MGM Resorts International (NYSE:MGM) Given New $53.00 Price Target at JPMorgan Chase & Co.

MGM Resorts International (NYSE:MGM) had its price objective upped by JPMorgan Chase & Co. from $46.00 to $53.00 in a report published on Friday morning, Marketbeat reports. They currently have an overweight rating on the stock.

A number of other brokerages have also weighed in on MGM. Weiss Ratings upgraded MGM Resorts International from a “sell (d)” rating to a “sell (d+)” rating in a report on Friday, May 15th. Capital One Financial raised their price objective on MGM Resorts International from $46.00 to $51.00 and gave the company an “overweight” rating in a report on Friday, April 17th. The Goldman Sachs Group raised their price objective on MGM Resorts International from $34.00 to $38.00 and gave the company a “sell” rating in a report on Thursday, April 30th. Deutsche Bank Aktiengesellschaft raised their price objective on MGM Resorts International from $48.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Finally, KeyCorp upgraded 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. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $50.18.

MGM Resorts International Stock Up 3.6%

MGM Resorts International stock opened at $48.91 on Friday. The company has a debt-to-equity ratio of 1.93, a quick ratio of 1.30 and a current ratio of 1.33. The business’s 50-day simple moving average is $40.27 and its two-hundred day simple moving average is $37.35. The company has a market cap of $12.51 billion, a PE ratio of 67.93 and a beta of 1.31. MGM Resorts International has a fifty-two week low of $29.18 and a fifty-two week high of $51.59.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, April 29th. The company reported $0.49 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.07). The company had revenue of $4.45 billion during the quarter, compared to analysts’ expectations of $4.37 billion. MGM Resorts International had a return on equity of 24.43% and a net margin of 1.03%.The firm’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.69 EPS. Equities analysts anticipate that MGM Resorts International will post 1.95 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Iac Inc. bought 450,000 shares of the stock in a transaction on Tuesday, March 24th. The shares were purchased at an average price of $37.13 per share, for a total transaction of $16,708,500.00. Following the acquisition, the insider owned 66,822,350 shares in the company, valued at $2,481,113,855.50. This represents a 0.68% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Daniel J. Taylor sold 6,675 shares of the 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 SEC filing for this sale provides additional information. 3.38% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. CYBER HORNET ETFs LLC acquired a new stake in shares of MGM Resorts International during the second quarter valued at about $25,000. Global Retirement Partners LLC grew its stake in shares of MGM Resorts International by 55.9% during the fourth quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock valued at $29,000 after acquiring an additional 281 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in shares of MGM Resorts International during the first quarter valued at about $30,000. Optiver Holding B.V. acquired a new stake in shares of MGM Resorts International during the first quarter valued at about $35,000. Finally, Elyxium Wealth LLC acquired a new stake in shares of MGM Resorts International during the fourth quarter valued at about $42,000. 68.11% of the stock is owned by hedge funds and other institutional investors.

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.