MGM Resorts International (NYSE:MGM) Earns Neutral Rating from Analysts at Bank of America

Research analysts at Bank of America initiated coverage on shares of MGM Resorts International (NYSE:MGM) in a research note issued on Thursday. The firm set a “neutral” rating and a $40.00 price target on the stock. Bank of America‘s price target suggests a potential upside of 17.31% from the stock’s current price.

MGM has been the subject of a number of other reports. Argus increased their price target on shares of MGM Resorts International from $45.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, August 17th. UBS Group dropped their price objective on MGM Resorts International from $50.00 to $46.00 and set a “neutral” rating on the stock in a report on Friday, September 11th. Wells Fargo & Company raised shares of MGM Resorts International from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $33.00 to $48.30 in a research report on Tuesday, July 7th. Citigroup boosted their target price on shares of MGM Resorts International from $40.00 to $48.00 and gave the stock a “neutral” rating in a research report on Thursday, July 2nd. Finally, JPMorgan Chase & Co. increased their price target on shares of MGM Resorts International from $46.00 to $53.00 and gave the stock an “overweight” rating in a research note on Friday, June 12th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $52.24.

MGM Resorts International Stock Performance

Shares of MGM Resorts International stock traded down $3.75 during trading hours on Thursday, reaching $34.10. The company’s stock had a trading volume of 2,184,574 shares, compared to its average volume of 4,129,720. MGM Resorts International has a one year low of $29.18 and a one year high of $51.59. The company’s 50 day simple moving average is $42.88 and its 200 day simple moving average is $41.81. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.30 and a current ratio of 1.34. The stock has a market cap of $8.58 billion, a P/E ratio of 20.65, a price-to-earnings-growth ratio of 1.99 and a beta of 1.28.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.03. MGM Resorts International had a return on equity of 23.30% and a net margin of 2.40%.The company had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.42 billion. During the same quarter in the previous year, the firm posted $0.79 EPS. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. As a group, analysts expect that MGM Resorts International will post 1.96 EPS for the current fiscal year.

Institutional Trading of MGM Resorts International

Several institutional investors and hedge funds have recently bought and sold shares of the stock. J. Goldman & Co LP bought a new stake in shares of MGM Resorts International during the 2nd quarter worth about $1,815,000. Man Group plc bought a new position in MGM Resorts International during the second quarter worth about $25,771,000. Groupe la Francaise acquired a new stake in MGM Resorts International in the 2nd quarter worth about $2,725,000. Tidal Investments LLC grew its position in shares of MGM Resorts International by 154.6% during the 2nd quarter. Tidal Investments LLC now owns 102,642 shares of the company’s stock worth $4,907,000 after purchasing an additional 62,330 shares in the last quarter. Finally, Bastion Asset Management Inc. bought a new position in shares of MGM Resorts International during the first quarter worth approximately $6,212,000. Institutional investors own 68.11% of the company’s stock.

Trending Headlines about MGM Resorts International

Here are the key news stories impacting MGM Resorts International this week:

• Positive Sentiment: Capital One raised its price target on MGM from $53 to $57 and maintained an “overweight” rating, implying substantial upside from the current trading level.
• Positive Sentiment: Susquehanna lowered its target from $55 to $46 but retained a positive rating, indicating that analysts still see meaningful upside despite the failed deal.
• Neutral Sentiment: MGM’s board confirmed its commitment to executing the company’s strategy as a standalone business after People Inc. withdrew its proposal. MGM Resorts board confirms standalone strategy
• Negative Sentiment: The failed takeover eliminates the immediate possibility of a deal near the reported $48.30-per-share proposal, likely weighing on investor expectations and the stock’s valuation. Barry Diller withdraws MGM bid
• Negative Sentiment: A securities law firm announced an investigation related to Diller’s proposal, adding a potential legal and governance overhang. The announcement is an investigation notice, not a finding of wrongdoing. MGM investor investigation announcement

About MGM Resorts International

MGM Resorts International is a global hospitality and entertainment company that owns and operates destination resorts, casinos, hotels, restaurants, convention facilities and live-entertainment venues. Its properties offer casino gaming, hotel accommodations, dining, nightlife, retail, spa services, sporting events and other leisure activities.

The company operates a portfolio of resorts in Las Vegas and other U.S. markets, including properties associated with brands such as MGM Grand, Bellagio, ARIA, Mandalay Bay, Park MGM, New York-New York and MGM National Harbor.