Barclays Increases MGM Resorts International (NYSE:MGM) Price Target to $48.00

MGM Resorts International (NYSE:MGM) had its target price increased by equities researchers at Barclays from $39.00 to $48.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s price target points to a potential upside of 3.74% from the company’s current price.

Other equities analysts also recently issued reports about the company. Stifel Nicolaus reiterated 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. JPMorgan Chase & Co. lifted their target price on MGM Resorts International from $46.00 to $53.00 and gave the company an “overweight” rating in a research note on Friday, June 12th. Wells Fargo & Company upgraded MGM Resorts International from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $33.00 to $48.30 in a research report on Tuesday. Deutsche Bank Aktiengesellschaft increased their price target on MGM Resorts International from $48.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Finally, Morgan Stanley restated an “underweight” rating on shares of MGM Resorts International in a research note on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $52.02.

MGM Resorts International Trading Down 0.7%

NYSE:MGM opened at $46.27 on Thursday. The firm has a market capitalization of $11.84 billion, a P/E ratio of 64.19 and a beta of 1.29. The business has a 50 day simple moving average of $43.63 and a 200 day simple moving average of $38.84. 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 has a 12-month low of $29.18 and a 12-month high of $51.59.

MGM Resorts International (NYSE:MGM) last issued its 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). MGM Resorts International had a return on equity of 24.43% and a net margin of 1.03%.The company had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.37 billion. During the same period in the prior year, the business earned $0.69 earnings per share. MGM Resorts International’s quarterly revenue was up 4.2% on a year-over-year basis. Equities research analysts predict that MGM Resorts International will post 1.95 EPS for the current year.

Insider Transactions at MGM Resorts International

In related 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 document filed with the SEC, which is available through this hyperlink. 3.38% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MGM Resorts International

Several large investors have recently made changes to their positions in MGM. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in MGM Resorts International by 5.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,652 shares of the company’s stock valued at $582,000 after purchasing an additional 951 shares during the last quarter. NewEdge Advisors LLC increased its holdings in shares of MGM Resorts International by 12.1% in the first quarter. NewEdge Advisors LLC now owns 3,893 shares of the company’s stock valued at $115,000 after buying an additional 421 shares in the last quarter. Woodline Partners LP increased its holdings in shares of MGM Resorts International by 39.1% in the first quarter. Woodline Partners LP now owns 18,901 shares of the company’s stock valued at $560,000 after buying an additional 5,312 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of MGM Resorts International by 57.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,248 shares of the company’s stock valued at $112,000 after acquiring an additional 1,182 shares during the last quarter. Finally, Jump Financial LLC lifted its position in shares of MGM Resorts International by 221.9% during the 2nd quarter. Jump Financial LLC now owns 26,782 shares of the company’s stock valued at $921,000 after acquiring an additional 18,463 shares during the last quarter. Institutional investors own 68.11% of the company’s stock.

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.