MGM Resorts International (NYSE:MGM) Raised to “Strong-Buy” at Truist Financial

MGM Resorts International (NYSE:MGMGet Free Report) was upgraded by Truist Financial from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Tuesday,Zacks.com reports.

A number of other research analysts also recently issued reports on MGM. Mizuho set a $62.00 price target on MGM Resorts International in a research note on Thursday, October 30th. UBS Group lowered their target price on shares of MGM Resorts International from $39.00 to $37.00 and set a “neutral” rating on the stock in a research report on Monday, November 17th. Capital One Financial reduced their price target on shares of MGM Resorts International from $47.00 to $46.00 and set an “overweight” rating for the company in a research report on Friday, December 5th. Zacks Research upgraded shares of MGM Resorts International from a “strong sell” rating to a “hold” rating in a research note on Monday, December 22nd. Finally, Citigroup dropped their price objective on shares of MGM Resorts International from $51.00 to $47.50 and set a “buy” rating on the stock in a research note on Thursday, October 30th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $43.85.

Check Out Our Latest Stock Report on MGM Resorts International

MGM Resorts International Price Performance

Shares of NYSE:MGM opened at $36.93 on Tuesday. The company’s fifty day moving average price is $35.55 and its 200 day moving average price is $35.02. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $41.32. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.23 and a quick ratio of 1.19. The firm has a market capitalization of $10.10 billion, a P/E ratio of 230.81 and a beta of 1.44.

MGM Resorts International (NYSE:MGMGet Free Report) last released its quarterly earnings data on Wednesday, February 11th. The company reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.48. MGM Resorts International had a net margin of 0.40% and a return on equity of 17.23%. The company had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.42 billion. As a group, sell-side analysts predict that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Insider Activity at MGM Resorts International

In other news, major shareholder Iac Inc. bought 1,098,748 shares of the stock in a transaction dated Friday, December 5th. The shares were acquired at an average price of $36.30 per share, with a total value of $39,884,552.40. Following the completion of the acquisition, the insider directly owned 65,822,350 shares in the company, valued at approximately $2,389,351,305. The trade was a 1.70% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 3.06% of the company’s stock.

Institutional Investors Weigh In On MGM Resorts International

Hedge funds have recently added to or reduced their stakes in the company. CYBER HORNET ETFs LLC purchased a new position in MGM Resorts International in the second quarter worth $25,000. Mendota Financial Group LLC purchased a new position in MGM Resorts International in the 3rd quarter valued at approximately $27,000. Mather Group LLC. acquired a new position in MGM Resorts International during the third quarter worth $33,000. City Holding Co. acquired a new position in MGM Resorts International during the fourth quarter worth $44,000. Finally, Employees Retirement System of Texas purchased a new stake in MGM Resorts International during the second quarter worth $45,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

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MGM Resorts International Company Profile

(Get Free Report)

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.

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