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

MGM Resorts International (NYSE:MGM) had its target price increased by equities research analysts at JMP Securities from $57.00 to $58.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has a “market outperform” rating on the stock. JMP Securities’ price objective suggests a potential upside of 42.16% from the stock’s previous close.

MGM has been the topic of a number of other research reports. Barclays raised their price objective on shares of MGM Resorts International from $55.00 to $56.00 and gave the stock an “overweight” rating in a report on Thursday. Bank Of America (Bofa) boosted their price objective 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. Mizuho upped their price target on shares of MGM Resorts International from $61.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday. JPMorgan Chase & Co. increased their price target on shares of MGM Resorts International from $54.00 to $57.00 and gave the stock an “overweight” rating in a report on Thursday. Finally, Morgan Stanley increased their price target on shares of MGM Resorts International from $45.00 to $46.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 9th. Two equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $54.83.

MGM Resorts International Price Performance

NYSE:MGM traded down $0.24 during mid-day trading on Monday, reaching $40.80. The stock had a trading volume of 1,682,212 shares, compared to its average volume of 3,896,305. MGM Resorts International has a 12 month low of $34.12 and a 12 month high of $51.35. The company has a debt-to-equity ratio of 1.56, a current ratio of 1.51 and a quick ratio of 1.46. The stock has a market capitalization of $12.80 billion, a PE ratio of 15.68, a P/E/G ratio of 0.95 and a beta of 2.22. The stock has a 50-day simple moving average of $43.52 and a two-hundred day simple moving average of $42.32.

MGM Resorts International (NYSE:MGM) last posted 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. The company had revenue of $4.38 billion during the quarter, compared to the consensus estimate of $4.24 billion. MGM Resorts International had a net margin of 5.35% and a return on equity of 23.62%. The firm’s revenue for the quarter was up 13.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.44 earnings per share. On average, equities analysts anticipate that MGM Resorts International will post 2.76 earnings per share for the current year.

Insider Transactions at MGM Resorts International

In other news, Director Keith A. Meister sold 325,000 shares of the company’s stock in a transaction dated Tuesday, March 12th. The stock was 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 in the company, valued at approximately $261,637,576.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.83% of the company’s stock.

Institutional Investors Weigh In On MGM Resorts International

A number of large investors have recently added to or reduced their stakes in the stock. Texas Permanent School Fund Corp lifted its stake in shares of MGM Resorts International by 0.4% in the 1st quarter. Texas Permanent School Fund Corp now owns 56,487 shares of the company’s stock valued at $2,667,000 after acquiring an additional 245 shares during the last quarter. FDx Advisors Inc. grew its holdings in MGM Resorts International by 4.3% during the 1st quarter. FDx Advisors Inc. now owns 7,383 shares of the company’s stock worth $349,000 after acquiring an additional 307 shares during the period. Catalina Capital Group LLC acquired a new stake in shares of MGM Resorts International in the 1st quarter valued at about $306,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in shares of MGM Resorts International in the 1st quarter valued at about $204,000. Finally, Central Pacific Bank Trust Division acquired a new stake in shares of MGM Resorts International in the 1st quarter valued at about $143,000. Institutional investors and hedge funds 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.