MGM Resorts International (NYSE:MGM) Given New $50.00 Price Target at Susquehanna

MGM Resorts International (NYSE:MGM) had its price objective boosted by Susquehanna from $45.00 to $50.00 in a research note released on Thursday,Benzinga reports. Susquehanna currently has a positive rating on the stock.

A number of other research analysts have also weighed in on MGM. Stifel Nicolaus lifted their price target on shares of MGM Resorts International from $47.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Susquehanna Bancshares raised their price objective on shares of MGM Resorts International from $53.00 to $56.00 in a research report on Wednesday, February 12th. Jefferies Financial Group lowered their target price on shares of MGM Resorts International from $52.00 to $50.00 and set a “buy” rating on the stock in a report on Friday, January 3rd. Citigroup lifted their price objective on shares of MGM Resorts International from $48.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Finally, Morgan Stanley decreased their target price on shares of MGM Resorts International from $37.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 16th. Five investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $49.53.

MGM Resorts International Stock Down 1.8 %

MGM opened at $30.89 on Thursday. The business has a 50-day moving average of $30.88 and a 200-day moving average of $34.38. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.30 and a quick ratio of 1.26. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $47.26. The company has a market capitalization of $8.74 billion, a PE ratio of 12.87, a price-to-earnings-growth ratio of 0.98 and a beta of 1.96.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.19. The company had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.29 billion. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. MGM Resorts International’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.74 EPS. Equities research analysts forecast that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International announced that its board has authorized a share buyback program on Wednesday, April 30th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 22.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at MGM Resorts International

In related news, CFO Jonathan S. Halkyard purchased 10,000 shares of the business’s stock in a transaction on Thursday, March 6th. The shares were bought at an average price of $32.17 per share, with a total value of $321,700.00. Following the completion of the purchase, the chief financial officer now directly owns 75,648 shares in the company, valued at approximately $2,433,596.16. This trade represents a 15.23 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Todd Meinert sold 6,000 shares of the company’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total value of $227,040.00. Following the completion of the sale, the chief accounting officer now directly owns 18,301 shares of the company’s stock, valued at $692,509.84. The trade was a 24.69 % decrease in their position. The disclosure for this sale can be found here. 3.06% of the stock is currently owned by insiders.

Institutional Trading of MGM Resorts International

Several institutional investors and hedge funds have recently bought and sold shares of the company. Norges Bank bought a new position in MGM Resorts International during the 4th quarter valued at $88,033,000. Eminence Capital LP bought a new stake in shares of MGM Resorts International in the 4th quarter valued at approximately $72,408,000. AQR Capital Management LLC grew its stake in shares of MGM Resorts International by 12,726.8% in the 4th quarter. AQR Capital Management LLC now owns 1,278,965 shares of the company’s stock valued at $44,316,000 after buying an additional 1,268,994 shares in the last quarter. Marshall Wace LLP boosted its position in MGM Resorts International by 50.9% during the fourth quarter. Marshall Wace LLP now owns 3,233,718 shares of the company’s stock worth $112,048,000 after purchasing an additional 1,090,533 shares during the period. Finally, Invesco Ltd. boosted its position in shares of MGM Resorts International by 22.5% in the fourth quarter. Invesco Ltd. now owns 5,785,343 shares of the company’s stock valued at $200,462,000 after acquiring an additional 1,063,707 shares during the period. Institutional investors and hedge funds own 68.11% of the company’s stock.

About MGM Resorts International

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.