MGM Resorts International (NYSE:MGM) Price Target Raised to $55.00

MGM Resorts International (NYSE:MGM) had its price target lifted by Argus from $45.00 to $55.00 in a report published on Monday, Marketbeat Ratings reports. Argus currently has a buy rating on the stock.

Other equities research analysts also recently issued research reports about the stock. Citigroup raised their price objective on shares of MGM Resorts International from $40.00 to $48.00 and gave the stock a “neutral” rating in a research note on Thursday, July 2nd. Truist Financial upgraded shares of MGM Resorts International from a “hold” rating to a “buy” rating and upped their target price for the company from $42.00 to $55.00 in a research note on Wednesday, May 27th. Stifel Nicolaus reissued a “hold” rating and issued a $49.00 price target (up from $48.00) on shares of MGM Resorts International in a report on Monday, June 15th. The Goldman Sachs Group restated a “sell” rating and issued a $43.00 price target on shares of MGM Resorts International in a research report on Wednesday, July 15th. Finally, KeyCorp upgraded shares of MGM Resorts International from a “sector weight” rating to an “overweight” rating and set a $117.00 price objective on the stock in a report on Monday, April 27th. Two research 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 stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $53.37.

MGM Resorts International Price Performance

NYSE MGM opened at $43.25 on Monday. The stock has a 50-day simple moving average of $46.15 and a 200 day simple moving average of $40.93. MGM Resorts International has a twelve month low of $29.18 and a twelve month high of $51.59. The stock has a market capitalization of $10.88 billion, a PE ratio of 26.21, a P/E/G ratio of 2.21 and a beta of 1.31. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.30 and a current ratio of 1.34.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, July 29th. The company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.03. The firm had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.42 billion. MGM Resorts International had a return on equity of 23.30% and a net margin of 2.40%.The company’s revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.79 EPS. Research analysts anticipate that MGM Resorts International will post 1.96 EPS for the current year.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, Director Daniel J. Taylor sold 6,675 shares of the business’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $38.44, for a total value of $256,587.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 3.38% of the stock is owned by company insiders.

Institutional Trading of MGM Resorts International

Several institutional investors have recently made changes to their positions in MGM. AQR Capital Management LLC grew its position in MGM Resorts International by 202.5% in the third quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company’s stock valued at $292,772,000 after acquiring an additional 5,654,757 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in shares of MGM Resorts International by 81.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company’s stock valued at $264,874,000 after acquiring an additional 3,429,946 shares during the period. Davis Selected Advisers lifted its holdings in shares of MGM Resorts International by 12.0% during the fourth quarter. Davis Selected Advisers now owns 26,820,202 shares of the company’s stock valued at $978,669,000 after acquiring an additional 2,866,750 shares during the period. Norges Bank acquired a new stake in shares of MGM Resorts International in the 4th quarter valued at $82,348,000. Finally, Samlyn Capital LLC acquired a new stake in shares of MGM Resorts International in the 3rd quarter valued at $62,787,000. 68.11% of the stock is currently owned by institutional investors and hedge funds.

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.