MGM Resorts International (NYSE:MGM) Given New $59.00 Price Target at Mizuho

MGM Resorts International (NYSE:MGM) had its price objective trimmed by Mizuho from $62.00 to $59.00 in a report released on Monday morning,MarketScreener reports. The firm currently has an outperform rating on the stock.

A number of other brokerages also recently issued reports on MGM. Weiss Ratings reiterated a “sell (d)” rating on shares of MGM Resorts International in a research report on Monday, December 29th. Wells Fargo & Company cut their price objective on MGM Resorts International from $31.00 to $30.00 and set an “underweight” rating for the company in a research report on Thursday, April 16th. Citigroup upped their target price on MGM Resorts International from $35.00 to $41.00 and gave the stock a “neutral” rating in a research note on Friday, February 6th. KeyCorp raised shares of MGM Resorts International from a “sector weight” rating to an “overweight” rating and set a $117.00 price target on the stock in a research note on Monday. Finally, Morgan Stanley lifted their price target on shares of MGM Resorts International from $34.00 to $35.00 and gave the company an “underweight” rating in a research note on Wednesday, April 8th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $46.63.

MGM Resorts International Stock Up 2.6%

MGM opened at $40.55 on Monday. The company has a fifty day moving average of $36.95 and a two-hundred day moving average of $35.27. The stock has a market capitalization of $10.38 billion, a price-to-earnings ratio of 54.07 and a beta of 1.35. MGM Resorts International has a fifty-two week low of $29.18 and a fifty-two week high of $40.94. The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.20 and a current ratio of 1.23.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, February 4th. The company reported $1.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.96. MGM Resorts International had a net margin of 1.17% and a return on equity of 26.04%. The business had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.42 billion. During the same period in the prior year, the company posted $0.45 EPS. On average, research analysts expect that MGM Resorts International will post 2.03 earnings per share for the current year.

Insider Transactions at MGM Resorts International

In related news, major shareholder Iac Inc. purchased 450,000 shares of the company’s stock in a transaction dated Tuesday, March 24th. The stock was acquired at an average cost of $37.13 per share, for a total transaction of $16,708,500.00. Following the completion of the transaction, the insider directly owned 66,822,350 shares of the company’s stock, valued at approximately $2,481,113,855.50. This trade represents a 0.68% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Keith A. Meister sold 37,500 shares of the stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $34.27, for a total value of $1,285,125.00. Following the completion of the sale, the director directly owned 5,347,978 shares of the company’s stock, valued at approximately $183,275,206.06. This represents a 0.70% decrease in their position. The SEC filing for this sale provides additional information. 3.38% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On MGM Resorts International

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. CYBER HORNET ETFs LLC purchased a new stake in shares of MGM Resorts International in the second quarter valued at about $25,000. Global Retirement Partners LLC raised its stake in MGM Resorts International by 55.9% during 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 period. Mather Group LLC. acquired a new position in MGM Resorts International in the 3rd quarter valued at about $33,000. Elyxium Wealth LLC acquired a new position in MGM Resorts International in the 4th quarter valued at about $42,000. Finally, City Holding Co. purchased a new stake in shares of MGM Resorts International in the 4th quarter valued at approximately $44,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Company Profile

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.