MGM Resorts International (NYSE:MGM) Receives New Coverage from Analysts at SunTrust Banks

SunTrust Banks assumed coverage on shares of MGM Resorts International (NYSE:MGM) in a research report released on Friday morning, Benzinga reports. The firm issued a hold rating and a $35.00 price target on the stock.

Several other equities research analysts have also issued reports on MGM. Morgan Stanley lowered their price target on shares of MGM Resorts International from $32.00 to $31.00 and set an equal weight rating on the stock in a report on Tuesday, September 17th. Nomura raised their price objective on shares of MGM Resorts International from $37.00 to $38.00 and gave the stock a buy rating in a report on Thursday, October 3rd. TheStreet lowered shares of MGM Resorts International from a b- rating to a c rating in a research report on Wednesday, October 30th. Deutsche Bank set a $34.00 target price on shares of MGM Resorts International and gave the company a hold rating in a research report on Tuesday, September 17th. Finally, UBS Group upped their target price on shares of MGM Resorts International from $31.00 to $34.00 and gave the company a neutral rating in a research note on Thursday, November 14th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company. MGM Resorts International currently has a consensus rating of Hold and a consensus target price of $31.82.

Shares of NYSE:MGM traded up $0.24 during trading on Friday, hitting $32.17. 3,287,642 shares of the stock were exchanged, compared to its average volume of 6,201,126. The company has a market capitalization of $16.77 billion, a price-to-earnings ratio of 32.49, a price-to-earnings-growth ratio of 5.26 and a beta of 1.52. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.84 and a current ratio of 0.87. MGM Resorts International has a 1-year low of $21.61 and a 1-year high of $32.24. The company’s fifty day simple moving average is $30.34 and its 200-day simple moving average is $28.58.

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

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Tuesday, December 10th will be paid a dividend of $0.13 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $0.52 annualized dividend and a yield of 1.62%. MGM Resorts International’s dividend payout ratio is currently 52.53%.

In other news, Director Mary Christine Gay sold 5,200 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $29.20, for a total value of $151,840.00. Following the sale, the director now owns 17,716 shares in the company, valued at approximately $517,307.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Rose Mckinney-James sold 2,670 shares of the company’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $28.15, for a total transaction of $75,160.50. Following the completion of the sale, the director now directly owns 4,616 shares in the company, valued at approximately $129,940.40. The disclosure for this sale can be found here. Corporate insiders own 3.47% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. Corvex Management LP grew its stake in MGM Resorts International by 31.0% during the second quarter. Corvex Management LP now owns 20,563,696 shares of the company’s stock worth $587,505,000 after buying an additional 4,870,924 shares during the last quarter. Maverick Capital Ltd. acquired a new position in shares of MGM Resorts International in the 2nd quarter worth approximately $129,347,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of MGM Resorts International by 7.2% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 56,685,971 shares of the company’s stock worth $1,619,519,000 after acquiring an additional 3,806,520 shares in the last quarter. Renaissance Technologies LLC grew its position in MGM Resorts International by 15,340.9% during the 2nd quarter. Renaissance Technologies LLC now owns 2,516,870 shares of the company’s stock worth $71,907,000 after acquiring an additional 2,500,570 shares during the last quarter. Finally, Nuveen Asset Management LLC grew its position in MGM Resorts International by 137.6% during the 2nd quarter. Nuveen Asset Management LLC now owns 3,236,169 shares of the company’s stock worth $92,458,000 after acquiring an additional 1,874,296 shares during the last quarter. 81.65% of the stock is owned by hedge funds and other institutional investors.

About MGM Resorts International

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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Analyst Recommendations for MGM Resorts International (NYSE:MGM)

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