Stifel Nicolaus Forecasts Strong Price Appreciation for MGM Resorts International (NYSE:MGM) Stock

MGM Resorts International (NYSE:MGM) had its price objective upped by Stifel Nicolaus from $44.00 to $48.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Stifel Nicolaus’ target price would indicate a potential upside of 26.52% from the stock’s previous close.

Several other research analysts have also issued reports on the stock. JMP Securities reiterated a “market perform” rating on shares of MGM Resorts International in a research note on Thursday, June 26th. UBS Group increased their price target on shares of MGM Resorts International from $37.00 to $42.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 8th. Citizens Jmp lowered shares of MGM Resorts International from an “outperform” rating to a “market perform” rating in a research note on Thursday, June 26th. Susquehanna increased their price target on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a “positive” rating in a research note on Thursday, May 1st. Finally, Truist Financial decreased their price target on shares of MGM Resorts International from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Wednesday, April 23rd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, MGM Resorts International has a consensus rating of “Moderate Buy” and a consensus price target of $47.67.

MGM Resorts International Stock Down 2.3%

Shares of NYSE MGM opened at $37.94 on Friday. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 1.79. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $47.26. The firm has a market capitalization of $10.33 billion, a PE ratio of 16.94, a price-to-earnings-growth ratio of 2.58 and a beta of 1.76. The firm has a fifty day simple moving average of $33.73 and a two-hundred day simple moving average of $32.98.

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

MGM Resorts International announced that its Board of Directors has initiated 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 generally an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, COO Corey Ian Sanders sold 40,000 shares of the firm’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $34.43, for a total transaction of $1,377,200.00. Following the sale, the chief operating officer owned 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Daniel J. Taylor sold 5,261 shares of the firm’s stock in a transaction dated 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. Insiders have sold a total of 105,261 shares of company stock valued at $3,486,367 in the last 90 days. 3.06% of the stock is currently owned by insiders.

Institutional Trading of MGM Resorts International

A number of institutional investors have recently made changes to their positions in the stock. Assetmark Inc. boosted its holdings in shares of 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 buying an additional 411 shares during the last quarter. Proficio Capital Partners LLC purchased a new position in shares of MGM Resorts International in the fourth quarter worth approximately $2,053,000. Raymond James Financial Inc. purchased a new position in shares of MGM Resorts International in the fourth quarter worth approximately $20,053,000. Amundi boosted its holdings in shares of MGM Resorts International by 207.5% in the fourth quarter. Amundi now owns 836,144 shares of the company’s stock worth $27,334,000 after buying an additional 564,202 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of MGM Resorts International by 2.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 54,581 shares of the company’s stock worth $1,891,000 after buying an additional 1,381 shares during the last quarter. Hedge funds and other institutional investors 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.