MGM Resorts International (NYSE:MGM) Trading 13.1% Higher

MGM Resorts International (NYSE:MGM) shares traded up 13.1% on Wednesday . The stock traded as high as $12.90 and last traded at $13.78, 3,086,442 shares traded hands during trading. A decline of 89% from the average session volume of 29,162,774 shares. The stock had previously closed at $12.18.

Several equities research analysts have recently weighed in on the stock. Barclays increased their price objective on shares of MGM Resorts International from $37.00 to $40.00 and gave the stock an “overweight” rating in a research report on Thursday, January 23rd. Nomura decreased their price objective on shares of MGM Resorts International from to in a research report on Friday, March 13th. Morgan Stanley decreased their price objective on shares of MGM Resorts International from $36.00 to $34.00 and set an “equal weight” rating for the company in a research report on Thursday, February 13th. Susquehanna Bancshares upgraded shares of MGM Resorts International from a “negative” rating to a “neutral” rating and decreased their price objective for the stock from $27.00 to $10.00 in a research report on Wednesday, March 18th. Finally, SunTrust Banks cut their target price on shares of MGM Resorts International from $35.00 to $34.00 and set a “hold” rating on the stock in a research note on Thursday, February 13th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $31.27.

The firm has a market capitalization of $6.00 billion, a P/E ratio of 3.40, a price-to-earnings-growth ratio of 3.85 and a beta of 1.58. The company’s 50 day moving average is $23.15 and its 200-day moving average is $28.83. The company has a quick ratio of 1.22, a current ratio of 1.26 and a debt-to-equity ratio of 1.22.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, February 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.24 by ($0.16). The company had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.21 billion. MGM Resorts International had a return on equity of 3.50% and a net margin of 15.89%. The firm’s revenue was up 4.4% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.06) earnings per share. On average, analysts predict that MGM Resorts International will post 0.79 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Tuesday, March 10th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.46%. This is a positive change from MGM Resorts International’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Monday, March 9th. MGM Resorts International’s dividend payout ratio (DPR) is 77.92%.

In other MGM Resorts International news, CEO James Murren sold 303,160 shares of the firm’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $32.15, for a total value of $9,746,594.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 3.47% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in MGM. Norges Bank bought a new position in shares of MGM Resorts International in the fourth quarter valued at $160,950,000. FMR LLC lifted its stake in shares of MGM Resorts International by 652.4% in the fourth quarter. FMR LLC now owns 2,597,644 shares of the company’s stock valued at $86,423,000 after buying an additional 2,252,387 shares in the last quarter. Bank of Montreal Can lifted its stake in shares of MGM Resorts International by 578.3% in the fourth quarter. Bank of Montreal Can now owns 2,071,679 shares of the company’s stock valued at $68,925,000 after buying an additional 1,766,279 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of MGM Resorts International by 23.2% in the fourth quarter. Renaissance Technologies LLC now owns 5,793,540 shares of the company’s stock valued at $192,751,000 after buying an additional 1,090,900 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its stake in shares of MGM Resorts International by 33.8% in the fourth quarter. Nuveen Asset Management LLC now owns 3,999,138 shares of the company’s stock valued at $133,051,000 after buying an additional 1,010,508 shares in the last quarter. 86.26% of the stock is currently owned by hedge funds and other institutional investors.

About MGM Resorts International (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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