MGM Resorts International (NYSE:MGM) Hits New 12-Month High on Analyst Upgrade

MGM Resorts International (NYSE:MGM)’s share price hit a new 52-week high on Friday after JPMorgan Chase & Co. raised their price target on the stock from $41.00 to $42.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. MGM Resorts International traded as high as $40.20 and last traded at $39.3260, with a volume of 1427610 shares trading hands. The stock had previously closed at $38.49.

Several other equities analysts have also recently issued reports on MGM. Citigroup raised their price target on MGM Resorts International from $35.00 to $41.00 and gave the company a “neutral” rating in a report on Friday, February 6th. Barclays set a $37.00 price target on shares of MGM Resorts International in a research note on Friday, February 6th. Truist Financial boosted their price target on shares of MGM Resorts International from $38.00 to $39.00 and gave the stock a “hold” rating in a research note on Friday, February 6th. Berenberg Bank reissued a “buy” rating on shares of MGM Resorts International in a research note on Wednesday, February 11th. Finally, UBS Group dropped their price target on shares of MGM Resorts International from $40.00 to $39.00 and set a “neutral” rating for the company in a research note on Friday, April 10th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $41.80.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 37,500 shares of the company’s stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $34.27, for a total value of $1,285,125.00. Following the completion of the sale, the director owned 5,347,978 shares of the company’s stock, valued at approximately $183,275,206.06. This represents a 0.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Iac Inc. bought 450,000 shares of the stock in a transaction on Tuesday, March 24th. The stock was purchased at an average cost of $37.13 per share, with a total value of $16,708,500.00. Following the purchase, the insider directly owned 66,822,350 shares of the company’s stock, valued at approximately $2,481,113,855.50. This represents a 0.68% increase in their position. The disclosure for this purchase is available in the SEC filing. 3.38% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On MGM Resorts International

Several large investors have recently bought and sold shares of MGM. CYBER HORNET ETFs LLC acquired a new position in shares of MGM Resorts International in the second quarter valued at approximately $25,000. Mendota Financial Group LLC acquired a new position in shares of MGM Resorts International in the third quarter valued at approximately $27,000. Global Retirement Partners LLC boosted its holdings in shares of MGM Resorts International by 55.9% in the fourth quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock valued at $29,000 after buying an additional 281 shares during the period. Mather Group LLC. acquired a new position in shares of MGM Resorts International in the third quarter valued at approximately $33,000. Finally, Elyxium Wealth LLC acquired a new position in shares of MGM Resorts International in the fourth quarter valued at approximately $42,000. Institutional investors own 68.11% of the company’s stock.

MGM Resorts International Price Performance

The company has a market cap of $10.04 billion, a price-to-earnings ratio of 52.44 and a beta of 1.35. The company has a quick ratio of 1.20, a current ratio of 1.23 and a debt-to-equity ratio of 1.91. The company’s fifty day moving average price is $36.47 and its two-hundred day moving average price is $35.00.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, February 4th. The company reported $1.60 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.96. The company had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.42 billion. MGM Resorts International had a net margin of 1.17% and a return on equity of 26.04%. During the same quarter in the prior year, the company earned $0.45 earnings per share. On average, equities research analysts forecast that MGM Resorts International will post 2.21 EPS for the current fiscal year.

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.