MGM Resorts International (NYSE:MGM) Stock Price Expected to Rise, Stifel Nicolaus Analyst Says

Key Points

• Stifel Nicolaus raised its price target for MGM Resorts International from $48.00 to $50.00, indicating a potential upside of 37.99% from the current price, while maintaining a "buy" rating.
• In addition to Stifel Nicolaus, other analysts have varied ratings for MGM, with Susquehanna increasing their price target to $60.00 and Macquarie lowering theirs to $48.00 respectively.
• MGM Resorts recently reported earnings of $0.79 per share, surpassing estimates and showing a revenue increase of 1.8% year-over-year, contributing to their moderate buy rating from analysts.

MGM Resorts International (NYSE:MGM - Free Report) had its price objective hoisted by Stifel Nicolaus from $48.00 to $50.00 in a research note released on Thursday morning,Benzinga reports. Stifel Nicolaus currently has a buy rating on the stock.

A number of other equities research analysts have also recently commented on the stock. Truist Financial raised their price target on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Citigroup upgraded shares of MGM Resorts International from a "hold" rating to a "strong-buy" rating and lifted their price objective for the company from $55.00 to $57.00 in a report on Wednesday, July 9th. Wall Street Zen upgraded shares of MGM Resorts International from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. JPMorgan Chase & Co. initiated coverage on shares of MGM Resorts International in a report on Monday, June 23rd. They set a "neutral" rating and a $38.00 price objective for the company. Finally, Macquarie reduced their price objective 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. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $48.56.

MGM Resorts International Stock Up 0.3%

NYSE:MGM traded up $0.12 during trading hours on Thursday, reaching $35.87. The company had a trading volume of 517,643 shares, compared to its average volume of 5,442,583. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67. The firm has a market cap of $9.76 billion, a price-to-earnings ratio of 19.70, a P/E/G ratio of 2.15 and a beta of 1.81. The business's 50-day simple moving average is $35.13 and its two-hundred day simple moving average is $33.40. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $42.53.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $0.79 EPS for the quarter, topping analysts' consensus estimates of $0.58 by $0.21. The business had revenue of $4.40 billion during the quarter, compared to analysts' expectations of $4.28 billion. MGM Resorts International had a net margin of 3.13% and a return on equity of 19.39%. The business's quarterly revenue was up 1.8% on a year-over-year basis. During the same period last year, the company posted $0.86 earnings per share. On average, equities analysts expect that MGM Resorts International will post 2.21 earnings per share for the current year.

MGM Resorts International declared that its board has authorized a share buyback plan on Wednesday, April 30th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 22.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, 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 transaction, the chief operating officer directly owned 281,530 shares in the company, valued at $9,693,077.90. The trade was a 12.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Keith A. Meister sold 60,000 shares of the business's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $32.09, for a total transaction of $1,925,400.00. Following the completion of the transaction, the director owned 5,627,478 shares in the company, valued at approximately $180,585,769.02. The trade was a 1.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 105,261 shares of company stock worth $3,486,367 over the last three months. 3.06% of the stock is currently owned by insiders.

Institutional Trading of MGM Resorts International

A number of institutional investors have recently modified their holdings of MGM. Kingstone Capital Partners Texas LLC purchased a new stake in shares of MGM Resorts International during the 2nd quarter valued at approximately $171,632,000. Norges Bank purchased a new stake in shares of MGM Resorts International during the 4th quarter valued at approximately $88,033,000. Eminence Capital LP purchased a new stake in shares of MGM Resorts International during the 4th quarter valued at approximately $72,408,000. Helikon Investments Ltd purchased a new stake in shares of MGM Resorts International during the 1st quarter valued at approximately $54,418,000. Finally, Fuller & Thaler Asset Management Inc. purchased a new stake in shares of MGM Resorts International during the 1st quarter valued at approximately $47,631,000. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

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.