MGM Resorts International’s (MGM) Market Perform Rating Reaffirmed at JMP Securities

JMP Securities reiterated their market perform rating on shares of MGM Resorts International (NYSE:MGM) in a report issued on Thursday morning,Benzinga reports.

MGM has been the subject of a number of other research reports. Morgan Stanley cut their price objective on shares of MGM Resorts International from $37.00 to $36.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 16th. Barclays upped their price target on shares of MGM Resorts International from $41.00 to $43.00 and gave the company an “overweight” rating in a research report on Thursday, May 1st. JPMorgan Chase & Co. initiated coverage on MGM Resorts International in a report on Monday. They issued a “neutral” rating and a $38.00 price objective on the stock. Truist Financial dropped their target price on MGM Resorts International from $50.00 to $45.00 and set a “buy” rating for the company in a report on Wednesday, April 23rd. Finally, Macquarie reduced their price target on MGM Resorts International from $50.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, May 2nd. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, MGM Resorts International has a consensus rating of “Moderate Buy” and a consensus price target of $48.29.

MGM Resorts International Price Performance

MGM opened at $33.82 on Thursday. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 1.79. The stock has a market capitalization of $9.20 billion, a P/E ratio of 15.10, a PEG ratio of 2.33 and a beta of 1.76. The stock has a 50-day moving average price of $32.39 and a 200-day moving average price of $32.86. MGM Resorts International has a 12-month low of $25.30 and a 12-month high of $47.26.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.19. MGM Resorts International had a return on equity of 20.64% and a net margin of 3.95%. The company had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.29 billion. During the same quarter in the previous year, the company posted $0.74 EPS. MGM Resorts International’s quarterly revenue was down 2.4% compared to the same quarter last year. Equities analysts predict that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International announced that its Board of Directors has authorized a share repurchase plan on Wednesday, April 30th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 22.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.

Insider Activity

In other MGM Resorts International news, Director Keith A. Meister sold 60,000 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of $32.09, for a total value of $1,925,400.00. Following the completion of the transaction, the director now owns 5,627,478 shares in the company, valued at approximately $180,585,769.02. This represents a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Daniel J. Taylor sold 5,261 shares of the business’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total transaction of $183,766.73. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 105,261 shares of company stock valued at $3,486,367. Corporate insiders own 3.06% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Assetmark Inc. grew its holdings in MGM Resorts International by 104.1% in the fourth quarter. Assetmark Inc. now owns 806 shares of the company’s stock worth $28,000 after purchasing an additional 411 shares during the period. Mascagni Wealth Management Inc. bought a new stake in MGM Resorts International during the fourth quarter valued at about $28,000. True Wealth Design LLC purchased a new position in shares of MGM Resorts International in the fourth quarter valued at about $33,000. Golden State Wealth Management LLC boosted its stake in shares of MGM Resorts International by 83.5% in the first quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company’s stock worth $30,000 after acquiring an additional 455 shares during the period. Finally, CX Institutional bought a new position in shares of MGM Resorts International in the first quarter worth about $36,000. 68.11% of the stock is currently owned by institutional investors.

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.