JMP Securities Raises MGM Resorts International (NYSE:MGM) Price Target to $58.00

MGM Resorts International (NYSE:MGM) had its target price increased by JMP Securities from $57.00 to $58.00 in a report issued on Monday, Benzinga reports. The firm currently has a market outperform rating on the stock.

MGM has been the topic of a number of other reports. Bank Of America (Bofa) lifted their price objective on shares of MGM Resorts International from $45.00 to $50.00 and gave the company a neutral rating in a research report on Wednesday, February 14th. Barclays boosted their price target on shares of MGM Resorts International from $55.00 to $56.00 and gave the stock an overweight rating in a research note on Thursday, May 2nd. StockNews.com raised MGM Resorts International from a hold rating to a buy rating in a report on Thursday, May 2nd. TheStreet upgraded MGM Resorts International from a c+ rating to a b- rating in a research note on Tuesday, February 13th. Finally, Susquehanna upgraded shares of MGM Resorts International from a neutral rating to a positive rating and boosted their target price for the stock from $46.00 to $54.00 in a research report on Thursday, May 2nd. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $54.83.

MGM Resorts International Price Performance

Shares of NYSE:MGM opened at $40.03 on Monday. MGM Resorts International has a one year low of $34.12 and a one year high of $51.35. The stock has a market capitalization of $12.56 billion, a price-to-earnings ratio of 15.40, a PEG ratio of 0.95 and a beta of 2.22. The company has a 50-day simple moving average of $43.43 and a 200-day simple moving average of $42.38. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.46 and a current ratio of 1.51.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, May 1st. The company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter in the previous year, the firm posted $0.44 EPS. The firm’s revenue for the quarter was up 13.2% on a year-over-year basis. On average, analysts predict that MGM Resorts International will post 2.76 EPS for the current year.

Insider Buying and Selling at MGM Resorts International

In other news, Director Keith A. Meister sold 325,000 shares of the company’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $42.90, for a total value of $13,942,500.00. Following the sale, the director now directly owns 6,098,778 shares in the company, valued at $261,637,576.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.83% of the stock is owned by insiders.

Institutional Trading of MGM Resorts International

Several hedge funds and other institutional investors have recently bought and sold shares of MGM. Davis Selected Advisers acquired a new stake in shares of MGM Resorts International in the third quarter worth approximately $361,915,000. Boston Partners boosted its holdings in shares of MGM Resorts International by 1,447.6% in the 3rd quarter. Boston Partners now owns 3,980,892 shares of the company’s stock valued at $145,916,000 after purchasing an additional 3,723,659 shares during the last quarter. Norges Bank purchased a new stake in shares of MGM Resorts International during the 4th quarter valued at $139,599,000. Qube Research & Technologies Ltd increased its holdings in shares of MGM Resorts International by 544.8% during the 3rd quarter. Qube Research & Technologies Ltd now owns 1,995,768 shares of the company’s stock worth $73,364,000 after buying an additional 1,686,267 shares during the last quarter. Finally, Capital World Investors raised its position in shares of MGM Resorts International by 17.7% in the 4th quarter. Capital World Investors now owns 6,551,310 shares of the company’s stock worth $292,713,000 after buying an additional 984,617 shares during the period. 68.11% of the stock is owned by hedge funds and other institutional investors.

About MGM Resorts International

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.