MGM Resorts International (NYSE:MGM) Coverage Initiated by Analysts at JPMorgan Chase & Co.

Investment analysts at JPMorgan Chase & Co. began coverage on shares of MGM Resorts International (NYSE:MGM) in a research note issued on Monday, MarketBeat reports. The brokerage set a “neutral” rating and a $38.00 price target on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 11.06% from the stock’s current price.

Several other equities analysts have also commented on MGM. JMP Securities lowered their price objective on MGM Resorts International from $50.00 to $45.00 and set a “market outperform” rating for the company in a research report on Thursday, April 17th. Morgan Stanley lowered their price objective on MGM Resorts International from $37.00 to $36.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 16th. Stifel Nicolaus lowered their price objective on MGM Resorts International from $50.00 to $44.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. Macquarie lowered their price objective on MGM Resorts International from $50.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, May 2nd. Finally, Susquehanna raised their price objective on MGM Resorts International from $45.00 to $50.00 and gave the company a “positive” rating in a research report on Thursday, May 1st. Six investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat, MGM Resorts International presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.29.

MGM Resorts International Stock Performance

Shares of MGM stock opened at $34.22 on Monday. The stock has a fifty day moving average of $32.18 and a 200 day moving average of $32.87. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $47.26. The firm has a market capitalization of $9.31 billion, a price-to-earnings ratio of 15.28, a PEG ratio of 2.29 and a beta of 1.76. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 1.79.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.19. MGM Resorts International had a return on equity of 20.64% and a net margin of 3.95%. The company had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same quarter last year, the firm posted $0.74 earnings per share. The firm’s revenue was down 2.4% on a year-over-year basis. As a group, research analysts expect that MGM Resorts International will post 2.21 earnings per share for the current year.

MGM Resorts International declared that its board has initiated a stock repurchase program on Wednesday, April 30th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to buy up to 22.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, COO Corey Ian Sanders sold 40,000 shares of the business’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $34.43, for a total value of $1,377,200.00. Following the completion of the transaction, the chief operating officer now owns 281,530 shares of the company’s stock, valued at approximately $9,693,077.90. The trade was a 12.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Keith A. Meister sold 60,000 shares of the business’s stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $32.09, for a total value of $1,925,400.00. Following the completion of the transaction, the director now directly owns 5,627,478 shares of the company’s stock, valued at approximately $180,585,769.02. This trade represents a 1.05% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 105,261 shares of company stock valued at $3,486,367 in the last quarter. 3.06% of the stock is owned by insiders.

Hedge Funds Weigh In On MGM Resorts International

Hedge funds have recently bought and sold shares of the business. ArrowMark Colorado Holdings LLC raised its position in MGM Resorts International by 42.8% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 937,175 shares of the company’s stock worth $32,473,000 after buying an additional 280,700 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of MGM Resorts International by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,283,110 shares of the company’s stock valued at $79,110,000 after purchasing an additional 38,749 shares during the last quarter. Korea Investment CORP increased its position in shares of MGM Resorts International by 964.3% during the 4th quarter. Korea Investment CORP now owns 145,287 shares of the company’s stock valued at $5,034,000 after purchasing an additional 131,636 shares during the last quarter. ACR Alpine Capital Research LLC increased its position in shares of MGM Resorts International by 23.3% during the 4th quarter. ACR Alpine Capital Research LLC now owns 161,990 shares of the company’s stock valued at $5,613,000 after purchasing an additional 30,605 shares during the last quarter. Finally, Davis Selected Advisers increased its position in shares of MGM Resorts International by 4.6% during the 4th quarter. Davis Selected Advisers now owns 19,920,713 shares of the company’s stock valued at $690,253,000 after purchasing an additional 882,417 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

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.