JPMorgan Chase & Co. Boosts MGM Resorts International (NYSE:MGM) Price Target to $57.00

MGM Resorts International (NYSE:MGM) had its price target upped by JPMorgan Chase & Co. from $54.00 to $57.00 in a report released on Thursday, Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities research analysts have also issued reports on MGM. Mizuho upped their price target on MGM Resorts International from $61.00 to $62.00 and gave the company a buy rating in a research report on Thursday. StockNews.com lowered MGM Resorts International from a buy rating to a hold rating in a report on Monday, March 4th. JMP Securities reiterated a market outperform rating and issued a $57.00 target price on shares of MGM Resorts International in a report on Wednesday, February 14th. Macquarie reaffirmed an outperform rating and set a $58.00 price target on shares of MGM Resorts International in a research report on Wednesday, February 14th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on MGM Resorts International from $50.00 to $52.00 and gave the stock a buy rating in a research report on Wednesday, February 14th. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $54.83.

MGM Resorts International Price Performance

Shares of NYSE:MGM traded down $0.21 during trading on Thursday, reaching $40.83. The stock had a trading volume of 2,179,956 shares, compared to its average volume of 3,901,370. The business has a fifty day moving average price of $43.52 and a 200-day moving average price of $42.32. MGM Resorts International has a 1-year low of $34.12 and a 1-year high of $51.35. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.46 and a current ratio of 1.51. The stock has a market cap of $12.81 billion, a PE ratio of 15.68, a PEG ratio of 0.95 and a beta of 2.22.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, May 1st. The company reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.18. The business had revenue of $4.38 billion during the quarter, compared to analysts’ expectations of $4.24 billion. MGM Resorts International had a net margin of 5.35% and a return on equity of 23.62%. The company’s quarterly revenue was up 13.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.44 earnings per share. On average, equities analysts forecast that MGM Resorts International will post 2.76 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Keith A. Meister sold 325,000 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $42.90, for a total transaction of $13,942,500.00. Following the sale, the director now owns 6,098,778 shares of the company’s stock, valued at approximately $261,637,576.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.83% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in MGM Resorts International by 28.7% during the third 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 in the last quarter. Kingswood Wealth Advisors LLC purchased a new position in MGM Resorts International during the 3rd quarter valued at about $342,000. Raymond James & Associates raised its position in MGM Resorts International by 60.8% during the third quarter. Raymond James & Associates now owns 322,520 shares of the company’s stock worth $11,856,000 after acquiring an additional 121,947 shares during the last quarter. Stratos Wealth Partners LTD. lifted its holdings in shares of MGM Resorts International by 42.9% in the third quarter. Stratos Wealth Partners LTD. now owns 27,461 shares of the company’s stock valued at $1,009,000 after purchasing an additional 8,244 shares in the last quarter. Finally, Independent Advisor Alliance grew its position in shares of MGM Resorts International by 9.4% in the third quarter. Independent Advisor Alliance now owns 15,653 shares of the company’s stock valued at $575,000 after purchasing an additional 1,349 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

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.