Bank of America Corporation Reaffirms “Buy” Rating for MGM Resorts International (MGM)

MGM Resorts International (NYSE:MGM)‘s stock had its “buy” rating reaffirmed by investment analysts at Bank of America Corporation in a research report issued to clients and investors on Friday, September 8th. They presently have a $40.00 price objective on the stock, up from their prior price objective of $38.00. Bank of America Corporation’s target price would suggest a potential upside of 25.31% from the company’s previous close.

A number of other analysts also recently weighed in on MGM. UBS AG downgraded MGM Resorts International from a “buy” rating to a “neutral” rating and upped their target price for the company from $33.00 to $36.00 in a research report on Tuesday, August 1st. Instinet reiterated a “buy” rating on shares of MGM Resorts International in a research report on Monday, July 17th. BidaskClub downgraded MGM Resorts International from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, August 1st. Deutsche Bank AG reiterated a “buy” rating and set a $36.00 target price (up from $34.00) on shares of MGM Resorts International in a research report on Sunday, July 30th. Finally, Telsey Advisory Group upped their target price on MGM Resorts International from $36.00 to $39.00 and gave the company an “outperform” rating in a research report on Friday, July 28th. One analyst has rated the stock with a sell rating, three have issued a hold rating and eighteen have assigned a buy rating to the company. MGM Resorts International presently has an average rating of “Buy” and a consensus target price of $35.12.

Shares of MGM Resorts International (NYSE:MGM) traded down 0.44% on Friday, reaching $31.92. 13,413,613 shares of the company’s stock were exchanged. MGM Resorts International has a 12 month low of $24.78 and a 12 month high of $34.65. The company has a market capitalization of $18.36 billion, a P/E ratio of 18.90 and a beta of 1.48. The firm’s 50 day moving average price is $32.03 and its 200-day moving average price is $30.60.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Thursday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.03. The business had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.67 billion. MGM Resorts International had a return on equity of 7.97% and a net margin of 9.26%. The firm’s quarterly revenue was up 16.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.29 EPS. On average, equities analysts anticipate that MGM Resorts International will post $1.29 EPS for the current year.

MGM Resorts International announced that its Board of Directors has approved a stock repurchase plan on Tuesday, September 5th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 5.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

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In other MGM Resorts International news, Director Alexis Herman sold 3,745 shares of the stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $32.51, for a total value of $121,749.95. Following the transaction, the director now owns 8,285 shares in the company, valued at $269,345.35. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO James Murren sold 57,269 shares of the stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $33.05, for a total value of $1,892,740.45. Following the completion of the transaction, the chief executive officer now owns 1,231,611 shares in the company, valued at approximately $40,704,743.55. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 819,831 shares of company stock worth $27,686,927. 12.20% of the stock is owned by corporate insiders.

Several institutional investors have recently modified their holdings of the company. Toronto Dominion Bank raised its stake in shares of MGM Resorts International by 12.4% in the second quarter. Toronto Dominion Bank now owns 5,644 shares of the company’s stock worth $177,000 after purchasing an additional 624 shares during the last quarter. WINTON GROUP Ltd purchased a new stake in shares of MGM Resorts International in the second quarter worth approximately $4,512,000. Public Employees Retirement System of Ohio raised its stake in shares of MGM Resorts International by 1.4% in the second quarter. Public Employees Retirement System of Ohio now owns 462,455 shares of the company’s stock worth $14,470,000 after purchasing an additional 6,429 shares during the last quarter. Colony Group LLC purchased a new stake in shares of MGM Resorts International in the second quarter worth approximately $203,000. Finally, Verition Fund Management LLC raised its stake in shares of MGM Resorts International by 29.9% in the second quarter. Verition Fund Management LLC now owns 12,987 shares of the company’s stock worth $406,000 after purchasing an additional 2,987 shares during the last quarter. 75.22% of the stock is owned by hedge funds and other institutional investors.

About MGM Resorts International

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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