MGM Resorts International (NYSE:MGM) Price Target Raised to $41.00

MGM Resorts International (NYSE:MGMFree Report) had its price target upped by JPMorgan Chase & Co. from $39.00 to $41.00 in a research note issued to investors on Friday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Several other equities analysts have also issued reports on the stock. Texas Capital upgraded shares of MGM Resorts International to a “strong-buy” rating in a report on Thursday, January 8th. Argus lowered their price objective on MGM Resorts International from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, November 14th. The Goldman Sachs Group reissued a “sell” rating and issued a $33.00 target price on shares of MGM Resorts International in a report on Monday, December 15th. Mizuho set a $62.00 price target on MGM Resorts International in a report on Thursday, October 30th. Finally, Citigroup dropped their price target on shares of MGM Resorts International from $51.00 to $47.50 and set a “buy” rating on the stock in a research note on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, ten have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $43.82.

View Our Latest Report on MGM Resorts International

MGM Resorts International Stock Performance

Shares of MGM stock opened at $37.49 on Friday. The company’s fifty day moving average price is $35.62 and its 200-day moving average price is $34.98. The stock has a market cap of $10.25 billion, a PE ratio of 49.99 and a beta of 1.44. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 1.80. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $41.32.

MGM Resorts International (NYSE:MGMGet Free Report) last issued its quarterly earnings results on Thursday, February 5th. The company reported $1.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.96. MGM Resorts International had a net margin of 1.17% and a return on equity of 25.46%. The company had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.42 billion. During the same period last year, the company posted $0.45 EPS. On average, equities analysts expect that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Iac Inc. acquired 1,098,748 shares of the business’s stock in a transaction that occurred on Friday, December 5th. The stock was bought at an average price of $36.30 per share, with a total value of $39,884,552.40. Following the completion of the acquisition, the insider directly owned 65,822,350 shares of the company’s stock, valued at approximately $2,389,351,305. The trade was a 1.70% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.06% of the stock is currently owned by company insiders.

Institutional Trading of MGM Resorts International

Several large investors have recently added to or reduced their stakes in the business. Corient Private Wealth LLC boosted its stake in shares of MGM Resorts International by 356.6% in the second quarter. Corient Private Wealth LLC now owns 528,526 shares of the company’s stock worth $18,176,000 after acquiring an additional 412,767 shares during the period. American Assets Inc. lifted its holdings in MGM Resorts International by 66.7% in the 2nd quarter. American Assets Inc. now owns 30,000 shares of the company’s stock worth $950,000 after purchasing an additional 12,000 shares in the last quarter. WINTON GROUP Ltd bought a new position in MGM Resorts International in the 2nd quarter worth approximately $6,351,000. Wealth Enhancement Advisory Services LLC grew its holdings in MGM Resorts International by 109.7% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 129,115 shares of the company’s stock valued at $4,276,000 after buying an additional 67,542 shares in the last quarter. Finally, Permanent Capital Management LP purchased a new stake in MGM Resorts International during the 3rd quarter valued at approximately $738,000. 68.11% of the stock is currently owned by institutional investors.

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MGM Resorts International Company Profile

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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.

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