MGM Resorts International (NYSE:MGM) Upgraded to “Overweight” at JPMorgan Chase & Co.

MGM Resorts International (NYSE:MGM) was upgraded by analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research note issued on Wednesday. The brokerage presently has a $46.00 price objective on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 19.64% from the company’s previous close.

Other equities analysts have also issued reports about the company. Weiss Ratings upgraded MGM Resorts International from a “sell (d)” rating to a “sell (d+)” rating in a research note on Friday, May 15th. Truist Financial upgraded MGM Resorts International from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a research note on Wednesday. Stifel Nicolaus decreased their target price on MGM Resorts International from $50.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, April 7th. KeyCorp upgraded MGM Resorts International from a “sector weight” rating to an “overweight” rating and set a $117.00 target price on the stock in a research note on Monday, April 27th. Finally, UBS Group decreased their target price on MGM Resorts International from $40.00 to $39.00 and set a “neutral” rating on the stock in a research note on Friday, April 10th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have given a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, MGM Resorts International presently has an average rating of “Hold” and a consensus price target of $48.18.

MGM Resorts International Stock Performance

Shares of MGM opened at $38.45 on Wednesday. The stock’s 50-day simple moving average is $37.63 and its 200 day simple moving average is $36.05. The stock has a market capitalization of $9.84 billion, a price-to-earnings ratio of 53.40 and a beta of 1.28. The company has a debt-to-equity ratio of 1.93, a quick ratio of 1.30 and a current ratio of 1.33. MGM Resorts International has a 52-week low of $29.18 and a 52-week high of $40.94.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, April 29th. The company reported $0.49 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.07). The business had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.37 billion. MGM Resorts International had a return on equity of 24.43% and a net margin of 1.03%.MGM Resorts International’s revenue was up 4.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.69 earnings per share. Research analysts forecast that MGM Resorts International will post 1.99 EPS for the current fiscal year.

Insider Activity

In other news, Director Daniel J. Taylor sold 6,675 shares of the stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $38.44, for a total transaction of $256,587.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Keith A. Meister sold 37,500 shares of the stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $34.27, for a total value of $1,285,125.00. Following the transaction, the director owned 5,347,978 shares in the company, valued at $183,275,206.06. This trade represents a 0.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 3.38% of the company’s stock.

Hedge Funds Weigh In On MGM Resorts International

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its position in MGM Resorts International by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 23,576,877 shares of the company’s stock worth $817,175,000 after acquiring an additional 340,629 shares during the last quarter. TD Asset Management Inc grew its position in MGM Resorts International by 146.9% during the 3rd quarter. TD Asset Management Inc now owns 92,957 shares of the company’s stock worth $3,222,000 after acquiring an additional 55,300 shares during the last quarter. Savant Capital LLC grew its position in MGM Resorts International by 100.0% during the 3rd quarter. Savant Capital LLC now owns 62,892 shares of the company’s stock worth $2,180,000 after acquiring an additional 31,446 shares during the last quarter. Thrivent Financial for Lutherans grew its position in MGM Resorts International by 423.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 42,594 shares of the company’s stock worth $1,476,000 after acquiring an additional 34,463 shares during the last quarter. Finally, LSV Asset Management grew its position in MGM Resorts International by 4.3% during the 3rd quarter. LSV Asset Management now owns 2,783,800 shares of the company’s stock worth $96,487,000 after acquiring an additional 114,400 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors.

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.