The stock of MGM Resorts International (NYSE:MGM) hit a new 52-week high and has $33.10 target or 24.00% above today’s $26.69 share price. The 6 months bullish chart indicates low risk for the $15.12 billion company. The 1-year high was reported on Oct, 5 by Barchart.com. If the $33.10 price target is reached, the company will be worth $3.63 billion more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 2.01 million shares traded hands. MGM Resorts International (NYSE:MGM) has risen 29.40% since March 2, 2016 and is uptrending. It has outperformed by 21.15% the S&P500.
Analysts await MGM Resorts International (NYSE:MGM) to report earnings on November, 3. They expect $0.10 EPS, down 33.33% or $0.05 from last year’s $0.15 per share. MGM’s profit will be $56.65M for 66.73 P/E if the $0.10 EPS becomes a reality. After $0.26 actual EPS reported by MGM Resorts International for the previous quarter, Wall Street now forecasts -61.54% negative EPS growth.
MGM Resorts International (NYSE:MGM) Ratings Coverage
Out of 11 analysts covering MGM Resorts (NYSE:MGM), 11 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. MGM Resorts has been the topic of 22 analyst reports since August 5, 2015 according to StockzIntelligence Inc. Buckingham Research initiated MGM Resorts International (NYSE:MGM) on Thursday, August 11 with “Buy” rating. The firm has “Positive” rating by Susquehanna given on Monday, June 20. On Friday, June 17 the stock rating was maintained by Telsey Advisory Group with “Outperform”. The stock of MGM Resorts International (NYSE:MGM) earned “Strong-Buy” rating by Vetr on Monday, August 31. As per Friday, June 17, the company rating was maintained by Deutsche Bank. On Friday, May 6 the stock rating was initiated by Morgan Stanley with “Overweight”. The firm earned “Overweight” rating on Thursday, January 28 by JP Morgan. The firm has “Buy” rating given on Thursday, June 9 by Stifel Nicolaus. Deutsche Bank maintained the shares of MGM in a report on Friday, October 30 with “Buy” rating. Stifel Nicolaus maintained the stock with “Buy” rating in Wednesday, August 5 report.
According to Zacks Investment Research, “MGM Resorts International, formerly known as MGM MIRAGE, is a global hospitality company, operating a portfolio of destination resort brands, including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The CompanyÂ’s resorts offer gaming, hotel, dining, entertainment, retail, and other resort amenities. It owns and operates properties located in Nevada, Mississippi and Michigan, and has investments in some properties in Nevada, Illinois and Macau. Through its hospitality management subsidiary, the Company holds a growing number of development and management agreements for casino and non-casino resort projects around the world. MGM Resorts International is based in Las Vegas, Nevada.”
Insitutional Activity: The institutional sentiment increased to 1.4 in 2016 Q2. Its up 0.30, from 1.1 in 2016Q1. The ratio is positive, as 37 funds sold all MGM Resorts International shares owned while 94 reduced positions. 56 funds bought stakes while 127 increased positions. They now own 397.52 million shares or 0.05% more from 397.31 million shares in 2016Q1.
Credit Suisse Ag has 1.97M shares for 0.05% of their US portfolio. Paloma Prns Co holds 0.05% or 191,190 shares in its portfolio. First Western Mngmt accumulated 37,700 shares or 0.31% of the stock. Utd Cap Financial Advisers Limited Liability Corporation holds 0% or 21,149 shares in its portfolio. Blackrock Management Ltd Liability Co last reported 252,231 shares in the company. Vanguard Grp Inc accumulated 0.05% or 34.66 million shares. The Massachusetts-based Wellington Management Gru Limited Liability Partnership has invested 0% in MGM Resorts International (NYSE:MGM). Jpmorgan Chase & has 0% invested in the company for 130,926 shares. Moreover, Exane Derivatives has 0% invested in MGM Resorts International (NYSE:MGM) for 1 shares. Nwi Mngmt Limited Partnership accumulated 2.73% or 1.45M shares. Barclays Public Ltd holds 0.01% of its portfolio in MGM Resorts International (NYSE:MGM) for 250,125 shares. Fifth Third Bank & Trust accumulated 0% or 950 shares. Van Eck Assocs accumulated 0.01% or 48,860 shares. California State Teachers Retirement holds 1.03M shares or 0.05% of its portfolio. Duncker Streett Incorporated has 550 shares for 0% of their US portfolio.
Insider Transactions: Since May 10, 2016, the stock had 0 insider buys, and 10 sales for $400000.00 billion net activity. On Tuesday, May 24 SANDERS COREY IAN sold $748,827 worth of the stock or 33,090 shares. TAYLOR DANIEL J also sold $278,640 worth of MGM Resorts International (NYSE:MGM) shares. $400000.00 billion worth of MGM Resorts International (NYSE:MGM) was sold by TRACINDA CORP on Thursday, September 1. On Tuesday, June 14 the insider GAY MARY CHRISTINE sold $126,617. Mckinney-James Rose had sold 2,948 shares worth $68,783. Shares for $652,915 were sold by HORNBUCKLE WILLIAM. The insider HERMAN ALEXIS sold 2,391 shares worth $58,962.
More notable recent MGM Resorts International (NYSE:MGM) news were published by: Fool.com which released: “Better Buy: Las Vegas Sands Corp. vs. MGM Resorts International” on October 02, 2016, also Prnewswire.com with their article: “MGM Resorts International Earns ‘Land-Based Operator of the Year’ and …” published on September 30, 2016, Prnewswire.com published: “MGM Resorts International To Present At The Deutsche Bank Leveraged Finance …” on September 27, 2016. More interesting news about MGM Resorts International (NYSE:MGM) were released by: Prnewswire.com and their article: “MGM Resorts International And MGM China Holdings Limited To Present At The …” published on September 16, 2016 as well as Prnewswire.com‘s news article titled: “MGM Resorts International To Present At The UBS & Deutsche Bank Investment …” with publication date: September 16, 2016.
MGM Company Profile
MGM Resorts International, incorporated on January 29, 1986, is a holding company. The Company, through its subsidiaries, owns and operates casino resorts. The Firm operates in two divisions: wholly owned domestic resorts and MGM China. The Company’s casino resorts offer gaming, hotel, convention, dining, entertainment, retail and other resort amenities. The Firm has additional business activities, including its investments in unconsolidated affiliates, and certain other corporate and management operations. The Firm also owns Shadow Creek, a golf course located approximately 10 miles north of its Las Vegas Strip resorts, Primm Valley Golf Club at the California/Nevada state line and Fallen Oak golf course in Saucier, Mississippi. The Firm owns and manages CityCenter Holdings, LLC, located between Bellagio and Monte Carlo. CityCenter consists of Aria, an integrated casino, hotel and entertainment resort; Mandarin Oriental Las Vegas, a non-gaming boutique hotel; Crystals, a retail, dining and entertainment district; and Vdara, a luxury condominium-hotel. In addition, CityCenter features residential units in the Residences at Mandarin Oriental and Veer. The Firm owns Borgata Hotel Casino & Spa (Borgata) and Grand Victoria, a riverboat casino in Elgin, Illinois.
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