MGM Resorts International (NYSE:MGM) Price Target Raised to $57.00

MGM Resorts International (NYSE:MGM) had its price target lifted by equities research analysts at JPMorgan Chase & Co. from $54.00 to $57.00 in a report issued on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 38.89% from the stock’s current price.

Several other brokerages have also issued reports on MGM. StockNews.com lowered MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Monday, March 4th. TheStreet upgraded shares of MGM Resorts International from a “c+” rating to a “b-” rating in a report on Tuesday, February 13th. JMP Securities restated a “market outperform” rating and set a $57.00 price objective on shares of MGM Resorts International in a report on Wednesday, February 14th. Mizuho boosted their price objective on shares of MGM Resorts International from $61.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Morgan Stanley increased their target price on MGM Resorts International from $45.00 to $46.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 9th. Two equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.77.

MGM Resorts International Trading Up 0.4 %

Shares of NYSE MGM traded up $0.17 during midday trading on Thursday, reaching $41.04. 4,379,185 shares of the stock were exchanged, compared to its average volume of 3,597,847. The company has a debt-to-equity ratio of 1.56, a current ratio of 1.51 and a quick ratio of 1.53. MGM Resorts International has a 12 month low of $34.12 and a 12 month high of $51.35. The business has a 50-day simple moving average of $43.52 and a two-hundred day simple moving average of $42.24. The company has a market capitalization of $12.87 billion, a price-to-earnings ratio of 15.78, a P/E/G ratio of 1.67 and a beta of 2.22.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, May 1st. The company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.18. MGM Resorts International had a return on equity of 23.62% and a net margin of 5.35%. The firm had revenue of $4.38 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same period in the previous year, the company posted $0.44 earnings per share. The company’s revenue for the quarter was up 13.2% on a year-over-year basis. As a group, equities research analysts expect that MGM Resorts International will post 2.48 EPS for the current year.

Insider Activity

In related news, Director Keith A. Meister sold 325,000 shares of the firm’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $42.90, for a total value of $13,942,500.00. Following the completion of the transaction, the director now directly owns 6,098,778 shares of the company’s stock, valued at $261,637,576.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.13% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MGM Resorts International

A number of institutional investors have recently bought and sold shares of MGM. Davis Selected Advisers bought a new position in shares of MGM Resorts International in the third quarter valued at about $361,915,000. Boston Partners grew its stake in MGM Resorts International by 1,447.6% in the 3rd quarter. Boston Partners now owns 3,980,892 shares of the company’s stock valued at $145,916,000 after buying an additional 3,723,659 shares during the last quarter. Norges Bank acquired a new stake in MGM Resorts International during the fourth quarter worth approximately $139,599,000. Qube Research & Technologies Ltd boosted its holdings in shares of MGM Resorts International by 544.8% during the third quarter. Qube Research & Technologies Ltd now owns 1,995,768 shares of the company’s stock worth $73,364,000 after acquiring an additional 1,686,267 shares during the period. Finally, Capital World Investors grew its position in shares of MGM Resorts International by 17.7% in the fourth quarter. Capital World Investors now owns 6,551,310 shares of the company’s stock valued at $292,713,000 after purchasing an additional 984,617 shares during the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Company Profile

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. 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.