MGM Resorts International (NYSE:MGM) Upgraded by KeyCorp to Overweight Rating

KeyCorp upgraded shares of MGM Resorts International (NYSE:MGM) from a sector weight rating to an overweight rating in a research note issued to investors on Monday, MarketBeat reports. The brokerage currently has $117.00 price target on the stock.

A number of other equities research analysts have also recently weighed in on the company. JPMorgan Chase & Co. increased their price target on MGM Resorts International from $41.00 to $42.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Wells Fargo & Company reduced their price objective 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. Capital One Financial upped their price objective on shares of MGM Resorts International from $46.00 to $51.00 and gave the company an “overweight” rating in a report on Friday, April 17th. Weiss Ratings reissued a “sell (d)” rating on shares of MGM Resorts International in a research report on Monday, December 29th. Finally, Morgan Stanley raised their target price on shares of MGM Resorts International from $34.00 to $35.00 and gave the stock an “underweight” rating in a research note on Wednesday, April 8th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, seven have issued a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $46.63.

MGM Resorts International Trading Up 2.6%

MGM Resorts International stock opened at $40.55 on Monday. The stock has a 50-day simple moving average of $36.95 and a 200 day simple moving average of $35.27. The stock has a market capitalization of $10.38 billion, a P/E ratio of 54.07 and a beta of 1.35. 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 has a 52 week low of $29.18 and a 52 week high of $40.94.

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

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. CYBER HORNET ETFs LLC acquired a new stake in shares of MGM Resorts International in the second quarter valued at approximately $25,000. Global Retirement Partners LLC boosted its stake in shares of MGM Resorts International by 55.9% in the fourth quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock valued at $29,000 after buying an additional 281 shares during the period. Mather Group LLC. acquired a new stake in MGM Resorts International during the third quarter worth approximately $33,000. Elyxium Wealth LLC acquired a new stake in MGM Resorts International during the fourth quarter worth approximately $42,000. Finally, City Holding Co. bought a new position in MGM Resorts International during the 4th quarter worth $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.