Wall Street Zen Upgrades MGM Resorts International (NYSE:MGM) to “Hold”

MGM Resorts International (NYSE:MGM) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued on Thursday.

A number of other equities research analysts also recently weighed in on MGM. Capital One Financial raised their target price on shares of MGM Resorts International from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Truist Financial dropped their price objective on shares of MGM Resorts International from $50.00 to $45.00 and set a “buy” rating for the company in a report on Wednesday, April 23rd. Wells Fargo & Company lifted their price objective on shares of MGM Resorts International from $44.00 to $46.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Mizuho lifted their price objective on shares of MGM Resorts International from $56.00 to $60.00 and gave the stock an “outperform” rating in a report on Thursday, February 13th. Finally, Macquarie cut their price objective on MGM Resorts International from $50.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, May 2nd. Five analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, MGM Resorts International currently has an average rating of “Moderate Buy” and an average target price of $48.94.

MGM Resorts International Price Performance

Shares of NYSE MGM opened at $31.37 on Thursday. The firm has a market capitalization of $8.54 billion, a P/E ratio of 13.07, a P/E/G ratio of 0.98 and a beta of 1.78. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73. The stock’s 50-day simple moving average is $30.94 and its two-hundred day simple moving average is $33.63. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $47.26.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.19. The business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.29 billion. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. The company’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.74 EPS. As a group, equities analysts anticipate that MGM Resorts International will post 2.21 EPS for the current fiscal year.

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

Insider Activity

In other news, CFO Jonathan S. Halkyard acquired 10,000 shares of the firm’s stock in a transaction on Thursday, March 6th. The shares were purchased at an average price of $32.17 per share, for a total transaction of $321,700.00. Following the completion of the transaction, the chief financial officer now owns 75,648 shares of the company’s stock, valued at $2,433,596.16. The trade was a 15.23% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction of $1,377,200.00. Following the completion of the transaction, the chief operating officer now owns 281,530 shares in the company, 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. Insiders own 3.06% of the company’s stock.

Hedge Funds Weigh In On MGM Resorts International

A number of hedge funds have recently modified their holdings of MGM. Merit Financial Group LLC bought a new position in MGM Resorts International during the 4th quarter valued at approximately $243,000. Ballentine Partners LLC lifted its stake in MGM Resorts International by 5.4% in the fourth quarter. Ballentine Partners LLC now owns 6,553 shares of the company’s stock worth $227,000 after acquiring an additional 333 shares during the period. Global Trust Asset Management LLC purchased a new stake in MGM Resorts International in the fourth quarter worth $28,000. Regatta Capital Group LLC lifted its stake in MGM Resorts International by 5.8% in the fourth quarter. Regatta Capital Group LLC now owns 18,617 shares of the company’s stock worth $645,000 after acquiring an additional 1,025 shares during the period. Finally, Union Bancaire Privee UBP SA purchased a new stake in MGM Resorts International in the fourth quarter worth $175,000. Hedge funds and other institutional investors 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.