MGM Resorts International (MGM) Cut to “Neutral” at Goldman Sachs Group

Goldman Sachs Group lowered shares of MGM Resorts International (NYSE:MGM) from a buy rating to a neutral rating in a research report released on Monday, Marketbeat reports. Goldman Sachs Group currently has $37.00 price target on the stock.

A number of other research analysts have also weighed in on MGM. ValuEngine lowered MGM Resorts International from a buy rating to a hold rating in a research report on Friday, April 27th. Telsey Advisory Group reduced their price objective on MGM Resorts International from $39.00 to $34.00 and set a market perform rating for the company in a research report on Friday, April 27th. Zacks Investment Research lowered MGM Resorts International from a buy rating to a hold rating in a research report on Tuesday, May 1st. UBS Group raised MGM Resorts International from a neutral rating to a positive rating in a report on Monday, April 23rd. Finally, Susquehanna Bancshares raised MGM Resorts International from a neutral rating to a positive rating in a report on Monday, April 23rd. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. MGM Resorts International currently has a consensus rating of Buy and an average target price of $38.27.

MGM Resorts International opened at $28.37 on Monday, Marketbeat reports. MGM Resorts International has a twelve month low of $28.36 and a twelve month high of $38.41. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.67 and a quick ratio of 0.64. The company has a market cap of $16.24 billion, a P/E ratio of 27.81, a P/E/G ratio of 1.88 and a beta of 1.39.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Thursday, April 26th. The company reported $0.29 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.31 by ($0.02). MGM Resorts International had a net margin of 17.88% and a return on equity of 5.45%. The company had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.82 billion. During the same period last year, the business earned $0.38 EPS. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. equities research analysts forecast that MGM Resorts International will post 1.28 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, June 15th. Stockholders of record on Friday, June 8th were paid a $0.12 dividend. The ex-dividend date was Thursday, June 7th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.69%. MGM Resorts International’s dividend payout ratio (DPR) is currently 47.06%.

MGM Resorts International declared that its board has initiated a share buyback program on Thursday, May 10th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits 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 of directors believes its stock is undervalued.

In other news, Director Mary Christine Gay sold 1,585 shares of the firm’s stock in a transaction on Tuesday, June 5th. The stock was sold at an average price of $30.94, for a total value of $49,039.90. Following the transaction, the director now directly owns 14,336 shares in the company, valued at approximately $443,555.84. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Rose Mckinney-James sold 5,624 shares of the firm’s stock in a transaction on Friday, June 1st. The stock was sold at an average price of $31.89, for a total value of $179,349.36. Following the completion of the transaction, the director now owns 3,870 shares in the company, valued at $123,414.30. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,049 shares of company stock worth $349,925. Company insiders own 12.20% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in MGM. First Trust Advisors LP boosted its stake in shares of MGM Resorts International by 1.8% in the 4th quarter. First Trust Advisors LP now owns 455,295 shares of the company’s stock worth $15,202,000 after buying an additional 8,070 shares during the last quarter. Bank of New York Mellon Corp lifted its position in MGM Resorts International by 1.0% during the fourth quarter. Bank of New York Mellon Corp now owns 3,232,587 shares of the company’s stock valued at $107,936,000 after purchasing an additional 33,061 shares in the last quarter. UBS Asset Management Americas Inc. lifted its position in MGM Resorts International by 3.5% during the fourth quarter. UBS Asset Management Americas Inc. now owns 1,266,039 shares of the company’s stock valued at $42,273,000 after purchasing an additional 43,369 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in MGM Resorts International during the fourth quarter valued at $1,813,000. Finally, American International Group Inc. lifted its position in MGM Resorts International by 11.4% during the fourth quarter. American International Group Inc. now owns 171,922 shares of the company’s stock valued at $5,740,000 after purchasing an additional 17,578 shares in the last quarter. Hedge funds and other institutional investors own 82.45% 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.

Analyst Recommendations for MGM Resorts International (NYSE:MGM)

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