MGM Resorts International (NYSE:MGM) Price Target Raised to $57.00

MGM Resorts International (NYSE:MGM) had its price objective raised by Capital One Financial from $53.00 to $57.00 in a research report released on Monday. The brokerage currently has an overweight rating on the stock.

MGM has been the subject of a number of other research reports. Argus lifted their price target on MGM Resorts International from $45.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, August 17th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of MGM Resorts International from $48.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Stifel Nicolaus reaffirmed a “hold” rating and set a $49.00 price objective (up from $48.00) on shares of MGM Resorts International in a report on Monday, June 15th. HSBC upgraded MGM Resorts International to a “strong-buy” rating in a research report on Thursday, July 30th. Finally, Mizuho set a $55.00 price objective on MGM Resorts International in a report on Thursday. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, MGM Resorts International has a consensus rating of “Moderate Buy” and a consensus target price of $52.96.

MGM Resorts International Price Performance

MGM stock opened at $33.78 on Monday. The firm has a 50 day moving average of $42.88 and a 200-day moving average of $41.81. The company has a current ratio of 1.34, a quick ratio of 1.30 and a debt-to-equity ratio of 1.80. The firm has a market capitalization of $8.50 billion, a P/E ratio of 20.54, a price-to-earnings-growth ratio of 1.99 and a beta of 1.28. MGM Resorts International has a 12 month low of $29.18 and a 12 month high of $51.59.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.03. The firm had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.42 billion. MGM Resorts International had a net margin of 2.40% and a return on equity of 23.30%. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.79 EPS. As a group, sell-side analysts predict that MGM Resorts International will post 1.96 earnings per share for the current fiscal year.

Institutional Trading of MGM Resorts International

Institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank purchased a new position in MGM Resorts International during the fourth quarter valued at $82,348,000. Man Group plc purchased a new stake in shares of MGM Resorts International in the 2nd quarter worth approximately $25,771,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of MGM Resorts International in the 2nd quarter worth approximately $22,681,000. Clough Capital Partners L P bought a new position in MGM Resorts International during the 1st quarter valued at approximately $15,857,000. Finally, Legal & General Group Plc purchased a new position in MGM Resorts International during the second quarter valued at $16,570,000. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

MGM Resorts International News Roundup

Here are the key news stories impacting MGM Resorts International this week:

• Positive Sentiment: Capital One raised its price target on MGM from $53 to $57 and maintained an “overweight” rating, implying substantial upside from the current trading level.
• Positive Sentiment: Susquehanna lowered its target from $55 to $46 but retained a positive rating, indicating that analysts still see meaningful upside despite the failed deal.
• Neutral Sentiment: MGM’s board confirmed its commitment to executing the company’s strategy as a standalone business after People Inc. withdrew its proposal. MGM Resorts board confirms standalone strategy
• Negative Sentiment: The failed takeover eliminates the immediate possibility of a deal near the reported $48.30-per-share proposal, likely weighing on investor expectations and the stock’s valuation. Barry Diller withdraws MGM bid
• Negative Sentiment: A securities law firm announced an investigation related to Diller’s proposal, adding a potential legal and governance overhang. The announcement is an investigation notice, not a finding of wrongdoing. MGM investor investigation announcement

MGM Resorts International Company Profile

MGM Resorts International is a global hospitality and entertainment company that owns and operates destination resorts, casinos, hotels, restaurants, convention facilities and live-entertainment venues. Its properties offer casino gaming, hotel accommodations, dining, nightlife, retail, spa services, sporting events and other leisure activities.

The company operates a portfolio of resorts in Las Vegas and other U.S. markets, including properties associated with brands such as MGM Grand, Bellagio, ARIA, Mandalay Bay, Park MGM, New York-New York and MGM National Harbor.