Stifel Nicolaus Downgrades MGM Resorts International (NYSE:MGM) to Hold

Stifel Nicolaus cut shares of MGM Resorts International (NYSE:MGM) from a buy rating to a hold rating in a research note released on Wednesday, October 18th, Marketbeat Ratings reports. Stifel Nicolaus currently has $33.00 price target on the stock, down from their prior price target of $38.00.

MGM has been the subject of several other research reports. Bank of America Corporation reissued a buy rating and issued a $40.00 price target (up previously from $38.00) on shares of MGM Resorts International in a research report on Friday, September 8th. Morgan Stanley reissued an overweight rating and issued a $34.00 price target (up previously from $33.00) on shares of MGM Resorts International in a research report on Monday, July 10th. UBS AG reissued a buy rating on shares of MGM Resorts International in a research report on Monday, July 10th. Deutsche Bank AG restated a buy rating and set a $36.00 price objective (up from $34.00) on shares of MGM Resorts International in a research note on Sunday, July 30th. Finally, Instinet restated a buy rating and set a $40.00 price objective on shares of MGM Resorts International in a research note on Tuesday, October 3rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the stock. The company presently has a consensus rating of Buy and a consensus target price of $35.56.

MGM Resorts International (MGM) traded up 1.36% during mid-day trading on Wednesday, reaching $31.25. 6,137,846 shares of the company’s stock traded hands. MGM Resorts International has a 1-year low of $25.15 and a 1-year high of $34.65. The firm has a market cap of $17.97 billion, a PE ratio of 18.50 and a beta of 1.46. The firm has a 50 day moving average of $31.48 and a 200 day moving average of $31.57.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Thursday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.03. MGM Resorts International had a net margin of 9.26% and a return on equity of 7.97%. The business had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter last year, the firm posted $0.29 EPS. MGM Resorts International’s revenue was up 16.4% compared to the same quarter last year. Analysts forecast that MGM Resorts International will post $1.28 EPS for the current year.

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MGM Resorts International announced that its Board of Directors has initiated a share buyback plan on Tuesday, September 5th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 5.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

In related news, insider Robert Baldwin sold 49,179 shares of the business’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 in the company, valued at approximately $4,807,328.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mary Christine Gay sold 3,000 shares of MGM Resorts International stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $31.88, for a total value of $95,640.00. Following the transaction, the director now directly owns 11,208 shares of the company’s stock, valued at approximately $357,311.04. The disclosure for this sale can be found here. Insiders sold a total of 819,831 shares of company stock worth $27,686,927 over the last 90 days. 12.20% of the stock is currently owned by company insiders.

A number of hedge funds have recently bought and sold shares of MGM. Prudential Financial Inc. grew its holdings in MGM Resorts International by 18.0% during the 1st quarter. Prudential Financial Inc. now owns 34,161 shares of the company’s stock valued at $936,000 after buying an additional 5,200 shares in the last quarter. FMR LLC grew its holdings in MGM Resorts International by 34.8% during the 1st quarter. FMR LLC now owns 4,344,972 shares of the company’s stock valued at $119,052,000 after buying an additional 1,122,572 shares in the last quarter. Teachers Advisors LLC grew its holdings in MGM Resorts International by 5.7% during the 1st quarter. Teachers Advisors LLC now owns 3,898,356 shares of the company’s stock valued at $106,815,000 after buying an additional 211,812 shares in the last quarter. Global X Management Co. LLC grew its holdings in MGM Resorts International by 30.4% during the 1st quarter. Global X Management Co. LLC now owns 7,403 shares of the company’s stock valued at $203,000 after buying an additional 1,724 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. grew its holdings in MGM Resorts International by 13.9% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 11,744 shares of the company’s stock valued at $322,000 after buying an additional 1,433 shares in the last quarter. 75.41% of the stock is 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.

Analyst Recommendations for MGM Resorts International (NYSE:MGM)

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