MGM Resorts International (NYSE:MGM) Sets New 52-Week High After Analyst Upgrade

MGM Resorts International (NYSE:MGM)’s stock price hit a new 52-week high during trading on Wednesday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. JPMorgan Chase & Co. now has a $46.00 price target on the stock. MGM Resorts International traded as high as $41.63 and last traded at $41.5230, with a volume of 975001 shares traded. The stock had previously closed at $38.45.

Several other analysts have also issued reports on MGM. Berenberg Bank restated a “buy” rating on shares of MGM Resorts International in a research report on Wednesday, February 11th. Stifel Nicolaus decreased their price objective on MGM Resorts International from $50.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, April 7th. Morgan Stanley increased their target price on MGM Resorts International from $34.00 to $35.00 and gave the company an “underweight” rating in a report on Wednesday, April 8th. Weiss Ratings upgraded MGM Resorts International from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday, May 15th. Finally, Mizuho decreased their price target on MGM Resorts International from $62.00 to $59.00 and set an “outperform” rating on the stock in a research note on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, six have issued a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $48.18.

Insiders Place Their Bets

In other MGM Resorts International 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 value of $256,587.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Iac Inc. acquired 450,000 shares of the stock in a transaction dated Tuesday, March 24th. The shares were purchased at an average cost of $37.13 per share, with a total value of $16,708,500.00. Following the completion of the purchase, the insider owned 66,822,350 shares of the company’s stock, valued at approximately $2,481,113,855.50. The trade was a 0.68% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 3.38% of the company’s stock.

Institutional Investors Weigh In On MGM Resorts International

A number of large investors have recently made changes to their positions in MGM. CYBER HORNET ETFs LLC bought a new position in shares of MGM Resorts International during the second quarter valued at approximately $25,000. Global Retirement Partners LLC boosted its holdings in MGM Resorts International by 55.9% in the fourth quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock valued at $29,000 after acquiring an additional 281 shares in the last quarter. International Assets Investment Management LLC purchased a new position in MGM Resorts International during the 1st quarter valued at $30,000. Elyxium Wealth LLC bought a new position in MGM Resorts International in the 4th quarter worth $42,000. Finally, City Holding Co. bought a new position in MGM Resorts International in the 4th quarter worth $44,000. 68.11% of the stock is currently owned by institutional investors.

MGM Resorts International Stock Performance

The company’s 50-day moving average price is $37.63 and its 200 day moving average price is $36.05. The company has a debt-to-equity ratio of 1.93, a quick ratio of 1.30 and a current ratio of 1.33. The stock has a market capitalization of $10.72 billion, a PE ratio of 58.75 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, equities research analysts expect that MGM Resorts International will post 1.99 earnings per share for the current fiscal 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.