MGM Resorts International (NYSE:MGM) Receives $48.29 Average Price Target from Analysts

Shares of MGM Resorts International (NYSE:MGM) have earned an average rating of “Moderate Buy” from the twenty-two analysts that are covering the stock, MarketBeat reports. Eight equities research analysts have rated the stock with a hold recommendation and fourteen have given a buy recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $48.29.

A number of research analysts have commented on the company. Citigroup lowered MGM Resorts International from a “strong-buy” rating to a “hold” rating in a research report on Thursday. Barclays increased their price objective on MGM Resorts International from $41.00 to $43.00 and gave the company an “overweight” rating in a research report on Thursday, May 1st. JMP Securities reiterated a “market perform” rating on shares of MGM Resorts International in a research report on Thursday. Truist Financial decreased their price objective on MGM Resorts International from $50.00 to $45.00 and set a “buy” rating on the stock in a research report on Wednesday, April 23rd. Finally, Stifel Nicolaus decreased their price objective on MGM Resorts International from $50.00 to $44.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st.

MGM Resorts International Stock Up 1.7%

Shares of MGM opened at $34.35 on Wednesday. The company has a market capitalization of $9.35 billion, a P/E ratio of 15.34, a PEG ratio of 2.33 and a beta of 1.76. The company has a debt-to-equity ratio of 1.79, a current ratio of 1.31 and a quick ratio of 1.26. MGM Resorts International has a one year low of $25.30 and a one year high of $47.26. The business’s 50 day simple moving average is $32.50 and its 200-day simple moving average is $32.84.

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

MGM Resorts International declared that its board has authorized a stock buyback program on Wednesday, April 30th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 22.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other MGM Resorts International news, COO Corey Ian Sanders sold 40,000 shares of MGM Resorts International stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $34.43, for a total value of $1,377,200.00. Following the sale, the chief operating officer now owns 281,530 shares of the company’s stock, valued at $9,693,077.90. This trade represents a 12.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Daniel J. Taylor sold 5,261 shares of MGM Resorts International stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total value of $183,766.73. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 105,261 shares of company stock worth $3,486,367. Corporate insiders own 3.06% of the company’s stock.

Institutional Trading of MGM Resorts International

Several hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank bought a new position in shares of MGM Resorts International in the 4th quarter valued at about $88,033,000. Eminence Capital LP bought a new position in shares of MGM Resorts International in the 4th quarter valued at about $72,408,000. Helikon Investments Ltd bought a new position in shares of MGM Resorts International in the 1st quarter valued at about $54,418,000. Fuller & Thaler Asset Management Inc. bought a new position in shares of MGM Resorts International in the 1st quarter valued at about $47,631,000. Finally, AQR Capital Management LLC grew its holdings in shares of MGM Resorts International by 104.2% in the 1st quarter. AQR Capital Management LLC now owns 2,611,278 shares of the company’s stock valued at $75,962,000 after acquiring an additional 1,332,313 shares in the last quarter. 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.