Stifel Nicolaus Issues Positive Forecast for MGM Resorts International (NYSE:MGM) Stock Price

MGM Resorts International (NYSE:MGM - Get Free Report) had its target price hoisted by Stifel Nicolaus from $44.00 to $48.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a "buy" rating on the stock. Stifel Nicolaus' price objective would indicate a potential upside of 26.52% from the company's previous close.

MGM has been the subject of several other reports. JPMorgan Chase & Co. assumed coverage on MGM Resorts International in a research note on Monday, June 23rd. They set a "neutral" rating and a $38.00 target price for the company. The Goldman Sachs Group initiated coverage on MGM Resorts International in a report on Monday. They issued a "sell" rating and a $34.00 target price for the company. UBS Group upped their target price on MGM Resorts International from $37.00 to $42.00 and gave the company a "neutral" rating in a report on Tuesday. Wall Street Zen upgraded MGM Resorts International from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Finally, Susquehanna increased their price target on MGM Resorts International from $45.00 to $50.00 and gave the stock a "positive" rating in a report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $47.67.

MGM Resorts International Stock Performance

NYSE MGM traded down $0.90 during trading hours on Friday, reaching $37.94. The stock had a trading volume of 4,342,604 shares, compared to its average volume of 4,955,687. The stock has a fifty day moving average of $33.73 and a 200 day moving average of $33.00. The stock has a market cap of $10.33 billion, a P/E ratio of 16.94, a price-to-earnings-growth ratio of 2.64 and a beta of 1.76. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $47.26. The company has a debt-to-equity ratio of 1.79, a quick ratio of 1.26 and a current ratio of 1.31.

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

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

Insider Activity

In other news, Director Daniel J. Taylor sold 5,261 shares of MGM Resorts International stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total value of $183,766.73. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Corey Ian Sanders sold 40,000 shares of MGM Resorts International 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 transaction, the chief operating officer owned 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 disclosure for this sale can be found here. In the last quarter, insiders sold 105,261 shares of company stock worth $3,486,367. 3.06% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On MGM Resorts International

Hedge funds and other institutional investors have recently made changes to their positions in the business. ArrowMark Colorado Holdings LLC raised its position in shares of MGM Resorts International by 42.8% during the 4th quarter. ArrowMark Colorado Holdings LLC now owns 937,175 shares of the company's stock worth $32,473,000 after acquiring an additional 280,700 shares in the last quarter. Korea Investment CORP raised its position in shares of MGM Resorts International by 964.3% during the 4th quarter. Korea Investment CORP now owns 145,287 shares of the company's stock worth $5,034,000 after acquiring an additional 131,636 shares in the last quarter. Vontobel Holding Ltd. raised its position in shares of MGM Resorts International by 74.6% during the 1st quarter. Vontobel Holding Ltd. now owns 21,778 shares of the company's stock worth $646,000 after acquiring an additional 9,304 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of MGM Resorts International by 60.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 61,748 shares of the company's stock worth $1,830,000 after acquiring an additional 23,234 shares in the last quarter. Finally, Allianz SE acquired a new stake in shares of MGM Resorts International during the 4th quarter worth about $1,166,000. 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.