Morgan Stanley Increases MGM Resorts International (NYSE:MGM) Price Target to $44.00

MGM Resorts International (NYSE:MGM) had its price target lifted by stock analysts at Morgan Stanley from $43.00 to $44.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s target price would suggest a potential upside of 8.62% from the stock’s previous close.

MGM has been the subject of several other reports. Wells Fargo & Company dropped their target price on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Macquarie dropped their target price on MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Stifel Nicolaus upped their target price on MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Susquehanna upped their price target on MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a research note on Thursday, August 1st. Finally, BTIG Research initiated coverage on MGM Resorts International in a research note on Wednesday, July 3rd. They set a “buy” rating and a $52.00 price target for the company. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $53.64.

MGM Resorts International Price Performance

Shares of MGM traded up $0.03 during mid-day trading on Tuesday, hitting $40.51. The company’s stock had a trading volume of 844,952 shares, compared to its average volume of 4,059,025. The company has a current ratio of 1.47, a quick ratio of 1.42 and a debt-to-equity ratio of 1.65. The firm has a 50-day simple moving average of $38.25 and a 200 day simple moving average of $40.42. The firm has a market capitalization of $12.71 billion, a P/E ratio of 15.57, a P/E/G ratio of 0.92 and a beta of 2.23. MGM Resorts International has a 1-year low of $33.44 and a 1-year high of $48.24.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, July 31st. The company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.20. The company had revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.21 billion. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. MGM Resorts International’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.59 earnings per share. Analysts predict that MGM Resorts International will post 2.55 EPS for the current fiscal year.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 121,000 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the completion of the transaction, the director now directly owns 5,738,478 shares of the company’s stock, valued at approximately $210,716,912.16. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Keith A. Meister sold 121,000 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the completion of the sale, the director now directly owns 5,738,478 shares of the company’s stock, valued at $210,716,912.16. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William Hornbuckle bought 58,900 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was acquired at an average cost of $33.73 per share, with a total value of $1,986,697.00. Following the transaction, the chief executive officer now owns 377,112 shares of the company’s stock, valued at $12,719,987.76. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 216,400 shares of company stock worth $7,312,197 in the last three months. 2.13% of the stock is owned by company insiders.

Institutional Trading of MGM Resorts International

Hedge funds and other institutional investors have recently modified their holdings of the business. Ballentine Partners LLC grew its position in shares of MGM Resorts International by 18.5% in the first quarter. Ballentine Partners LLC now owns 5,487 shares of the company’s stock valued at $259,000 after purchasing an additional 855 shares during the last quarter. Global Assets Advisory LLC acquired a new stake in shares of MGM Resorts International in the first quarter valued at about $695,000. Gateway Investment Advisers LLC grew its position in shares of MGM Resorts International by 41.2% in the first quarter. Gateway Investment Advisers LLC now owns 9,841 shares of the company’s stock valued at $465,000 after purchasing an additional 2,872 shares during the last quarter. Sovereign Financial Group Inc. acquired a new stake in shares of MGM Resorts International in the first quarter valued at about $209,000. Finally, Wealth Enhancement Advisory Services LLC grew its position in shares of MGM Resorts International by 6.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 26,989 shares of the company’s stock valued at $1,274,000 after purchasing an additional 1,753 shares during the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

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.