Zacks Investment Research upgraded shares of MGM Resorts International (NYSE:MGM) from a hold rating to a buy rating in a research note issued to investors on Monday morning. Zacks Investment Research currently has $40.00 price objective on the stock.
According to Zacks, “MGM Resorts’ strong portfolio, new resort openings, a few other entertainment offerings in the pipeline and focus on non-gaming activities bode well for long-term growth. Shares of the company outperformed its industry in the past three months. Revival of gaming revenues in Macau is also a huge positive. Still, it will take some time for the region to return to its former glory as evident from weak results at MGM China in the last two quarters. Despite significant improvement in the VIP market, the company’s VIP business has been largely struggling. Additionally, another corruption crackdown might affect Macau’s recovery and, in turn, hamper the company’s performance. Heightened competition and increased debt pressure raises concern. The Las Vegas shooting massacre is likely to somewhat hamper fourth-quarter revenues and profitability. Estimates are stable ahead of the comany's fourth quarter earnings release.”
A number of other research analysts also recently commented on the stock. Jefferies Group began coverage on shares of MGM Resorts International in a research report on Thursday, January 18th. They set a buy rating and a $43.00 target price on the stock. JPMorgan Chase & Co. reissued an overweight rating and set a $44.00 target price (up previously from $41.00) on shares of MGM Resorts International in a research report on Tuesday, January 9th. Stifel Nicolaus reissued a hold rating and set a $36.00 target price (up previously from $33.00) on shares of MGM Resorts International in a research report on Thursday, November 9th. Nomura cut their target price on shares of MGM Resorts International from $38.00 to $37.00 and set a buy rating on the stock in a research report on Wednesday, November 1st. Finally, Roth Capital began coverage on shares of MGM Resorts International in a research report on Wednesday, October 25th. They set a buy rating and a $38.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. MGM Resorts International has an average rating of Buy and an average price target of $37.38.
MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, November 8th. The company reported $0.33 EPS for the quarter, meeting analysts’ consensus estimates of $0.33. MGM Resorts International had a net margin of 5.44% and a return on equity of 6.47%. equities research analysts expect that MGM Resorts International will post 1.09 earnings per share for the current fiscal year.
In other news, Director William A. Bible sold 6,128 shares of the firm’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $33.23, for a total value of $203,633.44. Following the sale, the director now directly owns 27,081 shares in the company, valued at approximately $899,901.63. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Robert Baldwin sold 61,600 shares of the firm’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $32.56, for a total transaction of $2,005,696.00. Following the completion of the sale, the insider now owns 70,049 shares in the company, valued at $2,280,795.44. The disclosure for this sale can be found here. Insiders sold a total of 96,877 shares of company stock worth $3,187,002 over the last 90 days. Company insiders own 12.20% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. Roundview Capital LLC acquired a new stake in MGM Resorts International in the 4th quarter worth approximately $529,000. Candriam Luxembourg S.C.A. boosted its stake in MGM Resorts International by 4.4% in the 4th quarter. Candriam Luxembourg S.C.A. now owns 63,559 shares of the company’s stock worth $2,122,000 after purchasing an additional 2,654 shares in the last quarter. Buckley Wealth Management LLC acquired a new stake in MGM Resorts International in the 4th quarter worth approximately $301,000. NuWave Investment Management LLC acquired a new stake in MGM Resorts International in the 4th quarter worth approximately $197,000. Finally, Wealthstreet Investment Advisors LLC acquired a new stake in MGM Resorts International in the 4th quarter worth approximately $1,955,000. Institutional investors own 82.15% of the company’s stock.
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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.
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