MGM Resorts International (NYSE:MGM) Upgraded by Zacks Research to Hold Rating

Zacks Research upgraded shares of MGM Resorts International (NYSE:MGM) from a strong sell rating to a hold rating in a report published on Monday morning,Zacks.com reports.

Other equities research analysts also recently issued research reports about the stock. Weiss Ratings restated a “sell (d)” rating on shares of MGM Resorts International in a research note on Monday. The Goldman Sachs Group restated a “sell” rating and issued a $33.00 price target on shares of MGM Resorts International in a research report on Monday, December 15th. Macquarie decreased their price objective on shares of MGM Resorts International from $48.00 to $46.00 and set an “outperform” rating on the stock in a research note on Thursday, October 2nd. JPMorgan Chase & Co. cut 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. Finally, Truist Financial decreased their price target on MGM Resorts International from $48.00 to $47.00 and set a “buy” rating on the stock in a research report on Thursday, October 30th. Twelve equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, MGM Resorts International has a consensus rating of “Hold” and an average target price of $45.31.

MGM Resorts International Trading Down 1.6%

MGM stock opened at $36.95 on Monday. 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. The business’s 50 day moving average is $33.81 and its 200-day moving average is $35.10. The firm has a market cap of $10.11 billion, a P/E ratio of 230.96, a P/E/G ratio of 2.48 and a beta of 1.48.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, October 29th. The company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.13). MGM Resorts International had a net margin of 0.40% and a return on equity of 17.23%. The company had revenue of $4.25 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same period in the prior year, the firm earned $0.54 EPS. MGM Resorts International’s quarterly revenue was up 1.6% compared to the same quarter last year. Equities analysts anticipate 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 related news, major shareholder Iac Inc. purchased 1,098,748 shares of the stock in a transaction that occurred on Friday, December 5th. The stock was acquired at an average price of $36.30 per share, with a total value of $39,884,552.40. Following the completion of the acquisition, the insider directly owned 65,822,350 shares in the company, valued at approximately $2,389,351,305. This trade represents a 1.70% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 3.06% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MGM. Raymond James Financial Inc. lifted its stake in shares of MGM Resorts International by 26.9% during the first quarter. Raymond James Financial Inc. now owns 734,445 shares of the company’s stock valued at $21,769,000 after acquiring an additional 155,709 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in MGM Resorts International by 12.6% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 25,246 shares of the company’s stock worth $748,000 after purchasing an additional 2,830 shares during the period. Comerica Bank raised its holdings in MGM Resorts International by 59.2% during the 1st quarter. Comerica Bank now owns 64,737 shares of the company’s stock worth $1,919,000 after purchasing an additional 24,078 shares during the last quarter. Ieq Capital LLC lifted its position in MGM Resorts International by 100.0% during the 1st quarter. Ieq Capital LLC now owns 60,310 shares of the company’s stock valued at $1,788,000 after purchasing an additional 30,155 shares during the period. Finally, OMERS ADMINISTRATION Corp boosted its stake in shares of MGM Resorts International by 20.7% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 63,594 shares of the company’s stock valued at $1,885,000 after purchasing an additional 10,889 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors.

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.