JMP Securities Increases MGM Resorts International (NYSE:MGM) Price Target to $58.00

MGM Resorts International (NYSE:MGM) had its price objective hoisted by equities researchers at JMP Securities from $57.00 to $58.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has a “market outperform” rating on the stock. JMP Securities’ price target would indicate a potential upside of 42.72% from the company’s previous close.

A number of other equities analysts also recently weighed in on MGM. Mizuho boosted their target price on shares of MGM Resorts International from $61.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, May 2nd. Susquehanna upgraded shares of MGM Resorts International from a “neutral” rating to a “positive” rating and increased their price objective for the company from $46.00 to $54.00 in a report on Thursday, May 2nd. Deutsche Bank Aktiengesellschaft lifted their target price on shares of MGM Resorts International from $50.00 to $52.00 and gave the stock a “buy” rating in a report on Wednesday, February 14th. JPMorgan Chase & Co. increased their price target on MGM Resorts International from $54.00 to $57.00 and gave the company an “overweight” rating in a research note on Thursday, May 2nd. Finally, TheStreet raised MGM Resorts International from a “c+” rating to a “b-” rating in a research note on Tuesday, February 13th. Two investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $54.83.

MGM Resorts International Stock Down 0.9 %

NYSE MGM opened at $40.64 on Monday. The stock’s 50 day simple moving average is $43.48 and its 200 day simple moving average is $42.40. MGM Resorts International has a one year low of $34.12 and a one year high of $51.35. The firm has a market cap of $12.75 billion, a PE ratio of 15.63, a price-to-earnings-growth ratio of 0.95 and a beta of 2.22. The company has a debt-to-equity ratio of 1.56, a current ratio of 1.51 and a quick ratio of 1.46.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, May 1st. The company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.56 by $0.18. MGM Resorts International had a return on equity of 23.62% and a net margin of 5.35%. The company had revenue of $4.38 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter in the prior year, the business earned $0.44 earnings per share. The business’s revenue for the quarter was up 13.2% on a year-over-year basis. As a group, sell-side analysts forecast that MGM Resorts International will post 2.76 earnings per share for the current fiscal year.

Insider Activity

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

Institutional Investors Weigh In On MGM Resorts International

A number of hedge funds and other institutional investors have recently bought and sold shares of MGM. CVA Family Office LLC acquired a new stake in shares of MGM Resorts International in the fourth quarter valued at approximately $28,000. Sandy Spring Bank increased its stake in MGM Resorts International by 140.8% in the 3rd quarter. Sandy Spring Bank now owns 855 shares of the company’s stock valued at $31,000 after buying an additional 500 shares during the last quarter. Sunbelt Securities Inc. lifted its position in MGM Resorts International by 510.2% during the 3rd quarter. Sunbelt Securities Inc. now owns 1,196 shares of the company’s stock worth $44,000 after buying an additional 1,000 shares in the last quarter. Accent Capital Management LLC acquired a new position in shares of MGM Resorts International during the 4th quarter worth about $45,000. Finally, Mendota Financial Group LLC grew its holdings in shares of MGM Resorts International by 36.0% in the 1st quarter. Mendota Financial Group LLC now owns 1,004 shares of the company’s stock valued at $47,000 after acquiring an additional 266 shares in the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

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.