Brokerages Set MGM Resorts International (NYSE:MGM) Target Price at $48.61

MGM Resorts International (NYSE:MGM) has earned an average recommendation of “Moderate Buy” from the twenty-four research firms that are covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $48.50.

Several analysts have recently weighed in on MGM shares. The Goldman Sachs Group reduced their price objective on shares of MGM Resorts International from $37.00 to $34.00 and set a “sell” rating for the company in a research report on Wednesday, October 1st. Citizens Jmp lowered shares of MGM Resorts International from an “outperform” rating to a “market perform” rating in a research note on Thursday, June 26th. Truist Financial upped their price objective on shares of MGM Resorts International from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, July 16th. Citigroup raised MGM Resorts International from a “hold” rating to a “strong-buy” rating and raised their price objective for the stock from $55.00 to $57.00 in a report on Wednesday, July 9th. Finally, Seaport Res Ptn downgraded MGM Resorts International from a “strong-buy” rating to a “hold” rating in a report on Monday, July 21st.

Insider Activity at MGM Resorts International

In other news, insider John Mcmanus sold 60,000 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $36.12, for a total value of $2,167,200.00. Following the completion of the sale, the insider directly owned 31,521 shares of the company’s stock, valued at approximately $1,138,538.52. This represents a 65.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Keith A. Meister sold 242,000 shares of MGM Resorts International stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $35.42, for a total transaction of $8,571,640.00. Following the completion of the transaction, the director directly owned 5,385,478 shares in the company, valued at $190,753,630.76. The trade was a 4.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.06% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On MGM Resorts International

Several hedge funds have recently made changes to their positions in MGM. XML Financial LLC raised its stake in MGM Resorts International by 0.9% during the 2nd quarter. XML Financial LLC now owns 30,884 shares of the company’s stock valued at $1,062,000 after acquiring an additional 287 shares during the last quarter. Concurrent Investment Advisors LLC increased its holdings in shares of MGM Resorts International by 4.1% in the second quarter. Concurrent Investment Advisors LLC now owns 7,975 shares of the company’s stock valued at $274,000 after purchasing an additional 315 shares during the period. Amalgamated Bank raised its stake in shares of MGM Resorts International by 0.8% during the first quarter. Amalgamated Bank now owns 43,933 shares of the company’s stock worth $1,302,000 after purchasing an additional 329 shares during the last quarter. Quarry LP lifted its holdings in shares of MGM Resorts International by 24.1% during the first quarter. Quarry LP now owns 1,795 shares of the company’s stock worth $53,000 after purchasing an additional 349 shares during the period. Finally, DekaBank Deutsche Girozentrale lifted its holdings in shares of MGM Resorts International by 0.7% during the second quarter. DekaBank Deutsche Girozentrale now owns 55,666 shares of the company’s stock worth $1,917,000 after purchasing an additional 399 shares during the period. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Stock Down 2.4%

MGM Resorts International stock opened at $33.93 on Friday. The stock has a market cap of $9.24 billion, a PE ratio of 18.64, a P/E/G ratio of 1.44 and a beta of 1.67. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.22 and a quick ratio of 1.18. The stock’s fifty day moving average is $36.26 and its two-hundred day moving average is $34.02. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $42.53.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.21. The business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.28 billion. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%.The business’s quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter last year, the company earned $0.86 EPS. On average, sell-side analysts expect that MGM Resorts International will post 2.21 EPS for the current fiscal year.

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.