Price Action To Observe: What’s Propelling MGM Resorts International to Increase So Much?

Price Action To Observe: What's Propelling MGM Resorts International to Increase So Much?

The stock of MGM Resorts International (NYSE:MGM) is a huge mover today! About 7.48 million shares traded hands or 37.25% up from the average. MGM Resorts International (NYSE:MGM) has risen 24.17% since April 5, 2016 and is uptrending. It has outperformed by 22.21% the S&P500.
The move comes after 7 months positive chart setup for the $16.43 billion company. It was reported on Nov, 8 by Barchart.com. We have $47.43 PT which if reached, will make NYSE:MGM worth $11.17B more.

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. Deutsche Bank maintained it with “Buy” rating and $28 target price in Friday, October 30 report. The firm has “Outperform” rating by Telsey Advisory Group given on Friday, June 17. The stock of MGM Resorts International (NYSE:MGM) earned “Strong-Buy” rating by Vetr on Monday, August 31. Susquehanna maintained MGM Resorts International (NYSE:MGM) rating on Monday, June 20. Susquehanna has “Positive” rating and $31 price target. The rating was maintained by Telsey Advisory Group with “Outperform” on Tuesday, November 8. The firm earned “Overweight” rating on Tuesday, October 13 by JP Morgan. Nomura maintained MGM Resorts International (NYSE:MGM) on Wednesday, October 5 with “Buy” rating. Buckingham Research initiated MGM Resorts International (NYSE:MGM) on Thursday, August 11 with “Buy” rating. Deutsche Bank maintained the shares of MGM in a report on Friday, June 17 with “Buy” rating. The stock of MGM Resorts International (NYSE:MGM) earned “Hold” rating by Zacks on Wednesday, August 5.

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 increased, 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.
Ironwood Financial Ltd accumulated 14 shares or 0% of the stock. Iowa Bank & Trust accumulated 300 shares or 0% of the stock. Davidson Kempner Capital Mgmt L P last reported 150,000 shares in the company. Cowen Grp Inc Inc accumulated 0.15% or 96,881 shares. Point72 Asset Mgmt L P holds 0.21% or 1.38M shares in its portfolio. Commonwealth Equity Serv Inc holds 0.01% of its portfolio in MGM Resorts International (NYSE:MGM) for 46,184 shares. Nordea Invest Mgmt Ab holds 0% of its portfolio in MGM Resorts International (NYSE:MGM) for 10,616 shares. Shellback Capital Limited Partnership accumulated 3.54% or 1.22M shares. Moreover, Tudor Corporation Et Al has 0.1% invested in MGM Resorts International (NYSE:MGM) for 210,000 shares. California Employees Retirement accumulated 0.03% or 868,445 shares. Dimensional Fund Advsrs Lp has invested 0.07% of its portfolio in MGM Resorts International (NYSE:MGM). Sumitomo Mitsui Asset holds 33,803 shares or 0.02% of its portfolio. Magnetar Financial Ltd Llc reported 9,036 shares or 0% of all its holdings. Oakbrook Invs Ltd Liability Co holds 0.01% or 9,350 shares in its portfolio. Apg Asset Nv accumulated 0.05% or 1.08M shares.

Insider Transactions: Since May 10, 2016, the stock had 0 buys, and 9 insider sales for $400000.00 billion net activity. Shares for $748,827 were sold by SANDERS COREY IAN on Tuesday, May 24. Shares for $302,136 were sold by McManus John on Wednesday, August 31. 4.00 million MGM Resorts International (NYSE:MGM) shares with value of $400000.00 billion were sold by TRACINDA CORP. $126,617 worth of MGM Resorts International (NYSE:MGM) was sold by GAY MARY CHRISTINE. Another trade for 30,354 shares valued at $652,915 was sold by HORNBUCKLE WILLIAM. 2,391 shares were sold by HERMAN ALEXIS, worth $58,962. 2,948 shares were sold by Mckinney-James Rose, worth $68,783.

More notable recent MGM Resorts International (NYSE:MGM) news were published by: Investorplace.com which released: “MGM Resorts International (MGM) Stock Jumps on Earnings Beat” on November 07, 2016, also Masslive.com with their article: “MGM Resorts International to announce Q3 results, discuss plans for Japan …” published on November 03, 2016, Reuters.com published: “MGM Resorts ready to bet up to $10 billion on Japan casino, possibly via R…” on October 31, 2016. More interesting news about MGM Resorts International (NYSE:MGM) were released by: Nasdaq.com and their article: “Earnings Reaction History: MGM Resorts International, 40.0% Follow-Through …” published on November 07, 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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