MGM Resorts International (NYSE:MGM) Shares Gap Up After Strong Earnings

MGM Resorts International (NYSE:MGM - Get Free Report) gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $39.75, but opened at $43.50. MGM Resorts International shares last traded at $41.26, with a volume of 1,681,080 shares changing hands.

The company reported $0.74 earnings per share for the quarter, topping analysts' consensus estimates of $0.56 by $0.18. The business had revenue of $4.38 billion for the quarter, compared to analyst estimates of $4.24 billion. MGM Resorts International had a net margin of 7.07% and a return on equity of 20.51%. MGM Resorts International's revenue was up 13.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.44 EPS.

Analysts Set New Price Targets

A number of analysts recently weighed in on MGM shares. Bank Of America (Bofa) upped their target price on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a "neutral" rating in a report on Wednesday, February 14th. StockNews.com raised shares of MGM Resorts International from a "hold" rating to a "buy" rating in a report on Thursday. Morgan Stanley increased their price target on shares of MGM Resorts International from $45.00 to $46.00 and gave the stock an "equal weight" rating in a report on Tuesday, April 9th. Susquehanna raised shares of MGM Resorts International from a "neutral" rating to a "positive" rating and increased their price target for the stock from $46.00 to $54.00 in a report on Thursday. Finally, JMP Securities reissued a "market outperform" rating and issued a $57.00 price target on shares of MGM Resorts International in a report on Wednesday, February 14th. Two research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $56.03.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 325,000 shares of the firm's stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $42.90, for a total transaction of $13,942,500.00. Following the completion of the sale, the director now directly owns 6,098,778 shares in the company, valued at approximately $261,637,576.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.13% of the stock is currently owned by corporate insiders.

Institutional Trading of MGM Resorts International

A number of institutional investors and hedge funds have recently bought and sold shares of MGM. CVA Family Office LLC bought a new stake in shares of MGM Resorts International in the fourth quarter worth approximately $28,000. Sandy Spring Bank grew its stake in shares of MGM Resorts International by 140.8% in the third quarter. Sandy Spring Bank now owns 855 shares of the company's stock worth $31,000 after acquiring an additional 500 shares during the period. Sunbelt Securities Inc. grew its stake in shares of MGM Resorts International by 510.2% in the third quarter. Sunbelt Securities Inc. now owns 1,196 shares of the company's stock worth $44,000 after acquiring an additional 1,000 shares during the period. Accent Capital Management LLC bought a new stake in shares of MGM Resorts International in the fourth quarter worth approximately $45,000. Finally, Mendota Financial Group LLC grew its stake in shares of MGM Resorts International by 36.0% in 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 during the period. 68.11% of the stock is currently owned by institutional investors.

MGM Resorts International Price Performance

The business's 50 day moving average price is $43.58 and its 200 day moving average price is $42.22. The stock has a market capitalization of $12.96 billion, a P/E ratio of 12.89, a price-to-earnings-growth ratio of 1.62 and a beta of 2.22. The company has a debt-to-equity ratio of 1.46, a current ratio of 1.57 and a quick ratio of 1.53.

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.