MGM Resorts International (NYSE:MGM) Lowered to Neutral at Bank of America

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Bank of America cut shares of MGM Resorts International (NYSE:MGM) from a buy rating to a neutral rating in a report issued on Friday morning, BenzingaRatingsTable reports.

A number of other analysts also recently weighed in on the stock. JPMorgan Chase & Co. boosted their target price on shares of MGM Resorts International from $33.00 to $37.00 and gave the stock an in-line rating in a report on Friday, July 26th. Deutsche Bank set a $32.00 target price on shares of MGM Resorts International and gave the stock a hold rating in a report on Friday, July 26th. ValuEngine upgraded shares of MGM Resorts International from a hold rating to a buy rating in a report on Sunday, July 28th. Argus boosted their target price on shares of MGM Resorts International to $35.00 and gave the stock a buy rating in a report on Monday, July 29th. Finally, Nomura boosted their target price on shares of MGM Resorts International from $36.00 to $37.00 and gave the stock a buy rating in a report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $31.55.

Shares of MGM stock opened at $27.94 on Friday. The stock has a market cap of $15.39 billion, a PE ratio of 28.22, a P/E/G ratio of 4.61 and a beta of 1.42. MGM Resorts International has a 52 week low of $21.61 and a 52 week high of $31.68. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.69 and a current ratio of 0.73. The business has a fifty day moving average of $28.87.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Thursday, July 25th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.02). The company had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.21 billion. MGM Resorts International had a return on equity of 3.77% and a net margin of 1.56%. The firm’s revenue for the quarter was up 12.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.26 EPS. On average, research analysts forecast that MGM Resorts International will post 0.83 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Tuesday, September 10th will be issued a dividend of $0.13 per share. The ex-dividend date of this dividend is Monday, September 9th. This represents a $0.52 annualized dividend and a yield of 1.86%. MGM Resorts International’s payout ratio is 52.53%.

In other news, Director Keith A. Meister purchased 1,139,138 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The shares were bought at an average cost of $25.82 per share, for a total transaction of $29,412,543.16. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Paul J. Salem purchased 800,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The shares were purchased at an average price of $25.40 per share, for a total transaction of $20,320,000.00. Following the completion of the acquisition, the director now directly owns 800,000 shares in the company, valued at approximately $20,320,000. The disclosure for this purchase can be found here. Insiders have purchased a total of 6,117,360 shares of company stock worth $161,200,100 over the last quarter. 3.47% of the stock is currently owned by insiders.

A number of large investors have recently modified their holdings of the stock. First Personal Financial Services bought a new stake in shares of MGM Resorts International during the first quarter valued at about $26,000. Quadrant Capital Group LLC grew its holdings in MGM Resorts International by 94.3% during the first quarter. Quadrant Capital Group LLC now owns 1,259 shares of the company’s stock worth $29,000 after acquiring an additional 611 shares during the period. Rational Advisors LLC grew its holdings in MGM Resorts International by 1,113.8% during the first quarter. Rational Advisors LLC now owns 1,323 shares of the company’s stock worth $34,000 after acquiring an additional 1,214 shares during the period. Thor Advisors LLC acquired a new position in MGM Resorts International during the first quarter worth about $35,000. Finally, Trust Co. of Vermont acquired a new position in MGM Resorts International during the second quarter worth about $43,000. Institutional investors own 79.37% of the company’s stock.

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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Analyst Recommendations for MGM Resorts International (NYSE:MGM)

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