MGM Resorts International (NYSE:MGM) Stock Has Consensus Price Target of $50.72 According to Analysts

MGM Resorts International (NYSE:MGM) has received an average rating of “Hold” from the twenty-two brokerages that are presently covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a sell recommendation, eight have given a hold recommendation, nine have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $49.96.

A number of brokerages have recently commented on MGM. Wells Fargo & Company upgraded MGM Resorts International from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $33.00 to $48.30 in a report on Tuesday, July 7th. Morgan Stanley restated an “underweight” rating on shares of MGM Resorts International in a research note on Wednesday, July 22nd. Zacks Research downgraded shares of MGM Resorts International from a “hold” rating to a “strong sell” rating in a research note on Friday, October 2nd. The Goldman Sachs Group set a $30.00 target price on shares of MGM Resorts International in a research report on Tuesday. Finally, Jefferies Financial Group reiterated a “hold” rating on shares of MGM Resorts International in a research note on Thursday, July 2nd.

MGM Resorts International Price Performance

NYSE MGM opened at $28.59 on Tuesday. MGM Resorts International has a twelve month low of $28.42 and a twelve month high of $51.59. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.30 and a current ratio of 1.34. The stock has a market capitalization of $7.19 billion, a PE ratio of 17.33, a P/E/G ratio of 1.47 and a beta of 1.35. The stock has a 50-day simple moving average of $37.75 and a 200 day simple moving average of $41.06.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, July 29th. The company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.03. The firm had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.42 billion. MGM Resorts International had a return on equity of 23.30% and a net margin of 2.40%. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.79 EPS. Research analysts anticipate that MGM Resorts International will post 1.95 EPS for the current year.

Hedge Funds Weigh In On MGM Resorts International

Several large investors have recently added to or reduced their stakes in MGM. State Street Corp boosted its stake in MGM Resorts International by 0.8% in the 2nd quarter. State Street Corp now owns 7,047,768 shares of the company’s stock valued at $336,954,000 after buying an additional 56,072 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in MGM Resorts International by 1.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,379,727 shares of the company’s stock valued at $88,050,000 after purchasing an additional 36,649 shares during the last quarter. Montanova Capital LLC boosted its position in MGM Resorts International by 7.7% in the second quarter. Montanova Capital LLC now owns 2,325,360 shares of the company’s stock valued at $111,175,000 after buying an additional 166,560 shares in the last quarter. Bank of New York Mellon Corp boosted its position in MGM Resorts International by 3.0% in the second quarter. Bank of New York Mellon Corp now owns 1,598,531 shares of the company’s stock valued at $76,426,000 after buying an additional 46,268 shares in the last quarter. Finally, Royal Bank of Canada boosted its position in MGM Resorts International by 2.2% in the first quarter. Royal Bank of Canada now owns 1,110,977 shares of the company’s stock valued at $41,117,000 after buying an additional 23,951 shares in the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Company Profile

MGM Resorts International is a global hospitality and entertainment company that develops, owns and operates destination resorts with casinos, hotels, restaurants, retail, entertainment venues, meeting facilities and other leisure offerings. Its properties operate under brands including MGM Grand, Bellagio, ARIA, Mandalay Bay, The Cosmopolitan of Las Vegas, Park MGM, New York-New York and MGM National Harbor.

The company serves customers in Las Vegas and other U.S. markets, including regional destinations in Maryland, Massachusetts, Michigan, Mississippi, New Jersey, New York and Ohio.