The Morgan Stanley Reiterates “Overweight” Rating for MGM Resorts International (MGM)

The Morgan Stanley Reiterates “Overweight” Rating for MGM Resorts International (MGM)

MGM Resorts International (NYSE:MGM)‘s stock had its “overweight” rating reaffirmed by stock analysts at Morgan Stanley in a note issued to investors on Thursday.

Several other analysts also recently issued reports on MGM. Nomura reissued a “buy” rating and issued a $32.00 price objective (up previously from $28.00) on shares of MGM Resorts International in a research note on Wednesday, October 5th. Goldman Sachs Group Inc. reaffirmed a “buy” rating on shares of MGM Resorts International in a research report on Wednesday, October 5th. Argus raised shares of MGM Resorts International from a “hold” rating to a “buy” rating and set a $32.00 target price on the stock in a research report on Thursday, October 6th. Gabelli reaffirmed a “buy” rating on shares of MGM Resorts International in a research report on Monday, October 17th. Finally, Telsey Advisory Group raised their target price on shares of MGM Resorts International from $29.00 to $33.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 8th. One equities research analyst has rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $31.82.

Shares of MGM Resorts International (NYSE:MGM) opened at 28.61 on Thursday. MGM Resorts International has a 12 month low of $16.18 and a 12 month high of $30.62. The stock has a 50 day moving average price of $29.08 and a 200-day moving average price of $26.25. The company has a market capitalization of $16.40 billion, a PE ratio of 54.81 and a beta of 1.77.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Monday, November 7th. The company reported $0.58 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.47. The business earned $2.52 billion during the quarter, compared to the consensus estimate of $2.37 billion. MGM Resorts International had a net margin of 3.15% and a return on equity of 6.45%. The firm’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.15 earnings per share. Analysts forecast that MGM Resorts International will post $1.19 EPS for the current year.

In related news, insider Daniel D’arrigo sold 32,618 shares of the business’s stock in a transaction on Tuesday, December 13th. The shares were sold at an average price of $30.07, for a total transaction of $980,823.26. Following the completion of the transaction, the insider now directly owns 158,722 shares in the company, valued at $4,772,770.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President William Hornbuckle sold 46,772 shares of the business’s stock in a transaction on Tuesday, November 29th. The shares were sold at an average price of $29.00, for a total transaction of $1,356,388.00. Following the transaction, the president now owns 135,141 shares of the company’s stock, valued at $3,919,089. The disclosure for this sale can be found here. Corporate insiders own 16.90% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Oakbrook Investments LLC acquired a new position in MGM Resorts International during the second quarter worth about $212,000. Daiwa Securities Group Inc. increased its position in shares of MGM Resorts International by 40.8% in the second quarter. Daiwa Securities Group Inc. now owns 15,350 shares of the company’s stock worth $347,000 after buying an additional 4,450 shares during the period. Shell Asset Management Co. increased its position in shares of MGM Resorts International by 40.6% in the second quarter. Shell Asset Management Co. now owns 32,985 shares of the company’s stock worth $746,000 after buying an additional 9,520 shares during the period. Bank of Montreal Can purchased a new position in shares of MGM Resorts International during the second quarter worth $5,881,000. Finally, Strs Ohio increased its position in shares of MGM Resorts International by 33.6% in the second quarter. Strs Ohio now owns 52,494 shares of the company’s stock worth $1,187,000 after buying an additional 13,203 shares during the period. Institutional investors own 70.82% of the company’s stock.

MGM Resorts International Company Profile

MGM Resorts International is a holding company. The Company owns and operates casino resorts. It operates in two segments: wholly owned domestic resorts and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail and other resort amenities. It has additional business activities, including its investments in unconsolidated affiliates, and other corporate and management operations.

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