MGM Resorts International (NYSE:MGM) Given New $58.00 Price Target at JMP Securities

MGM Resorts International (NYSE:MGM) had its price target raised by JMP Securities from $57.00 to $58.00 in a report issued on Monday morning, Benzinga reports. The firm currently has a market outperform rating on the stock.

MGM has been the topic of a number of other research reports. Morgan Stanley lifted their target price on MGM Resorts International from $45.00 to $46.00 and gave the company an equal weight rating in a research report on Tuesday, April 9th. Mizuho raised their price target on MGM Resorts International from $61.00 to $62.00 and gave the company a buy rating in a research note on Thursday, May 2nd. Macquarie reiterated an outperform rating and set a $58.00 price objective on shares of MGM Resorts International in a research note on Wednesday, February 14th. StockNews.com upgraded shares of MGM Resorts International from a hold rating to a buy rating in a research note on Thursday, May 2nd. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on MGM Resorts International from $50.00 to $52.00 and gave the stock a buy rating in a report on Wednesday, February 14th. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, MGM Resorts International has a consensus rating of Moderate Buy and an average target price of $54.83.

MGM Resorts International Price Performance

NYSE MGM opened at $40.86 on Monday. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.46 and a current ratio of 1.51. The stock has a market cap of $12.82 billion, a price-to-earnings ratio of 15.77, a PEG ratio of 0.95 and a beta of 2.22. The business has a 50 day simple moving average of $43.50 and a 200 day simple moving average of $42.36. MGM Resorts International has a 52-week low of $34.12 and a 52-week high of $51.35.

MGM Resorts International (NYSE:MGM) last issued 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. 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 was up 13.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.44 earnings per share. Analysts anticipate that MGM Resorts International will post 2.76 earnings per share for the current fiscal year.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 325,000 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $42.90, for a total value of $13,942,500.00. Following the sale, the director now owns 6,098,778 shares of the company’s stock, valued at approximately $261,637,576.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 2.83% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in MGM. Fisher Asset Management LLC grew its position in MGM Resorts International by 4.9% during the 4th quarter. Fisher Asset Management LLC now owns 4,346,250 shares of the company’s stock worth $194,190,000 after acquiring an additional 202,434 shares during the last quarter. RB Capital Management LLC increased its stake in shares of MGM Resorts International by 6.6% in the fourth quarter. RB Capital Management LLC now owns 17,040 shares of the company’s stock valued at $761,000 after buying an additional 1,060 shares during the period. Bamco Inc. NY lifted its position in shares of MGM Resorts International by 4.5% in the 3rd quarter. Bamco Inc. NY now owns 1,912,447 shares of the company’s stock worth $70,302,000 after purchasing an additional 82,134 shares during the period. Black Swift Group LLC grew its holdings in MGM Resorts International by 133.3% during the 3rd quarter. Black Swift Group LLC now owns 105,000 shares of the company’s stock worth $3,860,000 after acquiring an additional 60,000 shares during the period. Finally, Allworth Financial LP increased its holdings in MGM Resorts International by 122.0% in the fourth quarter. Allworth Financial LP now owns 6,843 shares of the company’s stock worth $306,000 after purchasing an additional 3,760 shares in the last quarter. 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.