Equities researchers at Roth Capital began coverage on shares of MGM Resorts International (NYSE:MGM) in a research note issued on Wednesday, October 25th, MarketBeat reports. The firm set a “buy” rating and a $38.00 price target on the stock. Roth Capital’s price objective would indicate a potential upside of 15.57% from the stock’s previous close.
Several other equities analysts have also commented on the company. Zacks Investment Research lowered MGM Resorts International from a “hold” rating to a “sell” rating in a report on Wednesday, October 18th. Stifel Nicolaus lowered MGM Resorts International from a “buy” rating to a “hold” rating and lowered their target price for the company from $38.00 to $33.00 in a report on Wednesday, October 18th. Morgan Stanley set a $34.00 price objective on MGM Resorts International and gave the stock a “buy” rating in a report on Friday, October 13th. Instinet reissued a “buy” rating and issued a $40.00 price objective on shares of MGM Resorts International in a report on Tuesday, October 3rd. Finally, Susquehanna Bancshares Inc reissued a “neutral” rating and issued a $33.00 price objective (down from $38.00) on shares of MGM Resorts International in a report on Tuesday, October 3rd. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $36.50.
Shares of MGM Resorts International (MGM) opened at $32.88 on Wednesday. MGM Resorts International has a one year low of $25.15 and a one year high of $34.65. The stock has a market capitalization of $18,614.62, a P/E ratio of 29.10 and a beta of 1.42. The company has a current ratio of 1.02, a quick ratio of 0.89 and a debt-to-equity ratio of 1.26.
MGM Resorts International declared that its board has authorized a share buyback program on Tuesday, September 5th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 5.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
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In other news, insider Robert Baldwin sold 49,179 shares of the firm’s stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $33.13, for a total value of $1,629,300.27. Following the sale, the insider now directly owns 145,105 shares of the company’s stock, valued at $4,807,328.65. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO James Murren sold 259,760 shares of the firm’s stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $34.19, for a total value of $8,881,194.40. Following the completion of the sale, the chief executive officer now directly owns 71,442 shares in the company, valued at $2,442,601.98. The disclosure for this sale can be found here. Insiders have sold 698,548 shares of company stock worth $23,770,532 over the last three months. Company insiders own 12.20% of the company’s stock.
Several large investors have recently modified their holdings of the company. Zeke Capital Advisors LLC acquired a new stake in shares of MGM Resorts International in the third quarter valued at about $302,000. Amalgamated Bank lifted its stake in shares of MGM Resorts International by 18.5% in the third quarter. Amalgamated Bank now owns 58,558 shares of the company’s stock valued at $1,908,000 after buying an additional 9,126 shares during the period. Cadence Capital Management LLC bought a new stake in shares of MGM Resorts International in the third quarter valued at about $351,000. Schroder Investment Management Group lifted its stake in shares of MGM Resorts International by 64.5% in the third quarter. Schroder Investment Management Group now owns 2,650,596 shares of the company’s stock valued at $85,720,000 after buying an additional 1,039,652 shares during the period. Finally, Concourse Capital Management LLC lifted its stake in shares of MGM Resorts International by 0.7% in the third quarter. Concourse Capital Management LLC now owns 294,434 shares of the company’s stock valued at $9,596,000 after buying an additional 2,018 shares during the period. 76.20% of the stock is currently owned by institutional investors.
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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