MGM Resorts International (NYSE:MGM) Raised to “Equal Weight” at Wells Fargo & Company

MGM Resorts International (NYSE:MGM) was upgraded by Wells Fargo & Company from an “underweight” rating to an “equal weight” rating in a research report issued on Tuesday, MarketBeat Ratings reports. The firm presently has a $48.30 price target on the stock. Wells Fargo & Company‘s price target points to a potential upside of 3.92% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. KeyCorp raised shares of MGM Resorts International from a “sector weight” rating to an “overweight” rating and set a $117.00 price objective for the company in a research report on Monday, April 27th. Citigroup boosted their price objective on MGM Resorts International from $40.00 to $48.00 and gave the company a “neutral” rating in a research note on Thursday, July 2nd. UBS Group set a $48.00 price target on MGM Resorts International in a report on Thursday. The Goldman Sachs Group upped their target price on shares of MGM Resorts International from $34.00 to $38.00 and gave the stock a “sell” rating in a research report on Thursday, April 30th. Finally, Jefferies Financial Group restated a “hold” rating on shares of MGM Resorts International in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, MGM Resorts International currently has a consensus rating of “Hold” and a consensus price target of $51.49.

MGM Resorts International Stock Down 0.9%

Shares of MGM Resorts International stock traded down $0.40 on Tuesday, reaching $46.48. The stock had a trading volume of 1,005,290 shares, compared to its average volume of 4,895,692. The company has a 50 day moving average price of $43.37 and a 200 day moving average price of $38.70. MGM Resorts International has a 1 year low of $29.18 and a 1 year high of $51.59. The stock has a market capitalization of $11.89 billion, a P/E ratio of 64.58 and a beta of 1.29. The company has a quick ratio of 1.30, a current ratio of 1.33 and a debt-to-equity ratio of 1.93.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $0.49 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.07). The firm had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.37 billion. MGM Resorts International had a net margin of 1.03% and a return on equity of 24.43%. The firm’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.69 earnings per share. As a group, equities research analysts forecast that MGM Resorts International will post 1.95 EPS for the current year.

Insider Activity

In other MGM Resorts International news, Director Daniel J. Taylor sold 6,675 shares of the stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $38.44, for a total value of $256,587.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.38% of the stock is owned by insiders.

Institutional Trading of MGM Resorts International

Institutional investors and hedge funds have recently bought and sold shares of the company. Jefferies Financial Group Inc. bought a new position in MGM Resorts International in the 3rd quarter worth approximately $2,184,000. Assenagon Asset Management S.A. raised its stake in shares of MGM Resorts International by 102.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 713,772 shares of the company’s stock valued at $26,046,000 after purchasing an additional 361,474 shares in the last quarter. Todd Asset Management LLC grew its position 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 valued at $25,890,000 after buying an additional 59,691 shares in the last quarter. M&T Bank Corp raised its position in shares of MGM Resorts International by 1,118.7% during the 4th quarter. M&T Bank Corp now owns 97,630 shares of the company’s stock worth $3,563,000 after buying an additional 89,619 shares in the last quarter. Finally, Mudita Advisors LLP lifted its stake in shares of MGM Resorts International by 106.8% in the 3rd quarter. Mudita Advisors LLP now owns 628,338 shares of the company’s stock worth $21,778,000 after acquiring an additional 324,500 shares during the period. Institutional investors and hedge funds 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.