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

MGM Resorts International (NYSE:MGM) had its price objective increased by investment analysts at JPMorgan Chase & Co. from $54.00 to $57.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 39.23% from the company’s current price.

Several other equities analysts have also weighed in on the company. Barclays cut their price target on MGM Resorts International from $57.00 to $55.00 and set an “overweight” rating for the company in a research note on Wednesday, February 14th. Susquehanna upgraded MGM Resorts International from a “neutral” rating to a “positive” rating and boosted their price objective for the company from $46.00 to $54.00 in a research report on Thursday. Mizuho upped their target price on MGM Resorts International from $61.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft lifted their price target on shares of MGM Resorts International from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Wednesday, February 14th. Finally, Bank Of America (Bofa) increased their price objective on shares of MGM Resorts International from $45.00 to $50.00 and gave the company a “neutral” rating in a report on Wednesday, February 14th. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.97.

MGM Resorts International Stock Performance

Shares of MGM stock traded up $1.19 during mid-day trading on Thursday, reaching $40.94. The stock had a trading volume of 4,182,268 shares, compared to its average volume of 3,877,721. MGM Resorts International has a 1-year low of $34.12 and a 1-year high of $51.35. The firm has a market cap of $12.98 billion, a price-to-earnings ratio of 12.88, a PEG ratio of 1.62 and a beta of 2.22. The company has a current ratio of 1.57, a quick ratio of 1.53 and a debt-to-equity ratio of 1.46. The business’s fifty day moving average is $43.58 and its 200-day moving average is $42.22.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, May 1st. The company reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.18. The company had revenue of $4.38 billion during the quarter, compared to analyst estimates of $4.24 billion. MGM Resorts International had a net margin of 7.07% and a return on equity of 20.51%. MGM Resorts International’s revenue for the quarter was up 13.2% compared to the same quarter last year. During the same period last year, the firm posted $0.44 EPS. On average, research analysts forecast that MGM Resorts International will post 2.46 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Keith A. Meister sold 325,000 shares of the company’s stock in a transaction dated 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 sale, the director now directly owns 6,098,778 shares of the company’s stock, valued at approximately $261,637,576.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 2.13% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Bryn Mawr Capital Management LLC acquired a new stake in shares of MGM Resorts International in the 1st quarter worth approximately $204,000. Janney Montgomery Scott LLC raised its position in shares of MGM Resorts International by 109.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 63,598 shares of the company’s stock worth $3,002,000 after purchasing an additional 33,207 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in MGM Resorts International by 40.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 38,099 shares of the company’s stock valued at $1,666,000 after buying an additional 10,886 shares during the last quarter. Private Advisor Group LLC increased its position in MGM Resorts International by 7.5% during the first quarter. Private Advisor Group LLC now owns 26,942 shares of the company’s stock worth $1,272,000 after buying an additional 1,877 shares in the last quarter. Finally, Hartline Investment Corp acquired a new position in shares of MGM Resorts International in the first quarter worth $726,000. Hedge funds and other institutional investors 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.