Capital One Financial Forecasts Strong Price Appreciation for MGM Resorts International (NYSE:MGM) Stock

MGM Resorts International (NYSE:MGM) had its target price upped by equities researchers at Capital One Financial from $53.00 to $57.00 in a research report issued to clients and investors on Monday. The brokerage presently has an “overweight” rating on the stock. Capital One Financial‘s target price would indicate a potential upside of 50.76% from the company’s previous close.

MGM has been the subject of a number of other research reports. JPMorgan Chase & Co. boosted their price objective on MGM Resorts International from $46.00 to $53.00 and gave the company an “overweight” rating in a research report on Friday, June 12th. Weiss Ratings raised MGM Resorts International from a “sell (d+)” rating to a “hold (c)” rating in a research report on Thursday, July 30th. Argus boosted their price target on shares of MGM Resorts International from $45.00 to $55.00 and gave the company a “buy” rating in a report on Monday, August 17th. Jefferies Financial Group restated a “hold” rating on shares of MGM Resorts International in a research report on Thursday, July 2nd. Finally, HSBC raised shares of MGM Resorts International to a “strong-buy” rating in a report on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, MGM Resorts International has a consensus rating of “Moderate Buy” and an average target price of $52.96.

MGM Resorts International Price Performance

MGM opened at $37.81 on Monday. The company has a quick ratio of 1.30, a current ratio of 1.34 and a debt-to-equity ratio of 1.80. The company’s 50-day moving average price is $42.88 and its 200 day moving average price is $41.81. MGM Resorts International has a fifty-two week low of $29.18 and a fifty-two week high of $51.59. The firm has a market cap of $9.51 billion, a price-to-earnings ratio of 22.91, a price-to-earnings-growth ratio of 1.99 and a beta of 1.28.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, July 29th. The company reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.03. The company had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.42 billion. MGM Resorts International had a return on equity of 23.30% and a net margin of 2.40%.MGM Resorts International’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.79 earnings per share. As a group, sell-side analysts expect that MGM Resorts International will post 1.96 earnings per share for the current year.

Institutional Trading of MGM Resorts International

A number of hedge funds and other institutional investors have recently made changes to their positions in MGM. Norges Bank acquired a new stake in shares of MGM Resorts International in the 4th quarter worth approximately $82,348,000. Man Group plc acquired a new position in shares of MGM Resorts International during the second quarter valued at approximately $25,771,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in MGM Resorts International during the second quarter worth approximately $22,681,000. Clough Capital Partners L P bought a new stake in MGM Resorts International during the first quarter worth approximately $15,857,000. Finally, Legal & General Group Plc acquired a new stake in MGM Resorts International in the second quarter worth approximately $16,570,000. 68.11% of the stock is currently owned by institutional investors.

MGM Resorts International Company Profile

MGM Resorts International is a global hospitality and entertainment company that owns and operates destination resorts, casinos, hotels, restaurants, convention facilities and live-entertainment venues. Its properties offer casino gaming, hotel accommodations, dining, nightlife, retail, spa services, sporting events and other leisure activities.

The company operates a portfolio of resorts in Las Vegas and other U.S. markets, including properties associated with brands such as MGM Grand, Bellagio, ARIA, Mandalay Bay, Park MGM, New York-New York and MGM National Harbor.