Citigroup Upgrades MGM Resorts International (NYSE:MGM) to Strong-Buy

Citigroup upgraded shares of MGM Resorts International (NYSE:MGM - Free Report) from a hold rating to a strong-buy rating in a report published on Wednesday, Marketbeat Ratings reports. They currently have $57.00 target price on the stock, up from their previous target price of $55.00.

Other research analysts also recently issued reports about the stock. Wall Street Zen upgraded shares of MGM Resorts International from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. UBS Group increased their price target on shares of MGM Resorts International from $37.00 to $42.00 and gave the stock a "neutral" rating in a research report on Tuesday. JPMorgan Chase & Co. initiated coverage on MGM Resorts International in a report on Monday, June 23rd. They issued a "neutral" rating and a $38.00 price objective for the company. Macquarie cut their price objective on MGM Resorts International from $50.00 to $48.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. Finally, Morgan Stanley decreased their target price on MGM Resorts International from $37.00 to $36.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.67.

MGM Resorts International Stock Down 2.3%

NYSE:MGM traded down $0.90 on Wednesday, reaching $37.94. The stock had a trading volume of 4,342,604 shares, compared to its average volume of 4,955,687. The company has a 50-day moving average of $33.73 and a 200 day moving average of $33.00. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 1.79. The stock has a market cap of $10.33 billion, a P/E ratio of 16.94, a price-to-earnings-growth ratio of 2.64 and a beta of 1.76. MGM Resorts International has a 12-month low of $25.30 and a 12-month high of $47.26.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, beating analysts' consensus estimates of $0.50 by $0.19. MGM Resorts International had a return on equity of 20.64% and a net margin of 3.95%. The firm had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same quarter last year, the firm earned $0.74 EPS. MGM Resorts International's quarterly revenue was down 2.4% on a year-over-year basis. On average, research analysts predict that MGM Resorts International will post 2.21 earnings per share for the current year.

MGM Resorts International declared that its board has approved a stock buyback plan on Wednesday, April 30th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 22.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's management believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Keith A. Meister sold 60,000 shares of the stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $32.09, for a total value of $1,925,400.00. Following the completion of the transaction, the director directly owned 5,627,478 shares in the company, valued at $180,585,769.02. This trade represents a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Corey Ian Sanders sold 40,000 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $34.43, for a total value of $1,377,200.00. Following the sale, the chief operating officer directly owned 281,530 shares in the company, valued at approximately $9,693,077.90. The trade was a 12.44% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 105,261 shares of company stock worth $3,486,367. 3.06% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MGM. ArrowMark Colorado Holdings LLC boosted its position in shares of MGM Resorts International by 42.8% during the 4th quarter. ArrowMark Colorado Holdings LLC now owns 937,175 shares of the company's stock valued at $32,473,000 after purchasing an additional 280,700 shares in the last quarter. Korea Investment CORP grew its position in MGM Resorts International by 964.3% in the fourth quarter. Korea Investment CORP now owns 145,287 shares of the company's stock worth $5,034,000 after buying an additional 131,636 shares during the last quarter. Vontobel Holding Ltd. increased its holdings in shares of MGM Resorts International by 74.6% in the first quarter. Vontobel Holding Ltd. now owns 21,778 shares of the company's stock valued at $646,000 after buying an additional 9,304 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of MGM Resorts International by 60.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 61,748 shares of the company's stock valued at $1,830,000 after buying an additional 23,234 shares in the last quarter. Finally, Allianz SE acquired a new stake in shares of MGM Resorts International during the 4th quarter valued at $1,166,000. 68.11% of the stock is owned by institutional investors and hedge funds.

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.