MGM Resorts International (MGM) Cut to Hold at Deutsche Bank AG

MGM Resorts International (NYSE:MGM) was downgraded by stock analysts at Deutsche Bank AG from a “buy” rating to a “hold” rating in a research report issued on Monday.

MGM has been the topic of several other reports. Bank of America Corporation reissued a “buy” rating and set a $40.00 target price (up from $38.00) on shares of MGM Resorts International in a research report on Friday. Morgan Stanley reissued an “overweight” rating and set a $34.00 target price (up 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. Stifel Nicolaus reissued a “buy” rating on shares of MGM Resorts International in a research report on Friday, September 1st. Finally, BidaskClub raised shares of MGM Resorts International from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eighteen have issued a buy rating to the company. MGM Resorts International presently has an average rating of “Buy” and a consensus price target of $35.12.

MGM Resorts International (NYSE MGM) opened at 33.25 on Monday. The firm’s 50 day moving average price is $32.23 and its 200-day moving average price is $30.39. MGM Resorts International has a 52 week low of $24.26 and a 52 week high of $34.65. The firm has a market cap of $19.13 billion, a PE ratio of 19.69 and a beta of 1.48.

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

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

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In related news, CEO James Murren sold 259,760 shares of the 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 owns 71,442 shares in the company, valued at $2,442,601.98. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Mary Christine Gay sold 3,000 shares of the stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $31.88, for a total transaction of $95,640.00. Following the completion of the sale, the director now owns 11,208 shares of the company’s stock, valued at approximately $357,311.04. The disclosure for this sale can be found here. In the last quarter, insiders sold 770,652 shares of company stock valued at $26,057,626. 12.20% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Toronto Dominion Bank lifted 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 valued at $177,000 after buying an additional 624 shares during the period. WINTON GROUP Ltd bought a new stake in shares of MGM Resorts International in the second quarter valued at about $4,512,000. Public Employees Retirement System of Ohio lifted 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 valued at $14,470,000 after buying an additional 6,429 shares during the period. Colony Group LLC bought a new stake in shares of MGM Resorts International in the second quarter valued at about $203,000. Finally, Verition Fund Management LLC lifted 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 valued at $406,000 after buying an additional 2,987 shares during the period. Institutional investors and hedge funds own 75.22% of the company’s stock.

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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