MGM Resorts International (NYSE:MGM) Stock Price Expected to Rise, Citigroup Analyst Says

MGM Resorts International (NYSE:MGMGet Free Report) had its price target boosted by equities researchers at Citigroup from $35.00 to $41.00 in a report issued on Friday,MarketScreener reports. The firm currently has a “neutral” rating on the stock. Citigroup’s target price indicates a potential upside of 9.36% from the stock’s previous close.

MGM has been the subject of a number of other reports. Wells Fargo & Company increased their target price on MGM Resorts International from $29.00 to $31.00 and gave the company an “underweight” rating in a research report on Friday, January 16th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of MGM Resorts International in a research note on Monday, December 29th. Capital One Financial lowered their price objective 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. Argus dropped their price objective on shares of MGM Resorts International from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, November 14th. Finally, Mizuho set a $62.00 target price on shares of MGM Resorts International in a research report on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, MGM Resorts International has an average rating of “Hold” and a consensus target price of $43.82.

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MGM Resorts International Stock Up 3.3%

MGM opened at $37.49 on Friday. The company has a market capitalization of $10.25 billion, a PE ratio of 49.99 and a beta of 1.44. The firm has a 50-day simple moving average of $35.62 and a two-hundred day simple moving average of $35.01. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 1.80. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $41.32.

MGM Resorts International (NYSE:MGMGet Free Report) last posted its earnings results on Thursday, February 5th. The company reported $1.60 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.96. MGM Resorts International had a return on equity of 25.46% and a net margin of 1.17%.The company had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.42 billion. During the same period in the previous year, the business earned $0.45 earnings per share. Analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Insider Buying and Selling 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 stock was purchased at an average price of $36.30 per share, for a total transaction of $39,884,552.40. Following the acquisition, the insider owned 65,822,350 shares of the company’s stock, valued at $2,389,351,305. The trade was a 1.70% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 3.06% of the company’s stock.

Institutional Trading of MGM Resorts International

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Global Retirement Partners LLC lifted its stake in MGM Resorts International by 55.9% in the fourth quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock worth $29,000 after purchasing an additional 281 shares during the last quarter. Asset Management One Co. Ltd. raised its holdings in shares of MGM Resorts International by 4.2% in the fourth quarter. Asset Management One Co. Ltd. now owns 7,700 shares of the company’s stock worth $286,000 after buying an additional 313 shares during the period. Concurrent Investment Advisors LLC lifted its stake in shares of MGM Resorts International by 4.1% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 7,975 shares of the company’s stock worth $274,000 after acquiring an additional 315 shares during the last quarter. Vanguard Personalized Indexing Management LLC boosted its holdings in MGM Resorts International by 0.8% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 39,763 shares of the company’s stock valued at $1,378,000 after acquiring an additional 328 shares during the period. Finally, Public Employees Retirement System of Ohio grew its position in MGM Resorts International by 0.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 64,006 shares of the company’s stock valued at $2,218,000 after acquiring an additional 397 shares during the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

MGM Resorts International News Summary

Here are the key news stories impacting MGM Resorts International this week:

MGM Resorts International Company Profile

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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.

Further Reading

Analyst Recommendations for MGM Resorts International (NYSE:MGM)

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