MGM Resorts International (NYSE:MGM) Price Target Raised to $63.00

MGM Resorts International (NYSE:MGM) had its price target boosted by Stifel Nicolaus from $60.00 to $63.00 in a research report released on Thursday morning, Benzinga reports. Stifel Nicolaus currently has a buy rating on the stock.

Several other research firms have also recently weighed in on MGM. BTIG Research began coverage on MGM Resorts International in a report on Wednesday, July 3rd. They set a buy rating and a $52.00 price target for the company. JMP Securities raised their price objective on MGM Resorts International from $58.00 to $59.00 and gave the stock a market outperform rating in a research note on Wednesday, July 17th. JPMorgan Chase & Co. raised their price objective on MGM Resorts International from $54.00 to $57.00 and gave the stock an overweight rating in a research note on Thursday, May 2nd. Wells Fargo & Company lowered their price objective on MGM Resorts International from $55.00 to $53.00 and set an overweight rating on the stock in a research note on Thursday. Finally, StockNews.com lowered MGM Resorts International from a buy rating to a hold rating in a research note on Friday, May 10th. Three investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $54.78.

MGM Resorts International Stock Performance

NYSE:MGM opened at $35.48 on Thursday. The stock has a market cap of $11.13 billion, a P/E ratio of 13.65, a PEG ratio of 0.77 and a beta of 2.24. The stock has a 50 day simple moving average of $42.03 and a 200 day simple moving average of $42.74. The company has a current ratio of 1.47, a quick ratio of 1.46 and a debt-to-equity ratio of 1.65. MGM Resorts International has a 1-year low of $34.12 and a 1-year high of $48.36.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.20. The business had revenue of $4.33 billion during the quarter, compared to analysts’ expectations of $4.21 billion. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. The firm’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period last year, the firm posted $0.59 EPS. Research analysts anticipate that MGM Resorts International will post 3 earnings per share for the current year.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 139,300 shares of the company’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $40.44, for a total value of $5,633,292.00. Following the completion of the transaction, the director now owns 5,859,478 shares of the company’s stock, valued at approximately $236,957,290.32. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other MGM Resorts International news, Director Keith A. Meister sold 139,300 shares of the company’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $40.44, for a total value of $5,633,292.00. Following the completion of the transaction, the director now owns 5,859,478 shares of the company’s stock, valued at approximately $236,957,290.32. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Alexis Herman sold 4,344 shares of the company’s stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $41.50, for a total value of $180,276.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 147,988 shares of company stock valued at $5,991,759. Corporate insiders own 2.13% of the company’s stock.

Hedge Funds Weigh In On MGM Resorts International

Institutional investors and hedge funds have recently bought and sold shares of the company. National Bank of Canada FI grew its position in shares of MGM Resorts International by 13.4% in the 2nd quarter. National Bank of Canada FI now owns 72,221 shares of the company’s stock valued at $3,095,000 after buying an additional 8,537 shares during the last quarter. Convergence Investment Partners LLC bought a new stake in shares of MGM Resorts International in the 2nd quarter valued at about $661,000. D.A. Davidson & CO. grew its position in shares of MGM Resorts International by 0.7% in the 2nd quarter. D.A. Davidson & CO. now owns 210,086 shares of the company’s stock valued at $9,336,000 after buying an additional 1,500 shares during the last quarter. ACR Alpine Capital Research LLC grew its position in shares of MGM Resorts International by 13.5% in the 2nd quarter. ACR Alpine Capital Research LLC now owns 94,326 shares of the company’s stock valued at $4,192,000 after buying an additional 11,243 shares during the last quarter. Finally, Summit Financial LLC bought a new stake in shares of MGM Resorts International in the 2nd quarter valued at about $205,000. 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.