MGM Resorts International (NYSE:MGM) Given New $31.00 Price Target at Wells Fargo & Company

MGM Resorts International (NYSE:MGM) had its target price lifted by Wells Fargo & Company from $29.00 to $31.00 in a research note released on Friday morning,MarketScreener reports. They currently have an underweight rating on the stock.

MGM has been the subject of several other reports. Barclays set a $38.00 target price on MGM Resorts International and gave the stock an “equal weight” rating in a research note on Wednesday, December 17th. Deutsche Bank Aktiengesellschaft lowered their price objective on MGM Resorts International from $54.00 to $53.00 in a research note on Monday, September 22nd. UBS Group dropped their price target on shares of MGM Resorts International from $39.00 to $37.00 and set a “neutral” rating for the company in a research note on Monday, November 17th. Texas Capital raised shares of MGM Resorts International to a “strong-buy” rating in a research note on Thursday, January 8th. Finally, Citigroup decreased their price objective on MGM Resorts International from $51.00 to $47.50 and set a “buy” rating for the company in a report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, eleven have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, MGM Resorts International has a consensus rating of “Hold” and an average price target of $44.68.

MGM Resorts International Stock Performance

Shares of MGM traded down $0.41 during mid-day trading on Friday, reaching $35.00. The company’s stock had a trading volume of 5,298,309 shares, compared to its average volume of 3,813,495. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $41.32. The stock has a market cap of $9.57 billion, a P/E ratio of 218.75, a PEG ratio of 2.71 and a beta of 1.46. The business has a 50-day simple moving average of $35.15 and a two-hundred day simple moving average of $35.35. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 1.80.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, October 29th. The company reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.13). MGM Resorts International had a return on equity of 17.23% and a net margin of 0.40%.The company had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same quarter in the prior year, the business posted $0.54 EPS. The business’s quarterly revenue was up 1.6% compared to the same quarter last year. As a group, equities research analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Insider Activity

In other MGM Resorts International news, major shareholder Iac Inc. bought 1,098,748 shares of the firm’s stock in a transaction dated Friday, December 5th. The stock was bought at an average cost of $36.30 per share, with a total value of $39,884,552.40. Following the completion of the transaction, the insider directly owned 65,822,350 shares in the company, valued at approximately $2,389,351,305. The trade was a 1.70% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. 3.06% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On MGM Resorts International

Institutional investors have recently bought and sold shares of the stock. Corient Private Wealth LLC lifted its position in shares of MGM Resorts International by 356.6% during the second quarter. Corient Private Wealth LLC now owns 528,526 shares of the company’s stock worth $18,176,000 after acquiring an additional 412,767 shares in the last quarter. American Assets Inc. raised its stake in shares of MGM Resorts International by 66.7% during the 2nd quarter. American Assets Inc. now owns 30,000 shares of the company’s stock valued at $950,000 after purchasing an additional 12,000 shares during the period. WINTON GROUP Ltd bought a new stake in shares of MGM Resorts International during the 2nd quarter valued at $6,351,000. Goldentree Asset Management LP lifted its holdings in MGM Resorts International by 20.7% during the 2nd quarter. Goldentree Asset Management LP now owns 5,402,092 shares of the company’s stock worth $185,778,000 after purchasing an additional 924,810 shares in the last quarter. Finally, Permanent Capital Management LP bought a new position in MGM Resorts International in the 3rd quarter worth about $738,000. Institutional investors own 68.11% of the company’s stock.

About MGM Resorts International

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.