Argus Forecasts Strong Price Appreciation for MGM Resorts International (NYSE:MGM) Stock

MGM Resorts International (NYSE:MGM) had its price objective hoisted by equities research analysts at Argus from $45.00 to $55.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Argus’ target price indicates a potential upside of 25.83% from the company’s previous close.

MGM has been the subject of a number of other reports. Mizuho reduced 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 report on Monday, April 27th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of MGM Resorts International from $48.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Truist Financial raised shares of MGM Resorts International from a “hold” rating to a “buy” rating and increased their price objective for the stock from $42.00 to $55.00 in a research report on Wednesday, May 27th. Susquehanna raised their target price on MGM Resorts International from $52.00 to $53.00 and gave the company a “positive” rating in a research note on Wednesday, July 29th. Finally, HSBC raised MGM Resorts International to a “strong-buy” rating in a research report on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, MGM Resorts International presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.37.

MGM Resorts International Trading Down 0.9%

Shares of MGM stock traded down $0.39 during trading hours on Monday, hitting $43.71. 316,995 shares of the company were exchanged, compared to its average volume of 4,434,057. The firm has a market cap of $11.00 billion, a P/E ratio of 26.48 and a beta of 1.31. MGM Resorts International has a fifty-two week low of $29.18 and a fifty-two week 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 company has a 50 day simple moving average of $46.37 and a two-hundred day simple moving average of $40.72.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data 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. MGM Resorts International had a net margin of 2.40% and a return on equity of 23.30%. The company had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.42 billion. During the same quarter in the previous year, the business posted $0.79 EPS. MGM Resorts International’s revenue for the quarter was up 2.2% compared to the same quarter last year. Equities analysts anticipate that MGM Resorts International will post 1.96 EPS for the current year.

Insiders Place Their Bets

In other MGM Resorts International news, Director Daniel J. Taylor sold 6,675 shares of the company’s stock in a transaction on 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 filing with the SEC, which is accessible through this hyperlink. Insiders own 3.38% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in MGM. AQR Capital Management LLC lifted its stake in MGM Resorts International by 202.5% during 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 in the last quarter. Arrowstreet Capital Limited Partnership boosted 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 worth $264,874,000 after acquiring an additional 3,429,946 shares during the last quarter. Davis Selected Advisers grew its stake in shares of MGM Resorts International by 12.0% in the 4th quarter. Davis Selected Advisers now owns 26,820,202 shares of the company’s stock worth $978,669,000 after acquiring an additional 2,866,750 shares in the last quarter. Norges Bank bought a new stake in shares of MGM Resorts International in the 4th quarter worth $82,348,000. Finally, Samlyn Capital LLC purchased a new stake in shares of MGM Resorts International in the third quarter valued at about $62,787,000. 68.11% of the stock is currently owned by institutional investors and hedge funds.

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.