MGM Resorts International (NYSE:MGM) Receives $48.94 Average Target Price from Brokerages

MGM Resorts International (NYSE:MGM - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the twenty brokerages that are presently covering the stock, Marketbeat.com reports. Four research analysts have rated the stock with a hold rating and sixteen have issued a buy rating on the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $48.94.

MGM has been the subject of a number of analyst reports. Barclays lifted their price target on MGM Resorts International from $41.00 to $43.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. Citigroup boosted their target price on MGM Resorts International from $48.00 to $50.00 and gave the stock a "buy" rating in a research note on Thursday, February 13th. Macquarie cut their target price 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. BTIG Research downgraded MGM Resorts International from a "buy" rating to a "neutral" rating in a research note on Monday, February 3rd. Finally, JMP Securities cut their target price on MGM Resorts International from $50.00 to $45.00 and set a "market outperform" rating on the stock in a research note on Thursday, April 17th.

MGM Resorts International Stock Up 1.1%

MGM stock traded up $0.37 during mid-day trading on Tuesday, reaching $32.58. 2,847,867 shares of the company traded hands, compared to its average volume of 4,716,075. The stock has a market cap of $8.87 billion, a price-to-earnings ratio of 13.58, a P/E/G ratio of 0.98 and a beta of 1.78. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $47.26. The firm's 50 day moving average price is $30.60 and its 200 day moving average price is $33.95.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.50 by $0.19. The business had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.29 billion. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. The company's quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.74 EPS. As a group, equities research analysts predict that MGM Resorts International will post 2.21 EPS for the current fiscal year.

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

Insider Activity at MGM Resorts International

In other MGM Resorts International news, CAO Todd Meinert sold 6,000 shares of the business's stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total transaction of $227,040.00. Following the sale, the chief accounting officer now owns 18,301 shares of the company's stock, valued at $692,509.84. The trade was a 24.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Jonathan S. Halkyard bought 10,000 shares of the stock in a transaction on Thursday, March 6th. The shares were acquired at an average cost of $32.17 per share, for a total transaction of $321,700.00. Following the acquisition, the chief financial officer now directly owns 75,648 shares in the company, valued at approximately $2,433,596.16. This trade represents a 15.23% increase in their ownership of the stock. The disclosure for this purchase can be found here. 3.06% of the stock is owned by company insiders.

Institutional Investors Weigh In On MGM Resorts International

A number of hedge funds and other institutional investors have recently bought and sold shares of MGM. Wilmington Savings Fund Society FSB bought a new stake in MGM Resorts International during the 3rd quarter valued at $55,000. Tidal Investments LLC increased its holdings in shares of MGM Resorts International by 269.7% in the third quarter. Tidal Investments LLC now owns 33,050 shares of the company's stock worth $1,292,000 after purchasing an additional 24,111 shares during the period. Synovus Financial Corp bought a new position in shares of MGM Resorts International in the third quarter worth $309,000. Czech National Bank increased its holdings in shares of MGM Resorts International by 4.3% in the fourth quarter. Czech National Bank now owns 49,063 shares of the company's stock worth $1,700,000 after purchasing an additional 2,043 shares during the period. Finally, Miracle Mile Advisors LLC bought a new position in shares of MGM Resorts International in the fourth quarter worth $2,010,000. Institutional investors own 68.11% of the company's stock.

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.