Analysts Set MGM Resorts International (NYSE:MGM) PT at $44.91

MGM Resorts International (NYSE:MGM) has been given an average rating of “Hold” by the twenty-four brokerages that are currently covering the company, MarketBeat.com reports. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and ten have issued a buy rating on the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $44.50.

Several research firms recently commented on MGM. Barclays set a $38.00 target price on shares of MGM Resorts International and gave the company an “equal weight” rating in a report on Wednesday, December 17th. Truist Financial reissued a “hold” rating and set a $38.00 price objective (down previously from $45.00) on shares of MGM Resorts International in a research note on Tuesday. Stifel Nicolaus set a $45.00 price target on shares of MGM Resorts International in a report on Thursday, October 30th. JPMorgan Chase & Co. lowered their price objective on shares of MGM Resorts International from $41.00 to $38.00 and set a “neutral” rating for the company in a research note on Thursday, October 30th. Finally, Capital One Financial dropped their target price on shares of MGM Resorts International from $47.00 to $46.00 and set an “overweight” rating for the company in a report on Friday, December 5th.

MGM Resorts International Stock Performance

Shares of NYSE MGM opened at $34.63 on Friday. The stock’s 50-day moving average is $34.98 and its 200 day moving average is $35.36. The stock has a market cap of $9.47 billion, a price-to-earnings ratio of 216.41, a P/E/G ratio of 2.69 and a beta of 1.46. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $41.32. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 1.80.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, October 29th. The company reported $0.24 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.13). The business had revenue of $4.25 billion for the quarter, compared to the consensus estimate of $4.24 billion. MGM Resorts International had a net margin of 0.40% and a return on equity of 17.23%. The firm’s revenue was up 1.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.54 earnings per share. On average, sell-side analysts anticipate that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Insiders Place Their Bets

In other MGM Resorts International news, major shareholder Iac Inc. acquired 1,098,748 shares of the business’s stock in a transaction dated Friday, December 5th. The shares were purchased at an average cost of $36.30 per share, for a total transaction of $39,884,552.40. Following the transaction, the insider owned 65,822,350 shares in the company, valued at $2,389,351,305. This represents a 1.70% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.06% of the company’s stock.

Hedge Funds Weigh In On MGM Resorts International

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Davis Selected Advisers raised its holdings in MGM Resorts International by 0.6% in the third quarter. Davis Selected Advisers now owns 23,953,452 shares of the company’s stock worth $830,227,000 after purchasing an additional 132,343 shares in the last quarter. Vanguard Group Inc. grew its position in shares of MGM Resorts International by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 23,576,877 shares of the company’s stock worth $817,175,000 after buying an additional 340,629 shares during the period. Helikon Investments Ltd grew its position in shares of MGM Resorts International by 379.9% in the 2nd quarter. Helikon Investments Ltd now owns 8,810,322 shares of the company’s stock worth $302,987,000 after buying an additional 6,974,347 shares during the period. AQR Capital Management LLC increased its stake in shares of MGM Resorts International by 202.5% in the 3rd quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company’s stock worth $292,772,000 after acquiring an additional 5,654,757 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in MGM Resorts International by 81.4% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company’s stock valued at $264,874,000 after acquiring an additional 3,429,946 shares during the period. 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.