Citigroup Raises MGM Resorts International (NYSE:MGM) Price Target to $48.00

MGM Resorts International (NYSE:MGM) had its target price increased by equities research analysts at Citigroup from $40.00 to $48.00 in a note issued to investors on Thursday,MarketScreener reports. The firm presently has a “neutral” rating on the stock. Citigroup’s price target suggests a potential upside of 0.54% from the stock’s previous close.

MGM has been the subject of a number of other research reports. Susquehanna boosted their target price on MGM Resorts International from $45.00 to $50.00 and gave the stock a “positive” rating in a research report on Monday, June 1st. Morgan Stanley reiterated an “underweight” rating on shares of MGM Resorts International in a research note on Monday, June 1st. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of MGM Resorts International from $48.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Stifel Nicolaus restated a “hold” rating and set a $49.00 price objective (up from $48.00) on shares of MGM Resorts International in a research report on Monday, June 15th. Finally, Capital One Financial raised their target price on shares of MGM Resorts International from $46.00 to $51.00 and gave the stock an “overweight” rating in a report on Friday, April 17th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have given a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $50.65.

MGM Resorts International Stock Performance

MGM stock opened at $47.74 on Thursday. The stock’s 50 day simple moving average is $42.89 and its 200 day simple moving average is $38.49. The company has a current ratio of 1.33, a quick ratio of 1.30 and a debt-to-equity ratio of 1.93. MGM Resorts International has a 12-month low of $29.18 and a 12-month high of $51.59. The stock has a market capitalization of $12.21 billion, a PE ratio of 66.29 and a beta of 1.29.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results 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 firm’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.69 EPS. As a group, research analysts forecast that MGM Resorts International will post 1.95 earnings per share for the current fiscal year.

Insider Buying and Selling at MGM Resorts International

In other news, Director Daniel J. Taylor sold 6,675 shares of MGM Resorts International stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $38.44, for a total transaction of $256,587.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 3.38% of the stock is currently owned by insiders.

Institutional Investors Weigh In On MGM Resorts International

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. TD Asset Management Inc increased its stake in shares of MGM Resorts International by 146.9% in the third 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 in the last quarter. Jefferies Financial Group Inc. purchased a new position in shares of MGM Resorts International during the 3rd quarter valued at $2,184,000. Focus Partners Advisor Solutions LLC purchased a new position in shares of MGM Resorts International during the 3rd quarter valued at $1,014,000. Assenagon Asset Management S.A. boosted its holdings in MGM Resorts International by 102.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 713,772 shares of the company’s stock worth $26,046,000 after buying an additional 361,474 shares during the period. Finally, Todd Asset Management LLC increased its stake in MGM Resorts International by 9.2% in the 4th quarter. Todd Asset Management LLC now owns 709,520 shares of the company’s stock worth $25,890,000 after buying an additional 59,691 shares in the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

About MGM Resorts International

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.