JMP Securities Boosts MGM Resorts International (NYSE:MGM) Price Target to $58.00

MGM Resorts International (NYSE:MGM - Free Report) had its target price raised by JMP Securities from $57.00 to $58.00 in a report issued on Monday morning, Benzinga reports. The brokerage currently has a market outperform rating on the stock.

MGM has been the subject of several other research reports. Barclays increased their price target on shares of MGM Resorts International from $55.00 to $56.00 and gave the stock an overweight rating in a research report on Thursday. StockNews.com raised MGM Resorts International from a hold rating to a buy rating in a research note on Thursday. Susquehanna upgraded MGM Resorts International from a neutral rating to a positive rating and increased their price objective for the stock from $46.00 to $54.00 in a research note on Thursday. Deutsche Bank Aktiengesellschaft boosted their target price on shares of MGM Resorts International from $50.00 to $52.00 and gave the company a buy rating in a research note on Wednesday, February 14th. Finally, Mizuho lifted their price target on shares of MGM Resorts International from $61.00 to $62.00 and gave the company a buy rating in a report on Thursday. Two investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat, MGM Resorts International has a consensus rating of Moderate Buy and an average target price of $54.83.

MGM Resorts International Stock Performance

Shares of NYSE MGM traded down $0.03 during mid-day trading on Monday, hitting $41.01. The company had a trading volume of 4,470,572 shares, compared to its average volume of 3,929,225. MGM Resorts International has a 12 month low of $34.12 and a 12 month high of $51.35. The company has a debt-to-equity ratio of 1.56, a current ratio of 1.51 and a quick ratio of 1.46. The firm has a market cap of $12.86 billion, a P/E ratio of 15.77, a PEG ratio of 0.95 and a beta of 2.22. The business's 50-day simple moving average is $43.52 and its 200-day simple moving average is $42.32.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings data on Wednesday, May 1st. The company reported $0.74 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.56 by $0.18. MGM Resorts International had a return on equity of 23.62% and a net margin of 5.35%. The business had revenue of $4.38 billion for the quarter, compared to analysts' expectations of $4.24 billion. During the same period in the previous year, the business posted $0.44 earnings per share. MGM Resorts International's quarterly revenue was up 13.2% on a year-over-year basis. As a group, analysts predict that MGM Resorts International will post 2.76 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Keith A. Meister sold 325,000 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $42.90, for a total value of $13,942,500.00. Following the transaction, the director now directly owns 6,098,778 shares in the company, valued at $261,637,576.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 2.83% of the company's stock.

Hedge Funds Weigh In On MGM Resorts International

Several hedge funds have recently added to or reduced their stakes in MGM. CVA Family Office LLC bought a new position in MGM Resorts International during the 4th quarter worth approximately $28,000. Sandy Spring Bank increased its position in shares of MGM Resorts International by 140.8% in the 3rd quarter. Sandy Spring Bank now owns 855 shares of the company's stock valued at $31,000 after buying an additional 500 shares in the last quarter. Accent Capital Management LLC acquired a new stake in MGM Resorts International during the 4th quarter worth $45,000. Mendota Financial Group LLC lifted its holdings in MGM Resorts International by 36.0% during the first quarter. Mendota Financial Group LLC now owns 1,004 shares of the company's stock worth $47,000 after acquiring an additional 266 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV grew its stake in MGM Resorts International by 49.7% in the fourth quarter. Massmutual Trust Co. FSB ADV now owns 1,105 shares of the company's stock valued at $49,000 after acquiring an additional 367 shares during the period. Institutional investors and hedge funds 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.