MGM Resorts International (MGM) Coverage Initiated by Analysts at Credit Suisse Group

Equities research analysts at Credit Suisse Group assumed coverage on shares of MGM Resorts International (NYSE:MGM) in a report released on Tuesday. The firm set a “neutral” rating and a $31.00 price target on the stock. Credit Suisse Group’s target price would indicate a potential upside of 6.79% from the company’s current price.

A number of other equities analysts have also recently commented on MGM. Zacks Investment Research raised shares of MGM Resorts International from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 8th. Barclays cut their price target on shares of MGM Resorts International from $39.00 to $37.00 and set an “overweight” rating for the company in a research note on Monday, August 6th. Telsey Advisory Group cut their price target on shares of MGM Resorts International from $34.00 to $31.00 and set a “market perform” rating for the company in a research note on Friday, August 3rd. Morgan Stanley cut their price target on shares of MGM Resorts International from $38.00 to $34.00 and set a “buy” rating for the company in a research note on Friday, August 3rd. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $33.00 price target (down previously from $37.00) on shares of MGM Resorts International in a research note on Friday, August 3rd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and ten have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $37.07.

Shares of NYSE:MGM opened at $29.03 on Tuesday. The company has a market cap of $15.52 billion, a P/E ratio of 28.46, a PEG ratio of 3.71 and a beta of 1.38. MGM Resorts International has a 12 month low of $26.85 and a 12 month high of $38.41. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.68 and a quick ratio of 0.64.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Thursday, August 2nd. The company reported $0.26 EPS for the quarter, meeting the consensus estimate of $0.26. The company had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $2.97 billion. MGM Resorts International had a net margin of 17.11% and a return on equity of 5.07%. MGM Resorts International’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.28 earnings per share. equities research analysts anticipate that MGM Resorts International will post 1.16 earnings per share for the current year.

MGM Resorts International announced that its Board of Directors has authorized a share buyback program on Thursday, May 10th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to purchase up to 10.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

In other news, Director Rose Mckinney-James sold 5,624 shares of the business’s stock in a transaction that occurred on Friday, June 1st. The shares were sold at an average price of $31.89, for a total value of $179,349.36. Following the completion of the sale, the director now directly owns 3,870 shares in the company, valued at approximately $123,414.30. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Mary Christine Gay sold 1,585 shares of the business’s stock in a transaction that occurred on Tuesday, June 5th. The stock was sold at an average price of $30.94, for a total transaction of $49,039.90. Following the completion of the sale, the director now owns 14,336 shares of the company’s stock, valued at $443,555.84. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,709 shares of company stock valued at $329,364. Company insiders own 0.43% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its holdings in shares of MGM Resorts International by 1.3% in the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 124,842 shares of the company’s stock worth $4,372,000 after acquiring an additional 1,578 shares during the last quarter. Suntrust Banks Inc. raised its holdings in MGM Resorts International by 12.3% during the 1st quarter. Suntrust Banks Inc. now owns 15,689 shares of the company’s stock valued at $548,000 after buying an additional 1,723 shares during the last quarter. Fagan Associates Inc. raised its holdings in MGM Resorts International by 4.3% during the 2nd quarter. Fagan Associates Inc. now owns 44,320 shares of the company’s stock valued at $1,287,000 after buying an additional 1,840 shares during the last quarter. Dupont Capital Management Corp raised its holdings in MGM Resorts International by 80.8% during the 1st quarter. Dupont Capital Management Corp now owns 4,490 shares of the company’s stock valued at $157,000 after buying an additional 2,007 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale raised its holdings in MGM Resorts International by 7.8% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 27,984 shares of the company’s stock valued at $1,049,000 after buying an additional 2,018 shares during the last quarter. Hedge funds and other institutional investors own 87.29% of the company’s stock.

MGM Resorts International Company Profile

MGM Resorts International, through its subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts in the United States and China. The company operates through two segments, Domestic Resorts and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.

See Also: How Short Selling Works

Analyst Recommendations for MGM Resorts International (NYSE:MGM)

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.

Leave a Reply