MGM Resorts International (NYSE:MGM) Reaches New 12-Month High at $32.30

Shares of MGM Resorts International (NYSE:MGM) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $32.30 and last traded at $32.29, with a volume of 272699 shares traded. The stock had previously closed at $31.99.

A number of research analysts have issued reports on MGM shares. JPMorgan Chase & Co. reduced their price target on MGM Resorts International from $37.00 to $36.00 and set an “overweight” rating for the company in a research report on Friday, September 6th. Deutsche Bank set a $34.00 price objective on MGM Resorts International and gave the stock a “hold” rating in a research note on Tuesday, September 17th. UBS Group boosted their price objective on MGM Resorts International from $31.00 to $34.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Roth Capital reissued a “buy” rating on shares of MGM Resorts International in a research note on Thursday, October 31st. Finally, ValuEngine lowered MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $31.82.

The company has a debt-to-equity ratio of 1.47, a current ratio of 0.87 and a quick ratio of 0.84. The firm has a market cap of $16.77 billion, a PE ratio of 32.53, a P/E/G ratio of 5.30 and a beta of 1.52. The business has a fifty day moving average price of $30.68 and a two-hundred day moving average price of $28.71.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.37). MGM Resorts International had a net margin of 0.11% and a return on equity of 4.10%. The business had revenue of $3.31 billion for the quarter, compared to analysts’ expectations of $3.33 billion. During the same quarter in the prior year, the firm posted $0.24 EPS. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. As a group, sell-side analysts forecast that MGM Resorts International will post 0.9 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Tuesday, December 10th will be issued a dividend of $0.13 per share. The ex-dividend date is Monday, December 9th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.61%. MGM Resorts International’s dividend payout ratio is 52.53%.

In other MGM Resorts International news, Director Mary Christine Gay sold 5,200 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $29.20, for a total value of $151,840.00. Following the transaction, the director now owns 17,716 shares in the company, valued at $517,307.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Keith A. Meister bought 295,000 shares of the stock in a transaction on Friday, November 15th. The stock was purchased at an average price of $32.04 per share, for a total transaction of $9,451,800.00. Insiders own 3.47% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. Steward Partners Investment Advisory LLC acquired a new position in shares of MGM Resorts International during the 2nd quarter worth about $182,000. Janney Montgomery Scott LLC grew its position in MGM Resorts International by 57.5% during the 2nd quarter. Janney Montgomery Scott LLC now owns 178,702 shares of the company’s stock worth $5,106,000 after acquiring an additional 65,255 shares during the last quarter. Aviva PLC grew its position in MGM Resorts International by 0.8% during the 2nd quarter. Aviva PLC now owns 189,097 shares of the company’s stock worth $5,403,000 after acquiring an additional 1,490 shares during the last quarter. Aperio Group LLC grew its position in MGM Resorts International by 1.1% during the 2nd quarter. Aperio Group LLC now owns 181,244 shares of the company’s stock worth $5,178,000 after acquiring an additional 2,035 shares during the last quarter. Finally, Janus Henderson Group PLC grew its position in MGM Resorts International by 25.5% during the 2nd quarter. Janus Henderson Group PLC now owns 277,478 shares of the company’s stock worth $7,926,000 after acquiring an additional 56,363 shares during the last quarter. Hedge funds and other institutional investors own 81.66% of the company’s stock.

MGM Resorts International Company Profile (NYSE:MGM)

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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