JPMorgan Chase & Co. Forecasts Strong Price Appreciation for MGM Resorts International (NYSE:MGM) Stock

MGM Resorts International (NYSE:MGMGet Free Report) had its target price increased by equities research analysts at JPMorgan Chase & Co. from $39.00 to $41.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 9.51% from the stock’s previous close.

Several other equities research analysts also recently issued reports on MGM. UBS Group cut their price objective on shares of MGM Resorts International from $39.00 to $37.00 and set a “neutral” rating for the company in a research report on Monday, November 17th. Texas Capital upgraded MGM Resorts International to a “strong-buy” rating in a research note on Thursday, January 8th. Weiss Ratings restated a “sell (d)” rating on shares of MGM Resorts International in a research note on Monday, December 29th. Capital One Financial lowered their price objective on MGM Resorts International from $47.00 to $46.00 and set an “overweight” rating on the stock in a research report on Friday, December 5th. Finally, Susquehanna reduced their target price on shares of MGM Resorts International from $52.00 to $46.00 and set a “positive” rating for the company in a research report on Tuesday, January 27th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, MGM Resorts International presently has a consensus rating of “Hold” and a consensus price target of $44.26.

Get Our Latest Stock Analysis on MGM

MGM Resorts International Stock Performance

MGM Resorts International stock traded up $1.16 during mid-day trading on Friday, hitting $37.44. 4,898,263 shares of the company’s stock traded hands, compared to its average volume of 5,199,732. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.23 and a quick ratio of 1.19. The firm has a 50 day simple moving average of $35.57 and a two-hundred day simple moving average of $35.03. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $41.32. The stock has a market cap of $10.24 billion, a price-to-earnings ratio of 234.00 and a beta of 1.44.

MGM Resorts International (NYSE:MGMGet Free Report) last issued its quarterly earnings data on Wednesday, February 11th. The company reported $1.60 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.97. The company had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.42 billion. MGM Resorts International had a net margin of 0.40% and a return on equity of 17.23%. During the same period in the prior year, the firm earned $0.45 earnings per share. On average, research analysts expect that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Iac Inc. acquired 1,098,748 shares of MGM Resorts International stock in a transaction on Friday, December 5th. The shares were purchased at an average cost of $36.30 per share, for a total transaction of $39,884,552.40. Following the completion of the purchase, the insider directly owned 65,822,350 shares of the company’s stock, valued at approximately $2,389,351,305. This represents a 1.70% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 3.06% of the stock is owned by corporate insiders.

Institutional Trading of MGM Resorts International

Several large investors have recently made changes to their positions in the company. Davis Selected Advisers lifted its stake in MGM Resorts International by 12.0% during the fourth quarter. Davis Selected Advisers now owns 26,820,202 shares of the company’s stock worth $978,669,000 after purchasing an additional 2,866,750 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of MGM Resorts International by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 23,782,004 shares of the company’s stock worth $867,805,000 after buying an additional 205,127 shares during the last quarter. Helikon Investments Ltd lifted its position in shares of MGM Resorts International by 379.9% during the 2nd quarter. Helikon Investments Ltd now owns 8,810,322 shares of the company’s stock worth $302,987,000 after buying an additional 6,974,347 shares during the last quarter. AQR Capital Management LLC boosted its stake in MGM Resorts International by 202.5% in the third quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company’s stock valued at $292,772,000 after buying an additional 5,654,757 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its position in MGM Resorts International by 81.4% in the third quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company’s stock valued at $264,874,000 after acquiring an additional 3,429,946 shares during the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

Key MGM Resorts International News

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

MGM Resorts International Company Profile

(Get Free Report)

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.

Read More

Analyst Recommendations for MGM Resorts International (NYSE:MGM)

Receive News & Ratings for MGM Resorts International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGM Resorts International and related companies with MarketBeat.com's FREE daily email newsletter.