Susquehanna Forecasts Strong Price Appreciation for MGM Resorts International (NYSE:MGM) Stock

MGM Resorts International (NYSE:MGM) had its price objective lifted by equities research analysts at Susquehanna from $45.00 to $50.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “positive” rating on the stock. Susquehanna’s target price points to a potential upside of 56.45% from the company’s previous close.

Other research analysts have also issued reports about the stock. Macquarie restated an “outperform” rating and set a $50.00 price target on shares of MGM Resorts International in a research report on Thursday, February 13th. Wedbush restated an “outperform” rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Argus upgraded MGM Resorts International from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Friday, February 14th. Citigroup upped their price objective on shares of MGM Resorts International from $48.00 to $50.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Finally, Susquehanna Bancshares lifted their target price on shares of MGM Resorts International from $53.00 to $56.00 in a research report on Wednesday, February 12th. Five investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, MGM Resorts International has a consensus rating of “Moderate Buy” and a consensus price target of $48.94.

MGM Resorts International Price Performance

Shares of NYSE MGM opened at $31.96 on Thursday. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $47.26. The stock has a market cap of $9.04 billion, a PE ratio of 13.32, a price-to-earnings-growth ratio of 0.98 and a beta of 1.96. The stock has a fifty day moving average of $30.81 and a 200-day moving average of $34.33.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.19. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. The firm had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.29 billion. During the same period in the prior year, the business posted $0.74 earnings per share. The company’s revenue was down 2.4% on a year-over-year basis. Equities research analysts anticipate 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 buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 22.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, CAO Todd Meinert sold 6,000 shares of the company’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total transaction of $227,040.00. Following the completion of the transaction, the chief accounting officer now directly owns 18,301 shares of the company’s stock, valued at approximately $692,509.84. This represents a 24.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Jonathan S. Halkyard bought 10,000 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average cost of $32.17 per share, for a total transaction of $321,700.00. Following the completion of the purchase, the chief financial officer now directly owns 75,648 shares of the company’s stock, valued at $2,433,596.16. The trade was a 15.23 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 3.06% of the company’s stock.

Institutional Trading of MGM Resorts International

Several large investors have recently added to or reduced their stakes in the stock. Assetmark Inc. lifted its position in shares of MGM Resorts International by 104.1% in the 4th quarter. Assetmark Inc. now owns 806 shares of the company’s stock worth $28,000 after purchasing an additional 411 shares during the period. Mascagni Wealth Management Inc. purchased a new stake in MGM Resorts International in the fourth quarter worth about $28,000. Global Trust Asset Management LLC bought a new stake in MGM Resorts International during the 4th quarter valued at approximately $28,000. True Wealth Design LLC purchased a new position in shares of MGM Resorts International during the 4th quarter worth approximately $33,000. Finally, Golden State Wealth Management LLC raised its position in shares of MGM Resorts International by 83.5% in the 1st quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company’s stock worth $30,000 after acquiring an additional 455 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.