The stock of MGM Resorts International (NYSE:MGM) hit a new 52-week high and has $39.58 target or 36.00% above today’s $29.10 share price. The 7 months bullish chart indicates low risk for the $16.92B company. The 1-year high was reported on Nov, 21 by Barchart.com. If the $39.58 price target is reached, the company will be worth $6.09 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 5.95M shares traded hands. MGM Resorts International (NYSE:MGM) has risen 23.45% since April 19, 2016 and is uptrending. It has outperformed by 19.59% the S&P500.
MGM Resorts International (NYSE:MGM) Ratings Coverage
Out of 12 analysts covering MGM Resorts (NYSE:MGM), 12 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. MGM Resorts has been the topic of 26 analyst reports since August 5, 2015 according to StockzIntelligence Inc. As per Wednesday, August 5, the company rating was downgraded by Zacks. Morgan Stanley initiated it with “Overweight” rating and $29 target price in Friday, May 6 report. The firm has “Positive” rating given on Monday, June 20 by Susquehanna. The stock has “Buy” rating given by Nomura on Wednesday, October 5. The firm earned “Buy” rating on Thursday, June 9 by Stifel Nicolaus. Buckingham Research initiated MGM Resorts International (NYSE:MGM) on Thursday, August 11 with “Buy” rating. The stock has “Overweight” rating given by JP Morgan on Thursday, January 28. The firm earned “Overweight” rating on Tuesday, October 13 by JP Morgan. The stock of MGM Resorts International (NYSE:MGM) earned “Buy” rating by Stifel Nicolaus on Tuesday, November 8. Deutsche Bank maintained the shares of MGM in a report on Friday, June 17 with “Buy” rating.
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 decreased to 0.98 in 2016 Q2. Its down 0.42, from 1.4 in 2016Q1. The ratio dived, 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.
Vantage Investment Advisors Ltd Co, a Pennsylvania-based fund reported 2,000 shares. Pioneer Inv Mgmt Incorporated reported 77,515 shares or 0.01% of all its holdings. Ny State Common Retirement Fund reported 1.08M shares or 0.04% of all its holdings. Fmr Ltd Liability Co last reported 0.01% of its portfolio in the stock. Strs Ohio has 0.01% invested in the company for 52,494 shares. The Texas-based Dimensional Fund Advsr Limited Partnership has invested 0.07% in MGM Resorts International (NYSE:MGM). Tcs Cap Mngmt Lc last reported 192,000 shares in the company. The Ontario – Canada-based Canada Pension Plan Investment Board has invested 0% in MGM Resorts International (NYSE:MGM). Highvista Strategies Ltd Com accumulated 125,600 shares or 0.54% of the stock. Td Asset Mngmt holds 0.02% or 543,745 shares in its portfolio. Exane Derivatives has invested 0% of its portfolio in MGM Resorts International (NYSE:MGM). Pacad Inv owns 77,499 shares or 0.24% of their US portfolio. Daiwa Secs Group reported 15,350 shares or 0% of all its holdings. Moreover, Wells Fargo Mn has 0.01% invested in MGM Resorts International (NYSE:MGM) for 1.34 million shares. Ftb Advisors reported 550 shares or 0% of all its holdings.
Insider Transactions: Since May 24, 2016, the stock had 0 insider purchases, and 8 selling transactions for $400000.00 billion net activity. McManus John sold $94,182 worth of stock. $58,962 worth of MGM Resorts International (NYSE:MGM) shares were sold by HERMAN ALEXIS. MURREN JAMES had sold 90,525 shares worth $2.53M. $748,827 worth of MGM Resorts International (NYSE:MGM) was sold by SANDERS COREY IAN. $749,033 worth of MGM Resorts International (NYSE:MGM) was sold by HORNBUCKLE WILLIAM. 2,948 shares with value of $68,783 were sold by Mckinney-James Rose on Wednesday, June 1. 12,961 shares with value of $364,593 were sold by SELWOOD ROBERT on Wednesday, November 9.
More notable recent MGM Resorts International (NYSE:MGM) news were published by: Prnewswire.com which released: “Industry Veteran Aaron Fischer Joins MGM Resorts International as Senior Vice …” on November 14, 2016, also Prnewswire.com with their article: “MGM Resorts International Reports Third Quarter Financial And Operating Results” published on November 07, 2016, Masslive.com published: “MGM Resorts International to announce Q3 results, discuss plans for Japan …” on November 03, 2016. More interesting news about MGM Resorts International (NYSE:MGM) were released by: Zacks.com and their article: “Is MGM Resorts International (MGM) Stock a Solid Choice Right Now?” published on November 18, 2016 as well as Prnewswire.com‘s news article titled: “MGM Resorts International Announces Third Quarter 2016 Earnings Release Date” with publication date: October 25, 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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