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

MGM Resorts International (NYSE:MGM) shares hit a new 52-week high during trading on Friday after JPMorgan Chase & Co. raised their price target on the stock from $41.00 to $42.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. MGM Resorts International traded as high as $40.20 and last traded at $39.3260, with a volume of 1427610 shares traded. The stock had previously closed at $38.49.

Several other brokerages have also recently commented on MGM. Weiss Ratings restated a “sell (d)” rating on shares of MGM Resorts International in a report on Monday, December 29th. Susquehanna reduced their target price on shares of MGM Resorts International from $46.00 to $45.00 and set a “positive” rating for the company in a report on Friday, February 6th. Texas Capital upgraded shares of MGM Resorts International to a “strong-buy” rating in a report on Thursday, January 8th. Berenberg Bank restated a “buy” rating on shares of MGM Resorts International in a report on Wednesday, February 11th. Finally, Citigroup increased their target price on shares of MGM Resorts International from $35.00 to $41.00 and gave the stock a “neutral” rating in a report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $41.80.

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 shares were sold at an average price of $34.27, for a total value of $1,285,125.00. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Iac Inc. purchased 450,000 shares of the business’s stock in a transaction on Tuesday, March 24th. The stock was purchased at an average price of $37.13 per share, with a total value of $16,708,500.00. Following the purchase, the insider owned 66,822,350 shares of the company’s stock, valued at approximately $2,481,113,855.50. The trade was a 0.68% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 3.38% of the company’s stock.

Hedge Funds Weigh In On MGM Resorts International

Large investors have recently modified their holdings of the stock. Rockefeller Capital Management L.P. increased its position in MGM Resorts International by 3.9% during the fourth quarter. Rockefeller Capital Management L.P. now owns 14,580 shares of the company’s stock worth $532,000 after acquiring an additional 549 shares during the period. Corient Private Wealth LLC increased its position in MGM Resorts International by 11.8% during the fourth quarter. Corient Private Wealth LLC now owns 311,167 shares of the company’s stock worth $11,355,000 after acquiring an additional 32,885 shares during the period. Hsbc Holdings PLC increased its position in MGM Resorts International by 8.2% during the fourth quarter. Hsbc Holdings PLC now owns 352,761 shares of the company’s stock worth $12,876,000 after acquiring an additional 26,832 shares during the period. AG Campbell Advisory LLC bought a new position in MGM Resorts International during the fourth quarter worth about $109,000. Finally, Beacon Pointe Advisors LLC increased its position in MGM Resorts International by 3.1% during the fourth quarter. Beacon Pointe Advisors LLC now owns 16,645 shares of the company’s stock worth $607,000 after acquiring an additional 496 shares during the period. 68.11% of the stock is owned by institutional investors.

MGM Resorts International Trading Up 2.0%

The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.20 and a current ratio of 1.23. The stock has a market capitalization of $10.04 billion, a P/E ratio of 52.44 and a beta of 1.35. The firm’s fifty day simple moving average is $36.47 and its 200 day simple moving average is $35.00.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, February 4th. The company reported $1.60 EPS 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 for the quarter, compared to analyst estimates of $4.42 billion. During the same period last year, the firm earned $0.45 EPS. As a group, equities research analysts forecast that MGM Resorts International will post 2.21 EPS 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.