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

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

Several other research analysts have also recently commented on MGM. Citigroup assumed coverage on shares of MGM Resorts International in a report on Wednesday, July 24th. They set a $23.00 target price on the stock. Morgan Stanley raised their target price on shares of MGM Resorts International from $31.00 to $32.00 and gave the stock an equal weight 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 raised shares of MGM Resorts International from a hold rating to a buy rating in a report on Sunday, July 28th. Finally, Argus increased their price target on shares of MGM Resorts International to $35.00 and gave the stock a buy rating in a research report on Monday, July 29th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $31.62.

Shares of MGM traded down $0.75 during mid-day trading on Friday, hitting $28.65. 5,388,150 shares of the company’s stock were exchanged, compared to its average volume of 5,083,910. MGM Resorts International has a 52 week low of $21.61 and a 52 week high of $31.68. The stock has a 50-day moving average of $28.82. The stock has a market capitalization of $16.13 billion, a price-to-earnings ratio of 28.94, a price-to-earnings-growth ratio of 4.83 and a beta of 1.42. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.69 and a current ratio of 0.73.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Thursday, July 25th. The company reported $0.23 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.25 by ($0.02). MGM Resorts International had a return on equity of 3.77% and a net margin of 1.56%. The business had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.21 billion. During the same period in the prior year, the business posted $0.26 earnings per share. The firm’s revenue for the quarter was up 12.7% compared to the same quarter last year. Sell-side analysts forecast that MGM Resorts International will post 0.83 earnings per share for the current 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 given 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 dividend yield of 1.82%. MGM Resorts International’s dividend payout ratio is 52.53%.

In related news, Director Keith A. Meister bought 1,139,138 shares of the business’s stock in a transaction on Wednesday, June 5th. The shares were purchased at an average price of $25.82 per share, for a total transaction of $29,412,543.16. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Paul J. Salem bought 800,000 shares of the business’s stock in a transaction on Wednesday, May 8th. The stock was bought at an average price of $25.40 per share, for a total transaction of $20,320,000.00. Following the transaction, the director now directly owns 800,000 shares of the company’s stock, valued at $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 in the last quarter. 3.47% of the stock is currently owned by company insiders.

Institutional investors have recently modified their holdings of the business. First Personal Financial Services acquired a new stake in MGM Resorts International in the first quarter valued at approximately $26,000. Quadrant Capital Group LLC boosted its position in MGM Resorts International by 94.3% in the first quarter. Quadrant Capital Group LLC now owns 1,259 shares of the company’s stock valued at $29,000 after buying an additional 611 shares in the last quarter. Rational Advisors LLC boosted its position in MGM Resorts International by 1,113.8% in the first quarter. Rational Advisors LLC now owns 1,323 shares of the company’s stock valued at $34,000 after buying an additional 1,214 shares in the last quarter. Thor Advisors LLC acquired a new stake in MGM Resorts International in the first quarter valued at approximately $35,000. Finally, Trust Co. of Vermont acquired a new stake in MGM Resorts International in the second quarter valued at approximately $43,000. Hedge funds and other institutional investors own 79.36% 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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