MGM Resorts International (NYSE:MGM) Price Target Raised to $56.00

MGM Resorts International (NYSE:MGM) had its price target raised by equities research analysts at Barclays from $55.00 to $56.00 in a report issued on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s price objective points to a potential upside of 37.12% from the stock’s current price.

A number of other equities research analysts have also recently commented on the company. Macquarie reaffirmed an “outperform” rating and set a $58.00 price objective on shares of MGM Resorts International in a research note on Wednesday, February 14th. Bank Of America (Bofa) increased their price target on shares of MGM Resorts International from $45.00 to $50.00 and gave the company a “neutral” rating in a research report on Wednesday, February 14th. Deutsche Bank Aktiengesellschaft upped their target price on shares of MGM Resorts International from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Wednesday, February 14th. JMP Securities reiterated a “market outperform” rating and issued a $57.00 price objective on shares of MGM Resorts International in a research report on Wednesday, February 14th. Finally, Susquehanna upgraded shares of MGM Resorts International from a “neutral” rating to a “positive” rating and increased their price objective for the stock from $46.00 to $54.00 in a research note on Thursday. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, MGM Resorts International has a consensus rating of “Moderate Buy” and an average target price of $56.03.

MGM Resorts International Price Performance

MGM Resorts International stock traded up $1.09 during mid-day trading on Thursday, hitting $40.84. 4,994,823 shares of the company were exchanged, compared to its average volume of 3,886,373. The company has a quick ratio of 1.53, a current ratio of 1.57 and a debt-to-equity ratio of 1.46. The business has a fifty day moving average of $43.58 and a 200 day moving average of $42.22. MGM Resorts International has a 1-year low of $34.12 and a 1-year high of $51.35. The company has a market capitalization of $12.95 billion, a PE ratio of 12.90, a price-to-earnings-growth ratio of 1.62 and a beta of 2.22.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, May 1st. The company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.18. MGM Resorts International had a return on equity of 20.51% and a net margin of 7.07%. The firm had revenue of $4.38 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same period in the prior year, the company posted $0.44 earnings per share. The business’s revenue for the quarter was up 13.2% compared to the same quarter last year. As a group, sell-side analysts expect that MGM Resorts International will post 2.46 earnings per share for the current year.

Insider Activity at MGM Resorts International

In related news, Director Keith A. Meister sold 325,000 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $42.90, for a total transaction of $13,942,500.00. Following the completion of the sale, the director now owns 6,098,778 shares of the company’s stock, valued at $261,637,576.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.13% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in MGM. Daiwa Securities Group Inc. raised its holdings in MGM Resorts International by 7.8% in the 1st quarter. Daiwa Securities Group Inc. now owns 27,210 shares of the company’s stock valued at $1,285,000 after buying an additional 1,971 shares during the last quarter. Bryn Mawr Capital Management LLC acquired a new stake in shares of MGM Resorts International during the 1st quarter worth approximately $204,000. Janney Montgomery Scott LLC grew its position in shares of MGM Resorts International by 109.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 63,598 shares of the company’s stock worth $3,002,000 after buying an additional 33,207 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in shares of MGM Resorts International by 40.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 38,099 shares of the company’s stock worth $1,666,000 after buying an additional 10,886 shares during the period. Finally, Private Advisor Group LLC grew its position in shares of MGM Resorts International by 7.5% during the 1st quarter. Private Advisor Group LLC now owns 26,942 shares of the company’s stock worth $1,272,000 after buying an additional 1,877 shares during the period. Institutional investors 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.