Trading Report: The Gabelli Reaffirms “Buy” Rating for MGM Resorts International (MGM)

The Gabelli Reaffirms “Buy” Rating for MGM Resorts International (MGM)

MGM Resorts International (NYSE:MGM)‘s stock had its “buy” rating restated by equities researchers at Gabelli in a note issued to investors on Monday.

Several other equities research analysts have also recently commented on the stock. Buckingham Research started coverage on shares of MGM Resorts International in a research report on Thursday, August 11th. They issued a “buy” rating and a $31.00 price target on the stock. Zacks Investment Research cut shares of MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Tuesday, July 26th. Deutsche Bank AG restated a “buy” rating and set a $29.00 price objective on shares of MGM Resorts International in a report on Monday, June 27th. Nomura restated a “buy” rating and set a $32.00 price objective (up previously from $28.00) on shares of MGM Resorts International in a report on Wednesday, October 5th. Finally, Susquehanna restated a “positive” rating and set a $30.00 price objective on shares of MGM Resorts International in a report on Thursday, September 8th. One research analyst has rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of C$28.78.

MGM Resorts International (NYSE:MGM) traded up 1.20% during midday trading on Monday, hitting $26.06. 2,120,349 shares of the company traded hands. The stock has a 50 day moving average price of $25.43 and a 200-day moving average price of $23.66. MGM Resorts International has a 12-month low of $16.18 and a 12-month high of $27.04. The company’s market cap is $14.74 billion.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Thursday, August 4th. The company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.28 by $0.02. MGM Resorts International had a positive return on equity of 3.65% and a negative net margin of 1.90%. The business earned $2.45 billion during the quarter, compared to the consensus estimate of $2.33 billion. During the same quarter last year, the firm posted $0.19 earnings per share. MGM Resorts International’s revenue was down 4.8% compared to the same quarter last year. Analysts expect that MGM Resorts International will post $0.67 EPS for the current year.

In other news, EVP John Mcmanus sold 12,363 shares of the company’s stock in a transaction that occurred on Wednesday, August 31st. The stock was sold at an average price of C$24.44, for a total transaction of C$302,151.72. Following the completion of the transaction, the executive vice president now directly owns 40,071 shares in the company, valued at C$979,335.24. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Alexis Herman sold 2,391 shares of the company’s stock in a transaction that occurred on Friday, August 12th. The stock was sold at an average price of C$24.66, for a total value of C$58,962.06. Following the transaction, the director now owns 24,511 shares of the company’s stock, valued at C$604,441.26. The disclosure for this sale can be found here. Insiders own 16.90% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. CIBC Asset Management Inc raised its position in shares of MGM Resorts International by 1.1% in the second quarter. CIBC Asset Management Inc now owns 21,325 shares of the company’s stock worth $483,000 after buying an additional 237 shares during the period. Mn Services Vermogensbeheer B.V. raised its position in shares of MGM Resorts International by 2.3% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 11,416 shares of the company’s stock worth $233,000 after buying an additional 253 shares during the last quarter. Prudential Financial Inc. raised its position in shares of MGM Resorts International by 1.5% in the first quarter. Prudential Financial Inc. now owns 27,061 shares of the company’s stock worth $580,000 after buying an additional 400 shares during the last quarter. GLG LLC raised its position in shares of MGM Resorts International by 1.7% in the second quarter. GLG LLC now owns 28,150 shares of the company’s stock worth $637,000 after buying an additional 472 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund raised its position in shares of MGM Resorts International by 2.1% in the second quarter. Oregon Public Employees Retirement Fund now owns 24,884 shares of the company’s stock worth $563,000 after buying an additional 500 shares during the last quarter. Institutional investors own 71.21% of the company’s stock.

MGM Resorts International Company Profile

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