Analysts Set MGM Resorts International (NYSE:MGM) Target Price at $47.12

Shares of MGM Resorts International (NYSE:MGM) have received a consensus rating of “Hold” from the twenty-two ratings firms that are currently covering the firm, MarketBeat reports. Four research analysts have rated the stock with a sell recommendation, eight have issued a hold recommendation, nine have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $47.1176.

A number of equities research analysts have weighed in on the stock. Morgan Stanley upped their price objective on shares of MGM Resorts International from $34.00 to $35.00 and gave the stock an “underweight” rating in a report on Wednesday, April 8th. JPMorgan Chase & Co. cut their price objective on shares of MGM Resorts International from $42.00 to $41.00 and set a “neutral” rating on the stock in a report on Thursday, April 30th. Berenberg Bank restated a “buy” rating on shares of MGM Resorts International in a report on Wednesday, February 11th. Citigroup cut their price objective on shares of MGM Resorts International from $41.00 to $40.00 and set a “neutral” rating on the stock in a report on Thursday, April 30th. Finally, Barclays upped their price objective on shares of MGM Resorts International from $37.00 to $39.00 and gave the stock an “equal weight” rating in a report on Thursday, April 30th.

Insider Transactions 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 dated 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 sale, the director owned 5,347,978 shares in the company, 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 can be accessed through this link. Also, major shareholder Iac Inc. acquired 450,000 shares of the business’s stock in a transaction on Tuesday, March 24th. The stock was acquired at an average price of $37.13 per share, for a total transaction of $16,708,500.00. Following the acquisition, the insider owned 66,822,350 shares of the company’s stock, valued at approximately $2,481,113,855.50. This trade represents a 0.68% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 3.38% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On MGM Resorts International

A number of institutional investors have recently made changes to their positions in MGM. AQR Capital Management LLC grew its holdings in shares of MGM Resorts International by 202.5% during the third quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company’s stock valued at $292,772,000 after buying an additional 5,654,757 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of MGM Resorts International by 81.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company’s stock valued at $264,874,000 after buying an additional 3,429,946 shares during the last quarter. Davis Selected Advisers grew its holdings in shares of MGM Resorts International by 12.0% during the fourth quarter. Davis Selected Advisers now owns 26,820,202 shares of the company’s stock valued at $978,669,000 after buying an additional 2,866,750 shares during the last quarter. Norges Bank purchased a new stake in shares of MGM Resorts International during the fourth quarter valued at approximately $82,348,000. Finally, Samlyn Capital LLC purchased a new stake in shares of MGM Resorts International during the third quarter valued at approximately $62,787,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Price Performance

Shares of NYSE MGM opened at $37.11 on Friday. MGM Resorts International has a 1 year low of $29.18 and a 1 year high of $40.94. The company has a debt-to-equity ratio of 1.93, a current ratio of 1.33 and a quick ratio of 1.30. The company’s 50-day moving average is $37.43 and its 200 day moving average is $35.79. The stock has a market capitalization of $9.50 billion, a P/E ratio of 51.54 and a beta of 1.28.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.07). MGM Resorts International had a net margin of 1.03% and a return on equity of 24.43%. The company had revenue of $4.45 billion for the quarter, compared to analysts’ expectations of $4.37 billion. During the same quarter in the prior year, the firm earned $0.69 EPS. MGM Resorts International’s quarterly revenue was up 4.2% compared to the same quarter last year. On average, sell-side analysts expect that MGM Resorts International will post 1.99 earnings per share for the current 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.