM Resorts International in a report on Thursday, April 27th. Aegis restated a buy rating and set a $35.00 target price (up from $33.00) on shares of MGM Resorts International in a report on Saturday, April 29th. Nomura reaffirmed a buy rating and set a $35.00 price target on shares of MGM Resorts International in a research report on Friday, April 28th. Finally, Deutsche Bank AG lifted their price target on shares of MGM Resorts International from $32.00 to $34.00 and gave the company a buy rating in a research report on Friday, April 28th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and nineteen have given a buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $34.59.
Shares of MGM Resorts International (NYSE:MGM) traded up 0.73% during midday trading on Tuesday, reaching $31.79. The company’s stock had a trading volume of 6,720,620 shares. The stock’s 50 day moving average price is $32.62 and its 200 day moving average price is $29.81. MGM Resorts International has a one year low of $23.38 and a one year high of $34.53. The firm has a market cap of $18.28 billion, a price-to-earnings ratio of 18.81 and a beta of 1.48.
MGM Resorts International (NYSE:MGM) last issued its earnings results on Thursday, July 27th. The company reported $0.31 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.03. The business had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.67 billion. MGM Resorts International had a return on equity of 7.97% and a net margin of 9.26%. The business’s revenue for the quarter was up 16.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.29 EPS. Analysts predict that MGM Resorts International will post $1.24 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Monday, September 11th will be given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date of this dividend is Friday, September 8th. MGM Resorts International’s payout ratio is 26.04%.
In other news, Director Alexis Herman sold 3,745 shares of the company’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $32.51, for a total transaction of $121,749.95. Following the sale, the director now owns 8,285 shares of the company’s stock, valued at $269,345.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Corey Ian Sanders sold 21,441 shares of the company’s stock in a transaction on Monday, May 15th. The stock was sold at an average price of $31.60, for a total value of $677,535.60. Following the sale, the chief operating officer now directly owns 210,558 shares in the company, valued at approximately $6,653,632.80. The disclosure for this sale can be found here. In the last three months, insiders sold 102,501 shares of company stock worth $3,321,878. 12.20% of the stock is owned by corporate insiders.
Hedge funds have recently bought and sold shares of the company. IFP Advisors Inc raised its stake in MGM Resorts International by 0.7% in the first quarter. IFP Advisors Inc now owns 4,558 shares of the company’s stock worth $125,000 after buying an additional 31 shares in the last quarter. Toronto Dominion Bank raised its stake in MGM Resorts International by 28.0% in the first quarter. Toronto Dominion Bank now owns 5,020 shares of the company’s stock worth $138,000 after buying an additional 1,099 shares in the last quarter. MUFG Americas Holdings Corp bought a new stake in MGM Resorts International during the first quarter worth $198,000. Global X Management Co. LLC raised its stake in MGM Resorts International by 30.4% in the first quarter. Global X Management Co. LLC now owns 7,403 shares of the company’s stock worth $203,000 after buying an additional 1,724 shares in the last quarter. Finally, Cigna Investments Inc. New bought a new stake in MGM Resorts International during the second quarter worth $206,000. 73.66% of the stock is currently owned by institutional investors and hedge funds.
MGM Resorts International Company Profile
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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