MGM Resorts International (NYSE:MGM) Price Target Raised to $42.00 at UBS Group

MGM Resorts International (NYSE:MGM - Get Free Report) had its price objective boosted by analysts at UBS Group from $37.00 to $42.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. UBS Group's target price would suggest a potential upside of 12.40% from the company's current price.

Other equities analysts have also issued research reports about the company. Wall Street Zen upgraded MGM Resorts International from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. 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. Stifel Nicolaus cut their price objective on MGM Resorts International from $50.00 to $44.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Barclays raised their price objective on MGM Resorts International from $41.00 to $43.00 and gave the company an "overweight" rating in a report on Thursday, May 1st. Finally, JPMorgan Chase & Co. initiated coverage on MGM Resorts International in a report on Monday, June 23rd. They set a "neutral" rating and a $38.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $46.94.

MGM Resorts International Price Performance

MGM Resorts International stock traded up $0.34 during mid-day trading on Tuesday, reaching $37.37. 265,026 shares of the company were exchanged, compared to its average volume of 4,927,399. The company has a fifty day simple moving average of $33.21 and a 200-day simple moving average of $32.88. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $47.26. The company has a debt-to-equity ratio of 1.79, a current ratio of 1.31 and a quick ratio of 1.26. The firm has a market cap of $10.17 billion, a PE ratio of 16.64, a PEG ratio of 2.59 and a beta of 1.76.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.29 billion. During the same quarter last year, the company posted $0.74 EPS. The company's revenue for the quarter was down 2.4% compared to the same quarter last year. As a group, equities research analysts expect that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International announced that its Board of Directors has approved a share repurchase plan on Wednesday, April 30th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to repurchase up to 22.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

Insider Activity at MGM Resorts International

In related news, Director Keith A. Meister sold 60,000 shares of the business's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $32.09, for a total value of $1,925,400.00. Following the completion of the sale, the director directly owned 5,627,478 shares of the company's stock, valued at $180,585,769.02. The trade was a 1.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 value of $1,377,200.00. Following the completion of the sale, the chief operating officer directly owned 281,530 shares of the company's stock, valued at $9,693,077.90. The trade was a 12.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 105,261 shares of company stock valued at $3,486,367 in the last three months. Corporate insiders own 3.06% of the company's stock.

Hedge Funds Weigh In On MGM Resorts International

Several institutional investors have recently bought and sold shares of MGM. Assetmark Inc. increased its stake in MGM Resorts International by 104.1% in the fourth quarter. Assetmark Inc. now owns 806 shares of the company's stock valued at $28,000 after acquiring an additional 411 shares during the last quarter. Mascagni Wealth Management Inc. purchased a new stake in shares of MGM Resorts International during the fourth quarter worth about $28,000. True Wealth Design LLC purchased a new stake in shares of MGM Resorts International during the fourth quarter worth about $33,000. Golden State Wealth Management LLC boosted its holdings in shares of 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 worth $30,000 after purchasing an additional 455 shares during the period. Finally, CX Institutional purchased a new stake in MGM Resorts International in the first quarter worth about $36,000. Hedge funds and other institutional investors own 68.11% of the company's stock.

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.

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