MGM Resorts International (NYSE:MGM) Shares Up 8.4% – Here’s What Happened

Shares of MGM Resorts International (NYSE:MGM) traded up 8.4% during trading on Wednesday . The company traded as high as $37.27 and last traded at $37.1530. 3,381,006 shares were traded during mid-day trading, a decline of 33% from the average session volume of 5,067,208 shares. The stock had previously closed at $34.27.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on MGM shares. Zacks Research raised shares of MGM Resorts International from a “strong sell” rating to a “hold” rating in a research report on Monday, December 22nd. Capital One Financial cut their target price on shares of MGM Resorts International from $47.00 to $46.00 and set an “overweight” rating on the stock in a research note on Friday, December 5th. Barclays set a $37.00 price target on shares of MGM Resorts International in a research note on Friday, February 6th. Mizuho set a $62.00 price objective on shares of MGM Resorts International in a report on Thursday, October 30th. Finally, Citigroup upped their target price on MGM Resorts International from $35.00 to $41.00 and gave the stock a “neutral” rating in a report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have given a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $41.94.

MGM Resorts International Stock Performance

The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.20 and a current ratio of 1.23. The stock has a market capitalization of $9.51 billion, a P/E ratio of 49.58 and a beta of 1.44. The business has a 50-day moving average price of $35.61 and a 200 day moving average price of $34.89.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, February 4th. The company reported $1.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.96. MGM Resorts International had a return on equity of 26.04% and a net margin of 1.17%.The company had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.42 billion. During the same quarter last year, the company earned $0.45 EPS. As a group, sell-side analysts forecast that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Iac Inc. bought 1,098,748 shares of the firm’s stock in a transaction on Friday, December 5th. The stock was acquired at an average cost of $36.30 per share, with a total value of $39,884,552.40. Following the completion of the acquisition, the insider owned 65,822,350 shares of the company’s stock, valued at approximately $2,389,351,305. This represents a 1.70% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 3.06% of the company’s stock.

Institutional Investors Weigh In On MGM Resorts International

Institutional investors and hedge funds have recently made changes to their positions in the company. Corient Private Wealth LLC raised its holdings in shares of MGM Resorts International by 356.6% during the second quarter. Corient Private Wealth LLC now owns 528,526 shares of the company’s stock valued at $18,176,000 after purchasing an additional 412,767 shares during the last quarter. American Assets Inc. raised its stake in MGM Resorts International by 66.7% during the 2nd quarter. American Assets Inc. now owns 30,000 shares of the company’s stock valued at $950,000 after buying an additional 12,000 shares during the last quarter. WINTON GROUP Ltd bought a new position in shares of MGM Resorts International during the 2nd quarter valued at $6,351,000. Wealth Enhancement Advisory Services LLC boosted its stake in shares of MGM Resorts International by 109.7% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 129,115 shares of the company’s stock worth $4,276,000 after buying an additional 67,542 shares during the last quarter. Finally, Permanent Capital Management LP purchased a new position in shares of MGM Resorts International in the 3rd quarter worth $738,000. Institutional investors own 68.11% of the company’s stock.

About MGM Resorts International

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.