JPMorgan Chase & Co. Begins Coverage on MGM Resorts International (NYSE:MGM)

Stock analysts at JPMorgan Chase & Co. started coverage on shares of MGM Resorts International (NYSE:MGM - Get Free Report) in a report issued on Monday, Marketbeat.com reports. The firm set a "neutral" rating and a $38.00 price target on the stock. JPMorgan Chase & Co.'s target price would indicate a potential upside of 12.23% from the stock's previous close.

Several other analysts have also recently issued reports on MGM. Barclays boosted their price objective on shares of MGM Resorts International from $41.00 to $43.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. Morgan Stanley cut their price objective on MGM Resorts International from $37.00 to $36.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. JMP Securities decreased their target price on MGM Resorts International from $50.00 to $45.00 and set a "market outperform" rating for the company in a report on Thursday, April 17th. Susquehanna lifted their price target on shares of MGM Resorts International from $45.00 to $50.00 and gave the company a "positive" rating in a research report on Thursday, May 1st. Finally, Truist Financial cut their target price on shares of MGM Resorts International from $50.00 to $45.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Six equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $48.29.

MGM Resorts International Trading Up 1.8%

Shares of NYSE:MGM traded up $0.61 during midday trading on Monday, reaching $33.86. The company's stock had a trading volume of 337,110 shares, compared to its average volume of 4,887,910. The firm has a market cap of $9.21 billion, a price-to-earnings ratio of 15.13, a price-to-earnings-growth ratio of 2.33 and a beta of 1.76. The business has a 50 day moving average price of $32.09 and a 200 day moving average price of $32.86. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $47.26. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 1.79.

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

MGM Resorts International declared that its Board of Directors has approved a share buyback program on Wednesday, April 30th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 22.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling

In other MGM Resorts International news, COO Corey Ian Sanders sold 40,000 shares of the business's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $34.43, for a total transaction of $1,377,200.00. Following the completion of the transaction, the chief operating officer now directly owns 281,530 shares of the company's stock, valued at $9,693,077.90. The trade was a 12.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Daniel J. Taylor sold 5,261 shares of MGM Resorts International stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total value of $183,766.73. The disclosure for this sale can be found here. Insiders sold a total of 105,261 shares of company stock worth $3,486,367 in the last three months. 3.06% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MGM. Assetmark Inc. raised its position in shares of MGM Resorts International by 104.1% during the 4th quarter. Assetmark Inc. now owns 806 shares of the company's stock worth $28,000 after buying an additional 411 shares in the last quarter. Mascagni Wealth Management Inc. bought a new stake in shares of MGM Resorts International in the 4th quarter worth $28,000. True Wealth Design LLC bought a new position in MGM Resorts International during the fourth quarter valued at about $33,000. Golden State Wealth Management LLC boosted its stake in MGM Resorts International by 83.5% during the first quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company's stock valued at $30,000 after buying an additional 455 shares in the last quarter. Finally, CX Institutional acquired a new position in MGM Resorts International during the first quarter worth about $36,000. 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.