MGM Resorts International (NYSE:MGM) Cut to “Hold” at ValuEngine

ValuEngine lowered shares of MGM Resorts International (NYSE:MGM) from a buy rating to a hold rating in a research report sent to investors on Thursday, ValuEngine reports.

Other equities analysts also recently issued research reports about the stock. Argus boosted their price target on shares of MGM Resorts International to $35.00 and gave the company a buy rating in a report on Monday, July 29th. Bank of America downgraded shares of MGM Resorts International from a buy rating to a neutral rating in a report on Friday, August 2nd. JPMorgan Chase & Co. boosted their price target on shares of MGM Resorts International from $33.00 to $37.00 and gave the company an in-line rating in a report on Friday, July 26th. Nomura boosted their price target on shares of MGM Resorts International from $36.00 to $37.00 and gave the company a buy rating in a report on Friday, July 26th. Finally, Morgan Stanley boosted their price target on shares of MGM Resorts International from $31.00 to $32.00 and gave the company an equal weight rating in a report on Friday, July 26th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $31.00.

MGM stock opened at $28.31 on Thursday. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.73 and a quick ratio of 0.69. MGM Resorts International has a 1-year low of $21.61 and a 1-year high of $31.68. The firm has a fifty day moving average price of $29.01 and a two-hundred day moving average price of $27.49. The firm has a market cap of $14.56 billion, a price-to-earnings ratio of 28.60, a PEG ratio of 4.15 and a beta of 1.42.

MGM Resorts International (NYSE:MGM) last released its earnings results on Thursday, July 25th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.02). MGM Resorts International had a net margin of 1.56% and a return on equity of 3.77%. The business had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.21 billion. During the same quarter in the previous year, the firm earned $0.26 EPS. The firm’s revenue for the quarter was up 12.7% on a year-over-year basis. As a group, analysts expect that MGM Resorts International will post 0.84 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Tuesday, September 10th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 1.84%. The ex-dividend date of this dividend is Monday, September 9th. MGM Resorts International’s dividend payout ratio (DPR) is 52.53%.

In related news, Director Keith A. Meister acquired 264,889 shares of MGM Resorts International stock in a transaction that occurred on Monday, June 10th. The stock was acquired at an average price of $27.58 per share, with a total value of $7,305,638.62. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Keith A. Meister acquired 1,139,138 shares of MGM Resorts International stock in a transaction that occurred on Wednesday, June 5th. The stock was bought at an average cost of $25.82 per share, with a total value of $29,412,543.16. The disclosure for this purchase can be found here. In the last three months, insiders have bought 5,317,360 shares of company stock valued at $140,880,100. Corporate insiders own 3.47% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD lifted its holdings in MGM Resorts International by 7.2% in the second quarter. Price T Rowe Associates Inc. MD now owns 56,685,971 shares of the company’s stock worth $1,619,519,000 after purchasing an additional 3,806,520 shares during the period. Corvex Management LP lifted its holdings in MGM Resorts International by 31.0% in the second quarter. Corvex Management LP now owns 20,563,696 shares of the company’s stock worth $587,505,000 after purchasing an additional 4,870,924 shares during the period. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in MGM Resorts International by 5.8% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 8,112,250 shares of the company’s stock worth $231,767,000 after purchasing an additional 441,381 shares during the period. Geode Capital Management LLC lifted its holdings in MGM Resorts International by 6.1% in the fourth quarter. Geode Capital Management LLC now owns 6,387,824 shares of the company’s stock worth $154,688,000 after purchasing an additional 366,980 shares during the period. Finally, Primecap Management Co. CA lifted its holdings in MGM Resorts International by 19.8% in the second quarter. Primecap Management Co. CA now owns 5,347,700 shares of the company’s stock worth $152,784,000 after purchasing an additional 883,500 shares during the period. 79.20% of the stock is owned by institutional investors and hedge funds.

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 Macau. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.

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