MGM Resorts International (NYSE:MGM) Shares Gap Up Following Analyst Upgrade

MGM Resorts International (NYSE:MGM)’s stock price gapped up before the market opened on Monday after Susquehanna raised their price target on the stock from $45.00 to $50.00. The stock had previously closed at $43.67, but opened at $48.46. Susquehanna currently has a positive rating on the stock. MGM Resorts International shares last traded at $49.9090, with a volume of 4,746,333 shares trading hands.

Several other analysts also recently commented on MGM. The Goldman Sachs Group raised their target price on shares of MGM Resorts International from $34.00 to $38.00 and gave the stock a “sell” rating in a report on Thursday, April 30th. Wells Fargo & Company upped their price target on shares of MGM Resorts International from $30.00 to $33.00 and gave the company an “underweight” rating in a report on Thursday, April 30th. Morgan Stanley raised their price objective on shares of MGM Resorts International from $34.00 to $35.00 and gave the stock an “underweight” rating in a report on Wednesday, April 8th. Stifel Nicolaus cut their price objective on shares of MGM Resorts International from $50.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, April 7th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of MGM Resorts International in a research note on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, six have assigned a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $48.47.

Insider Transactions at MGM Resorts International

In related news, Director Keith A. Meister sold 37,500 shares of the stock in a transaction on 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 owned 5,347,978 shares in the company, valued at approximately $183,275,206.06. This represents a 0.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Iac Inc. bought 450,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 24th. The stock was acquired at an average cost of $37.13 per share, with a total value of $16,708,500.00. Following the transaction, the insider owned 66,822,350 shares of the company’s stock, valued at $2,481,113,855.50. This represents a 0.68% increase in their position. The disclosure for this purchase is available in the SEC filing. 3.38% of the stock is currently owned by insiders.

Institutional Investors Weigh In On MGM Resorts International

Large investors have recently made changes to their positions in the stock. Davis Selected Advisers increased its holdings in MGM Resorts International by 12.0% during the fourth quarter. Davis Selected Advisers now owns 26,820,202 shares of the company’s stock worth $978,669,000 after buying an additional 2,866,750 shares during the last quarter. Vanguard Group Inc. lifted its stake in MGM Resorts International by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 23,782,004 shares of the company’s stock valued at $867,805,000 after acquiring an additional 205,127 shares during the last quarter. AQR Capital Management LLC lifted its stake in MGM Resorts International by 202.5% in the third quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company’s stock valued at $292,772,000 after acquiring an additional 5,654,757 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of 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 valued at $264,874,000 after acquiring an additional 3,429,946 shares during the period. Finally, State Street Corp increased its stake in shares of MGM Resorts International by 0.4% during the 4th quarter. State Street Corp now owns 7,517,622 shares of the company’s stock worth $274,318,000 after purchasing an additional 30,962 shares during the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Stock Up 15.3%

The company has a current ratio of 1.33, a quick ratio of 1.30 and a debt-to-equity ratio of 1.93. The firm’s 50 day moving average price is $38.01 and its two-hundred day moving average price is $36.27. The company has a market capitalization of $12.89 billion, a price-to-earnings ratio of 69.97 and a beta of 1.31.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $0.49 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.07). The business had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.37 billion. MGM Resorts International had a return on equity of 24.43% and a net margin of 1.03%.The company’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.69 EPS. Sell-side analysts anticipate that MGM Resorts International will post 1.99 earnings per share for the current fiscal year.

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.