MGM Resorts International (NYSE:MGM) PT Raised to $56.00

MGM Resorts International (NYSE:MGM) had its price objective increased by equities researchers at Barclays from $55.00 to $56.00 in a research note issued on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price objective indicates a potential upside of 36.45% from the company’s current price.

MGM has been the topic of several other reports. Morgan Stanley upped their target price on MGM Resorts International from $45.00 to $46.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 9th. Susquehanna upgraded shares of MGM Resorts International from a “neutral” rating to a “positive” rating and upped their price objective for the company from $46.00 to $54.00 in a report on Thursday. Mizuho lifted their target price on shares of MGM Resorts International from $61.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday. Macquarie restated an “outperform” rating and set a $58.00 price target on shares of MGM Resorts International in a research note on Wednesday, February 14th. Finally, StockNews.com cut shares of MGM Resorts International from a “buy” rating to a “hold” rating in a report on Monday, March 4th. Two investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $54.77.

MGM Resorts International Stock Up 0.4 %

Shares of MGM Resorts International stock traded up $0.17 on Thursday, reaching $41.04. The stock had a trading volume of 4,379,185 shares, compared to its average volume of 3,597,847. The company has a quick ratio of 1.53, a current ratio of 1.51 and a debt-to-equity ratio of 1.56. The stock has a market capitalization of $12.87 billion, a P/E ratio of 15.78, a P/E/G ratio of 1.67 and a beta of 2.22. The company has a 50 day moving average price of $43.52 and a 200 day moving average price of $42.24. MGM Resorts International has a 1 year low of $34.12 and a 1 year high of $51.35.

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

Insider Activity

In other MGM Resorts International news, Director Keith A. Meister sold 325,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.13% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MGM. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its holdings in MGM Resorts International by 28.7% in the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 91,456 shares of the company’s stock worth $3,362,000 after purchasing an additional 20,400 shares during the period. Kingswood Wealth Advisors LLC acquired a new position in shares of MGM Resorts International during the 3rd quarter worth approximately $342,000. Raymond James & Associates lifted its position in shares of MGM Resorts International by 60.8% during the 3rd quarter. Raymond James & Associates now owns 322,520 shares of the company’s stock valued at $11,856,000 after buying an additional 121,947 shares in the last quarter. Stratos Wealth Partners LTD. increased its holdings in MGM Resorts International by 42.9% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 27,461 shares of the company’s stock worth $1,009,000 after acquiring an additional 8,244 shares in the last quarter. Finally, Independent Advisor Alliance raised its position in MGM Resorts International by 9.4% during the third quarter. Independent Advisor Alliance now owns 15,653 shares of the company’s stock worth $575,000 after acquiring an additional 1,349 shares during the period. Hedge funds and other institutional investors own 68.11% of the company’s stock.

About MGM Resorts International

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.