Susquehanna Boosts MGM Resorts International (NYSE:MGM) Price Target to $50.00

MGM Resorts International (NYSE:MGM) had its price objective upped by investment analysts at Susquehanna from $45.00 to $50.00 in a report released on Monday,MarketScreener reports. The firm currently has a “positive” rating on the stock. Susquehanna’s price objective suggests a potential upside of 0.44% from the stock’s current price.

Other equities analysts have also recently issued reports about the stock. Mizuho decreased their price target on shares of MGM Resorts International from $62.00 to $59.00 and set an “outperform” rating for the company in a research note on Monday, April 27th. Stifel Nicolaus reduced their target price on shares of MGM Resorts International from $50.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, April 7th. Wells Fargo & Company raised their target price on shares of MGM Resorts International from $30.00 to $33.00 and gave the company an “underweight” rating in a research report on Thursday, April 30th. JPMorgan Chase & Co. upgraded shares of MGM Resorts International from a “neutral” rating to an “overweight” rating and set a $46.00 price target on the stock in a research note on Wednesday, May 27th. Finally, KeyCorp raised shares of MGM Resorts International from a “sector weight” rating to an “overweight” rating and set a $117.00 price target on the stock in a research report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, six have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, MGM Resorts International presently has an average rating of “Hold” and a consensus price target of $48.47.

MGM Resorts International Stock Up 14.0%

Shares of MGM traded up $6.11 during midday trading on Monday, hitting $49.78. The stock had a trading volume of 7,339,840 shares, compared to its average volume of 4,919,389. The firm has a market cap of $12.74 billion, a price-to-earnings ratio of 69.26 and a beta of 1.31. The company has a 50 day simple moving average of $38.01 and a two-hundred day simple moving average of $36.27. MGM Resorts International has a twelve month low of $29.18 and a twelve month high of $50.10. The company has a debt-to-equity ratio of 1.93, a current ratio of 1.33 and a quick ratio of 1.30.

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

Insider Activity

In other news, Director Daniel J. Taylor sold 6,675 shares of the business’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $38.44, for a total transaction of $256,587.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Iac Inc. bought 550,000 shares of the company’s stock in a transaction dated Monday, March 23rd. The stock was purchased at an average cost of $37.30 per share, for a total transaction of $20,515,000.00. Following the completion of the acquisition, the insider owned 66,372,350 shares in the company, valued at $2,475,688,655. This trade represents a 0.84% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 3.38% of the company’s stock.

Institutional Trading of MGM Resorts International

Several institutional investors and hedge funds have recently bought and sold shares of MGM. Davis Selected Advisers lifted its position in shares of MGM Resorts International by 12.0% in 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. Vanguard Group Inc. raised its stake in MGM Resorts International by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 23,782,004 shares of the company’s stock valued at $867,805,000 after acquiring an additional 205,127 shares during the period. AQR Capital Management LLC raised its stake in MGM Resorts International by 202.5% in the 3rd quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company’s stock valued at $292,772,000 after acquiring an additional 5,654,757 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in MGM Resorts International by 81.4% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company’s stock valued at $264,874,000 after purchasing an additional 3,429,946 shares during the last quarter. Finally, State Street Corp lifted its holdings in MGM Resorts International by 0.4% during the 4th quarter. State Street Corp now owns 7,517,622 shares of the company’s stock valued at $274,318,000 after purchasing an additional 30,962 shares during the last quarter. 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.