Susquehanna Upgrades MGM Resorts International (NYSE:MGM) to “Positive”

Susquehanna upgraded shares of MGM Resorts International (NYSE:MGM) from a neutral rating to a positive rating in a report published on Thursday morning, Marketbeat reports. The firm currently has $54.00 price objective on the stock, up from their prior price objective of $46.00.

A number of other research analysts have also weighed in on the company. TheStreet upgraded MGM Resorts International from a c+ rating to a b- rating in a research report on Tuesday, February 13th. StockNews.com cut MGM Resorts International from a buy rating to a hold rating in a report on Monday, March 4th. JPMorgan Chase & Co. boosted their price target on shares of MGM Resorts International from $52.00 to $54.00 and gave the stock an overweight rating in a research report on Wednesday, February 14th. Mizuho assumed coverage on shares of MGM Resorts International in a research note on Tuesday, March 26th. They issued a buy rating and a $61.00 price objective for the company. Finally, Bank Of America (Bofa) increased their price target on shares of MGM Resorts International from $45.00 to $50.00 and gave the company a neutral rating in a report on Wednesday, February 14th. Two investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, MGM Resorts International has a consensus rating of Moderate Buy and a consensus target price of $54.77.

MGM Resorts International Trading Up 0.4 %

Shares of MGM Resorts International stock opened at $41.04 on Thursday. MGM Resorts International has a fifty-two week low of $34.12 and a fifty-two week high of $51.35. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.46 and a current ratio of 1.51. The company has a market capitalization of $12.87 billion, a P/E ratio of 15.78, a P/E/G ratio of 0.95 and a beta of 2.22. The company has a fifty day moving average of $43.52 and a 200 day moving average of $42.32.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, May 1st. The company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.18. MGM Resorts International had a return on equity of 23.62% and a net margin of 5.35%. The firm had revenue of $4.38 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same quarter in the prior year, the company posted $0.44 earnings per share. The business’s quarterly revenue was up 13.2% compared to the same quarter last year. On average, sell-side analysts anticipate that MGM Resorts International will post 2.76 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Keith A. Meister sold 325,000 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $42.90, for a total transaction of $13,942,500.00. Following the transaction, the director now owns 6,098,778 shares in the company, valued at $261,637,576.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.83% of the company’s stock.

Hedge Funds Weigh In On MGM Resorts International

Hedge funds and other institutional investors have recently modified their holdings of the business. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its holdings in shares of MGM Resorts International by 28.7% in the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 91,456 shares of the company’s stock valued at $3,362,000 after acquiring an additional 20,400 shares during the period. Kingswood Wealth Advisors LLC bought a new position in MGM Resorts International in the third quarter worth about $342,000. Raymond James & Associates lifted its position in shares of MGM Resorts International by 60.8% during the third quarter. Raymond James & Associates now owns 322,520 shares of the company’s stock valued at $11,856,000 after buying an additional 121,947 shares during the last quarter. Stratos Wealth Partners LTD. boosted its holdings in shares of MGM Resorts International by 42.9% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 27,461 shares of the company’s stock valued at $1,009,000 after buying an additional 8,244 shares in the last quarter. Finally, Independent Advisor Alliance grew its position in shares of MGM Resorts International by 9.4% in the 3rd quarter. Independent Advisor Alliance now owns 15,653 shares of the company’s stock worth $575,000 after buying an additional 1,349 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors.

MGM Resorts International Company Profile

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.