Stifel Nicolaus Issues Positive Forecast for MGM Resorts International (NYSE:MGM) Stock Price

MGM Resorts International (NYSE:MGM) had its price target upped by Stifel Nicolaus from $48.00 to $50.00 in a research note issued to investors on Thursday morning,Benzinga reports. Stifel Nicolaus currently has a buy rating on the stock.

A number of other brokerages have also recently commented on MGM. Barclays lifted their price objective on MGM Resorts International from $43.00 to $44.00 and gave the stock an “overweight” rating in a research note on Friday, July 18th. Truist Financial lifted their price objective on MGM Resorts International from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, July 16th. Susquehanna lifted their price objective on MGM Resorts International from $50.00 to $60.00 and gave the stock a “positive” rating in a research note on Tuesday. Seaport Res Ptn cut MGM Resorts International from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 21st. Finally, JPMorgan Chase & Co. started coverage on MGM Resorts International in a research note on Monday, June 23rd. They set a “neutral” rating and a $38.00 price objective for the company. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $48.56.

MGM Resorts International Stock Down 3.7%

NYSE MGM opened at $36.47 on Thursday. The stock has a fifty day moving average of $35.04 and a 200-day moving average of $33.38. The stock has a market capitalization of $9.93 billion, a P/E ratio of 20.04, a price-to-earnings-growth ratio of 2.45 and a beta of 1.76. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $43.99. The company has a debt-to-equity ratio of 1.79, a quick ratio of 1.26 and a current ratio of 1.31.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, July 30th. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.58 by $0.21. The company had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.28 billion. MGM Resorts International had a return on equity of 19.40% and a net margin of 3.13%. The business’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same period last year, the firm earned $0.86 EPS. On average, equities research analysts forecast that MGM Resorts International will post 2.21 EPS for the current year.

MGM Resorts International announced that its Board of Directors has approved a share repurchase plan on Wednesday, April 30th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 22.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other news, COO Corey Ian Sanders sold 40,000 shares of the business’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $34.43, for a total value of $1,377,200.00. Following the sale, the chief operating officer directly owned 281,530 shares in the company, valued at $9,693,077.90. The trade was a 12.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Keith A. Meister sold 60,000 shares of the business’s stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $32.09, for a total value of $1,925,400.00. Following the completion of the sale, the director owned 5,627,478 shares in the company, valued at approximately $180,585,769.02. This trade represents a 1.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 105,261 shares of company stock worth $3,486,367 over the last three months. Corporate insiders own 3.06% of the company’s stock.

Institutional Trading of MGM Resorts International

Institutional investors have recently modified their holdings of the company. ArrowMark Colorado Holdings LLC lifted its holdings in shares of MGM Resorts International by 42.8% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 937,175 shares of the company’s stock valued at $32,473,000 after purchasing an additional 280,700 shares in the last quarter. Vontobel Holding Ltd. raised its holdings in MGM Resorts International by 74.6% during the first quarter. Vontobel Holding Ltd. now owns 21,778 shares of the company’s stock worth $646,000 after acquiring an additional 9,304 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in MGM Resorts International by 60.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 61,748 shares of the company’s stock worth $1,830,000 after acquiring an additional 23,234 shares in the last quarter. Aviva PLC raised its holdings in MGM Resorts International by 1,243.5% during the fourth quarter. Aviva PLC now owns 137,912 shares of the company’s stock worth $4,779,000 after acquiring an additional 127,647 shares in the last quarter. Finally, Achmea Investment Management B.V. raised its holdings in MGM Resorts International by 46.3% during the first quarter. Achmea Investment Management B.V. now owns 35,227 shares of the company’s stock worth $1,045,000 after acquiring an additional 11,152 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors.

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.