MGM Resorts International (NYSE:MGM) Hits New 12-Month High Following Analyst Upgrade

MGM Resorts International (NYSE:MGM)’s stock price reached a new 52-week high during trading on Monday after KeyCorp upgraded the stock from a sector weight rating to an overweight rating. KeyCorp now has a $117.00 price target on the stock. MGM Resorts International traded as high as $40.76 and last traded at $40.5410, with a volume of 642837 shares traded. The stock had previously closed at $39.54.

Other equities research analysts have also recently issued reports about the stock. Truist Financial raised their target price on shares of MGM Resorts International from $38.00 to $39.00 and gave the stock a “hold” rating in a research report on Friday, February 6th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of MGM Resorts International in a research report on Monday, December 29th. Wells Fargo & Company dropped their target price on shares of 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. Berenberg Bank reissued a “buy” rating on shares of MGM Resorts International in a research report on Wednesday, February 11th. Finally, UBS Group lowered their price target on shares of MGM Resorts International from $40.00 to $39.00 and set a “neutral” rating for the company in a research report on Friday, April 10th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $46.63.

Insider Transactions at MGM Resorts International

In related news, Director Keith A. Meister sold 37,500 shares of MGM Resorts International stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $34.27, for a total transaction of $1,285,125.00. Following the completion of the transaction, the director directly owned 5,347,978 shares of the company’s stock, valued at $183,275,206.06. This trade represents a 0.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Iac Inc. purchased 550,000 shares of the stock in a transaction that occurred on Monday, March 23rd. The shares were acquired at an average cost of $37.30 per share, with a total value of $20,515,000.00. Following the completion of the transaction, the insider owned 66,372,350 shares in the company, valued at $2,475,688,655. This trade represents a 0.84% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 3.38% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in MGM Resorts International by 1.5% in the third quarter. Vanguard Group Inc. now owns 23,576,877 shares of the company’s stock worth $817,175,000 after buying an additional 340,629 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in MGM Resorts International by 109.7% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 129,115 shares of the company’s stock worth $4,276,000 after buying an additional 67,542 shares during the last quarter. TD Asset Management Inc raised its holdings in MGM Resorts International by 146.9% in the third quarter. TD Asset Management Inc now owns 92,957 shares of the company’s stock worth $3,222,000 after buying an additional 55,300 shares during the last quarter. Savant Capital LLC raised its holdings in MGM Resorts International by 100.0% in the third quarter. Savant Capital LLC now owns 62,892 shares of the company’s stock worth $2,180,000 after buying an additional 31,446 shares during the last quarter. Finally, Thrivent Financial for Lutherans raised its holdings in MGM Resorts International by 423.8% in the third quarter. Thrivent Financial for Lutherans now owns 42,594 shares of the company’s stock worth $1,476,000 after buying an additional 34,463 shares during the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

MGM Resorts International Price Performance

The company has a quick ratio of 1.20, a current ratio of 1.23 and a debt-to-equity ratio of 1.91. The firm’s fifty day simple moving average is $36.95 and its 200-day simple moving average is $35.27. The firm has a market capitalization of $10.38 billion, a PE ratio of 54.07 and a beta of 1.35.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, February 4th. The company reported $1.60 earnings per share for the quarter, beating 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 firm had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.42 billion. During the same period in the previous year, the company earned $0.45 earnings per share. On average, research analysts forecast that MGM Resorts International will post 2.03 earnings per share for the current fiscal year.

About MGM Resorts International

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.