JPMorgan Chase & Co. Increases MGM Resorts International (NYSE:MGM) Price Target to $41.00

MGM Resorts International (NYSE:MGMGet Free Report) had its price objective raised by research analysts at JPMorgan Chase & Co. from $39.00 to $41.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 9.36% from the stock’s current price.

A number of other research analysts have also weighed in on the company. Capital One Financial cut their price objective on 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. Barclays set a $37.00 price target on MGM Resorts International in a research note on Friday. Susquehanna cut their price target on MGM Resorts International from $52.00 to $46.00 and set a “positive” rating for the company in a report on Tuesday, January 27th. Zacks Research raised MGM Resorts International from a “strong sell” rating to a “hold” rating in a report on Monday, December 22nd. Finally, Argus lowered their target price on MGM Resorts International from $45.00 to $40.00 and set a “buy” rating for the company in a research report on Friday, November 14th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, ten have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $43.82.

View Our Latest Research Report on MGM Resorts International

MGM Resorts International Trading Up 3.3%

Shares of MGM opened at $37.49 on Friday. The firm has a market cap of $10.25 billion, a P/E ratio of 49.99 and a beta of 1.44. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.23 and a quick ratio of 1.19. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $41.32. The company has a 50 day simple moving average of $35.62 and a two-hundred day simple moving average of $35.01.

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

Insider Activity at MGM Resorts International

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Helikon Investments Ltd increased its position in MGM Resorts International by 379.9% during the second quarter. Helikon Investments Ltd now owns 8,810,322 shares of the company’s stock valued at $302,987,000 after acquiring an additional 6,974,347 shares during the last quarter. AQR Capital Management LLC grew its holdings in MGM Resorts International by 202.5% during the 3rd quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company’s stock valued at $292,772,000 after purchasing an additional 5,654,757 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in MGM Resorts International by 81.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company’s stock worth $264,874,000 after purchasing an additional 3,429,946 shares during the period. Davis Selected Advisers lifted its stake in MGM Resorts International by 14.4% in the second quarter. Davis Selected Advisers now owns 23,821,109 shares of the company’s stock worth $819,208,000 after purchasing an additional 3,006,052 shares during the last quarter. Finally, Samlyn Capital LLC purchased a new position in shares of MGM Resorts International during the third quarter valued at approximately $62,787,000. 68.11% of the stock is owned by hedge funds and other institutional investors.

Key Headlines Impacting MGM Resorts International

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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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