MGM Resorts International (NYSE:MGM) Price Target Raised to $44.00 at Barclays

MGM Resorts International (NYSE:MGM - Get Free Report) had its target price hoisted by Barclays from $43.00 to $44.00 in a report released on Friday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Barclays's price objective would indicate a potential upside of 18.15% from the company's previous close.

MGM has been the subject of a number of other reports. Citizens Jmp lowered shares of MGM Resorts International from an "outperform" rating to a "market perform" rating in a report on Thursday, June 26th. Citigroup upgraded shares of MGM Resorts International from a "hold" rating to a "strong-buy" rating and upped their price target for the company from $55.00 to $57.00 in a report on Wednesday, July 9th. UBS Group upped their price target on shares of MGM Resorts International from $37.00 to $42.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Macquarie lowered their price target on shares of MGM Resorts International from $50.00 to $48.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Finally, Wall Street Zen upgraded shares of MGM Resorts International from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, seven have issued 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, MGM Resorts International has an average rating of "Moderate Buy" and a consensus price target of $48.00.

MGM Resorts International Trading Down 0.9%

Shares of MGM traded down $0.33 during mid-day trading on Friday, reaching $37.24. The company's stock had a trading volume of 4,114,019 shares, compared to its average volume of 4,981,197. The stock has a market cap of $10.13 billion, a PE ratio of 16.63, a P/E/G ratio of 2.43 and a beta of 1.76. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 1.79. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $45.56. The company's fifty day moving average price is $34.29 and its two-hundred day moving average price is $33.10.

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 analysts' consensus estimates of $0.50 by $0.19. The firm had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.29 billion. MGM Resorts International had a net margin of 3.95% and a return on equity of 20.64%. The business's quarterly revenue was down 2.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.74 EPS. On average, analysts predict that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International declared that its Board of Directors has initiated a share 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 purchase 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.

Insider Buying and Selling at MGM Resorts International

In other news, COO Corey Ian Sanders sold 40,000 shares of the company'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 sale, the chief operating officer directly owned 281,530 shares of the company's stock, valued at $9,693,077.90. This represents a 12.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Daniel J. Taylor sold 5,261 shares of the company's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total transaction of $183,766.73. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 105,261 shares of company stock valued at $3,486,367. 3.06% of the stock is currently owned by company insiders.

Institutional Trading of MGM Resorts International

A number of hedge funds and other institutional investors have recently modified their holdings of MGM. Avantax Advisory Services Inc. grew its position in shares of MGM Resorts International by 11.8% in the 4th quarter. Avantax Advisory Services Inc. now owns 10,114 shares of the company's stock worth $350,000 after buying an additional 1,071 shares during the period. Commonwealth Equity Services LLC grew its position in shares of MGM Resorts International by 0.3% in the 4th quarter. Commonwealth Equity Services LLC now owns 146,417 shares of the company's stock worth $5,073,000 after buying an additional 469 shares during the period. Cibc World Markets Corp grew its position in shares of MGM Resorts International by 13.2% in the 4th quarter. Cibc World Markets Corp now owns 35,770 shares of the company's stock worth $1,239,000 after buying an additional 4,184 shares during the period. Royal London Asset Management Ltd. grew its position in shares of MGM Resorts International by 19.1% in the 4th quarter. Royal London Asset Management Ltd. now owns 114,666 shares of the company's stock worth $3,973,000 after buying an additional 18,419 shares during the period. Finally, Quantbot Technologies LP grew its position in MGM Resorts International by 110.5% during the 4th quarter. Quantbot Technologies LP now owns 136,433 shares of the company's stock valued at $4,727,000 after purchasing an additional 71,627 shares during the last quarter. 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.