MGM Resorts International (NYSE:MGM) Price Target Raised to $53.00 at JPMorgan Chase & Co.

MGM Resorts International (NYSE:MGM) had its price target lifted by equities research analysts at JPMorgan Chase & Co. from $46.00 to $53.00 in a note issued to investors on Friday,MarketScreener reports. JPMorgan Chase & Co.‘s target price suggests a potential upside of 9.47% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. Citigroup lowered their price target on MGM Resorts International from $41.00 to $40.00 and set a “neutral” rating for the company in a report on Thursday, April 30th. Wells Fargo & Company upped their target price on shares of MGM Resorts International from $30.00 to $33.00 and gave the company an “underweight” rating in a research report on Thursday, April 30th. Barclays upped their target price on shares of MGM Resorts International from $37.00 to $39.00 and gave the company an “equal weight” rating in a research report on Thursday, April 30th. Stifel Nicolaus dropped their price target on shares of MGM Resorts International from $50.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, April 7th. Finally, Capital One Financial boosted their price target on shares of MGM Resorts International from $46.00 to $51.00 and gave the company an “overweight” rating in a research note on Friday, April 17th. One 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 given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $50.18.

MGM Resorts International Trading Up 2.5%

Shares of MGM stock traded up $1.19 during trading on Friday, hitting $48.41. 615,133 shares of the stock traded hands, compared to its average volume of 5,039,107. MGM Resorts International has a 52-week low of $29.18 and a 52-week high of $51.59. The firm has a market capitalization of $12.39 billion, a P/E ratio of 67.24 and a beta of 1.31. The firm’s fifty day moving average price is $40.03 and its 200-day moving average price is $37.27. The company has a debt-to-equity ratio of 1.93, a current ratio of 1.33 and a quick ratio of 1.30.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.07). The business had revenue of $4.45 billion during the quarter, compared to analysts’ expectations 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 was up 4.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.69 earnings per share. As a group, research analysts forecast that MGM Resorts International will post 1.95 earnings per share for the current fiscal year.

Insider Activity

In other MGM Resorts International news, major shareholder Iac Inc. acquired 550,000 shares of the stock in a transaction dated Monday, March 23rd. The stock was acquired at an average price of $37.30 per share, with a total value of $20,515,000.00. Following the completion of the purchase, the insider owned 66,372,350 shares in the company, valued at $2,475,688,655. This trade represents a 0.84% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Daniel J. Taylor sold 6,675 shares of MGM Resorts International stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $38.44, for a total transaction of $256,587.00. The disclosure for this sale is available in the SEC filing. Insiders own 3.38% of the company’s stock.

Hedge Funds Weigh In On MGM Resorts International

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in MGM Resorts International by 1.5% in the third quarter. Vanguard Group Inc. now owns 23,576,877 shares of the company’s stock valued at $817,175,000 after purchasing an additional 340,629 shares during the period. TD Asset Management Inc increased its holdings in MGM Resorts International by 146.9% during the 3rd quarter. TD Asset Management Inc now owns 92,957 shares of the company’s stock worth $3,222,000 after purchasing an additional 55,300 shares during the period. Thrivent Financial for Lutherans increased its holdings in MGM Resorts International by 423.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 42,594 shares of the company’s stock worth $1,476,000 after purchasing an additional 34,463 shares during the period. LSV Asset Management raised its position in MGM Resorts International by 4.3% in the 3rd quarter. LSV Asset Management now owns 2,783,800 shares of the company’s stock valued at $96,487,000 after purchasing an additional 114,400 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in shares of MGM Resorts International by 31.0% in the 3rd quarter. Envestnet Asset Management Inc. now owns 510,715 shares of the company’s stock valued at $17,701,000 after buying an additional 120,800 shares during the period. Hedge funds and other institutional investors 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.