Macquarie Reaffirms Outperform Rating for MGM Resorts International (NYSE:MGM)

MGM Resorts International (NYSE:MGM)‘s stock had its “outperform” rating reiterated by stock analysts at Macquarie in a report released on Thursday,Benzinga reports. They presently have a $50.00 price target on the stock. Macquarie’s price objective indicates a potential upside of 23.20% from the stock’s current price.

A number of other brokerages also recently commented on MGM. Morgan Stanley upped their target price on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 22nd. Capital One Financial upped their price target on shares of MGM Resorts International from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Wednesday. Mizuho boosted their target price on shares of MGM Resorts International from $56.00 to $60.00 and gave the company an “outperform” rating in a research report on Thursday. Barclays lifted their price target on shares of MGM Resorts International from $45.00 to $47.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $50.00 price target on shares of MGM Resorts International in a report on Thursday. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $51.47.

MGM Resorts International Price Performance

MGM stock traded up $6.22 during trading on Thursday, hitting $40.59. 10,333,610 shares of the company’s stock traded hands, compared to its average volume of 4,921,292. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.21 and a current ratio of 1.24. MGM Resorts International has a 52 week low of $31.61 and a 52 week high of $48.24. The business has a fifty day simple moving average of $34.25 and a 200 day simple moving average of $36.81. The stock has a market capitalization of $12.08 billion, a price-to-earnings ratio of 14.52, a P/E/G ratio of 2.94 and a beta of 2.20.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.45 EPS for the quarter, topping the consensus estimate of $0.37 by $0.08. MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. As a group, research analysts expect that MGM Resorts International will post 2.37 EPS for the current fiscal year.

Insiders Place Their Bets

In other MGM Resorts International news, Director Keith A. Meister sold 51,000 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $36.57, for a total value of $1,865,070.00. Following the sale, the director now owns 5,687,478 shares in the company, valued at approximately $207,991,070.46. This trade represents a 0.89 % 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. 2.13% of the stock is owned by company insiders.

Institutional Investors Weigh In On MGM Resorts International

A number of institutional investors and hedge funds have recently modified their holdings of MGM. Norges Bank acquired a new position in shares of MGM Resorts International in the fourth quarter worth $88,033,000. HG Vora Capital Management LLC acquired a new position in MGM Resorts International in the 3rd quarter valued at $97,725,000. Goldentree Asset Management LP boosted its stake in MGM Resorts International by 86.4% during the 3rd quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock valued at $117,270,000 after purchasing an additional 1,390,599 shares during the period. Invesco Ltd. boosted its position in shares of MGM Resorts International by 22.5% in the fourth quarter. Invesco Ltd. now owns 5,785,343 shares of the company’s stock valued at $200,462,000 after acquiring an additional 1,063,707 shares during the period. Finally, Davis Selected Advisers boosted its holdings in MGM Resorts International by 4.6% in the 4th quarter. Davis Selected Advisers now owns 19,920,713 shares of the company’s stock valued at $690,253,000 after purchasing an additional 882,417 shares during the period. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Company Profile

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.