Brokerages Set MGM Resorts International (NYSE:MGM) Price Target at $48.61

Shares of MGM Resorts International (NYSE:MGM) have been assigned an average rating of “Moderate Buy” from the twenty-four analysts that are covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, eight have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $48.50.

A number of research firms have commented on MGM. Macquarie reduced their target price on MGM Resorts International from $48.00 to $46.00 and set an “outperform” rating for the company in a report on Thursday. Stifel Nicolaus upped their price target on shares of MGM Resorts International from $48.00 to $50.00 and gave the stock a “buy” rating in a research note on Thursday, July 31st. Mizuho reduced their price objective on shares of MGM Resorts International from $58.00 to $56.00 and set an “outperform” rating for the company in a research note on Monday, September 22nd. Weiss Ratings restated a “sell (d+)” rating on shares of MGM Resorts International in a research report on Saturday, September 27th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on shares of MGM Resorts International from $54.00 to $53.00 in a report on Monday, September 22nd.

Insider Activity at MGM Resorts International

In related news, insider John Mcmanus sold 60,000 shares of the company’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $36.12, for a total value of $2,167,200.00. Following the sale, the insider owned 31,521 shares of the company’s stock, valued at approximately $1,138,538.52. This represents a 65.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Keith A. Meister sold 242,000 shares of the firm’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $35.42, for a total value of $8,571,640.00. Following the transaction, the director directly owned 5,385,478 shares of the company’s stock, valued at $190,753,630.76. The trade was a 4.30% decrease in their position. The disclosure for this sale can be found here. Insiders own 3.06% of the company’s stock.

Hedge Funds Weigh In On MGM Resorts International

Large investors have recently modified their holdings of the company. Helikon Investments Ltd increased its position in MGM Resorts International by 379.9% during the 2nd quarter. Helikon Investments Ltd now owns 8,810,322 shares of the company’s stock worth $302,987,000 after purchasing an additional 6,974,347 shares in the last quarter. Kingstone Capital Partners Texas LLC purchased a new stake in MGM Resorts International during the second quarter worth approximately $171,632,000. Davis Selected Advisers increased its position in shares of MGM Resorts International by 14.4% in the second quarter. Davis Selected Advisers now owns 23,821,109 shares of the company’s stock worth $819,208,000 after acquiring an additional 3,006,052 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of MGM Resorts International by 119.6% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 4,212,114 shares of the company’s stock valued at $144,855,000 after acquiring an additional 2,293,797 shares during the period. Finally, Norges Bank acquired a new position in shares of MGM Resorts International during the 2nd quarter valued at $60,570,000. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

MGM Resorts International Price Performance

Shares of MGM opened at $33.93 on Friday. The company has a current ratio of 1.22, a quick ratio of 1.18 and a debt-to-equity ratio of 1.67. The stock’s 50 day moving average is $36.26 and its two-hundred day moving average is $34.02. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $42.53. The firm has a market capitalization of $9.24 billion, a PE ratio of 18.64, a P/E/G ratio of 1.44 and a beta of 1.67.

MGM Resorts International (NYSE:MGM) last posted its quarterly 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. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%.The business had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.28 billion. During the same period last year, the firm earned $0.86 EPS. The company’s quarterly revenue was up 1.8% compared to the same quarter last year. Research analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current year.

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.