MGM Resorts International (NYSE:MGM – Get Free Report) had its target price upped by stock analysts at Argus from $45.00 to $55.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Argus’ price objective would suggest a potential upside of 25.83% from the stock’s previous close.
MGM has been the topic of a number of other reports. Barclays boosted their price target on shares of MGM Resorts International from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 9th. JPMorgan Chase & Co. raised their price objective on shares of MGM Resorts International from $46.00 to $53.00 and gave the company an “overweight” rating in a research note on Friday, June 12th. Jefferies Financial Group restated a “hold” rating on shares of MGM Resorts International in a report on Thursday, July 2nd. Wells Fargo & Company raised shares of MGM Resorts International from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $33.00 to $48.30 in a research note on Tuesday, July 7th. Finally, Weiss Ratings upgraded shares of MGM Resorts International from a “sell (d+)” rating to a “hold (c)” rating in a report on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, MGM Resorts International presently has an average rating of “Moderate Buy” and a consensus price target of $53.37.
Read Our Latest Research Report on MGM
MGM Resorts International Trading Down 0.9%
MGM Resorts International (NYSE:MGM – Get Free Report) last posted its earnings results on Wednesday, July 29th. The company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.03. MGM Resorts International had a return on equity of 23.30% and a net margin of 2.40%.The firm had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.42 billion. During the same quarter in the prior year, the company earned $0.79 EPS. MGM Resorts International’s revenue was up 2.2% on a year-over-year basis. On average, equities research analysts predict that MGM Resorts International will post 1.96 EPS for the current fiscal year.
Insider Transactions at MGM Resorts International
In related news, Director Daniel J. Taylor sold 6,675 shares of MGM Resorts International stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $38.44, for a total transaction of $256,587.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.38% of the company’s stock.
Institutional Investors Weigh In On MGM Resorts International
A number of hedge funds and other institutional investors have recently made changes to their positions in MGM. Whittier Trust Co. lifted its holdings in MGM Resorts International by 2.5% in the first quarter. Whittier Trust Co. now owns 10,778 shares of the company’s stock valued at $405,000 after buying an additional 262 shares during the period. Global Retirement Partners LLC grew its holdings in MGM Resorts International by 55.9% during the 4th quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock worth $29,000 after acquiring an additional 281 shares during the period. Tema ETFs LLC raised its position in shares of MGM Resorts International by 10.6% in the 2nd quarter. Tema ETFs LLC now owns 3,016 shares of the company’s stock worth $144,000 after acquiring an additional 290 shares in the last quarter. Asset Management One Co. Ltd. raised its position in shares of MGM Resorts International by 4.2% in the 4th quarter. Asset Management One Co. Ltd. now owns 7,700 shares of the company’s stock worth $286,000 after acquiring an additional 313 shares in the last quarter. Finally, Brown Brothers Harriman & Co. lifted its stake in shares of MGM Resorts International by 23.1% in the 4th quarter. Brown Brothers Harriman & Co. now owns 1,893 shares of the company’s stock valued at $69,000 after purchasing an additional 355 shares during the period. 68.11% of the stock is owned by hedge funds and other institutional investors.
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.
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