MGM Resorts International (NYSE:MGM) Raised to Hold at Zacks Research

MGM Resorts International (NYSE:MGM) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

MGM has been the subject of several other reports. Deutsche Bank Aktiengesellschaft reduced their price objective on MGM Resorts International from $54.00 to $53.00 in a report on Monday, September 22nd. Weiss Ratings reissued a “sell (d)” rating on shares of MGM Resorts International in a report on Monday. Stifel Nicolaus set a $45.00 price objective on shares of MGM Resorts International in a research report on Thursday, October 30th. Argus cut their target price on shares of MGM Resorts International from $45.00 to $40.00 and set a “buy” rating for the company in a research report on Friday, November 14th. Finally, JPMorgan Chase & Co. decreased their target price 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. Twelve investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, MGM Resorts International currently has an average rating of “Hold” and an average price target of $45.31.

MGM Resorts International Stock Performance

MGM Resorts International stock opened at $36.95 on Monday. The stock’s 50 day moving average is $33.81 and its 200 day moving average is $35.10. The company has a market capitalization of $10.11 billion, a P/E ratio of 230.96, a PEG ratio of 2.48 and a beta of 1.48. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $41.32. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 1.80.

MGM Resorts International (NYSE:MGM) last released its 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 company had revenue of $4.25 billion during the quarter, compared to analysts’ expectations of $4.24 billion. MGM Resorts International had a return on equity of 17.23% and a net margin of 0.40%.During the same period in the prior year, the company posted $0.54 earnings per share. The company’s revenue was up 1.6% on a year-over-year basis. On average, equities research analysts predict that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Insider Buying and Selling at MGM Resorts International

In other news, major shareholder Iac Inc. purchased 1,098,748 shares of the company’s stock in a transaction on Friday, December 5th. The stock was acquired at an average cost of $36.30 per share, for a total transaction of $39,884,552.40. Following the completion of the transaction, the insider directly owned 65,822,350 shares in the company, valued at $2,389,351,305. This trade represents a 1.70% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.06% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of MGM. XML Financial LLC raised its holdings in MGM Resorts International by 0.9% during the second quarter. XML Financial LLC now owns 30,884 shares of the company’s stock valued at $1,062,000 after acquiring an additional 287 shares during the period. Concurrent Investment Advisors LLC boosted its stake in MGM Resorts International by 4.1% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 7,975 shares of the company’s stock worth $274,000 after purchasing an additional 315 shares during the period. Vanguard Personalized Indexing Management LLC raised its position in shares of MGM Resorts International by 0.8% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 39,763 shares of the company’s stock valued at $1,378,000 after buying an additional 328 shares during the last quarter. Quarry LP lifted its holdings in shares of MGM Resorts International by 24.1% in the first quarter. Quarry LP now owns 1,795 shares of the company’s stock worth $53,000 after buying an additional 349 shares in the last quarter. Finally, Public Employees Retirement System of Ohio boosted its position in shares of MGM Resorts International by 0.6% during the third quarter. Public Employees Retirement System of Ohio now owns 64,006 shares of the company’s stock worth $2,218,000 after acquiring an additional 397 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.