MGM Resorts International (NYSE:MGM) Reaches New 12-Month High on Analyst Upgrade
by Teresa Graham · The Cerbat GemMGM Resorts International (NYSE:MGM – Get Free Report) shares reached a new 52-week high on Monday after KeyCorp upgraded the stock from a sector weight rating to an overweight rating. The stock traded as high as $40.76 and last traded at $40.5410, with a volume of 642837 shares traded. The stock had previously closed at $39.54.
Several other research analysts also recently weighed in on MGM. Weiss Ratings reiterated a “sell (d)” rating on shares of MGM Resorts International in a research report on Monday, December 29th. UBS Group decreased their price target on shares of MGM Resorts International from $40.00 to $39.00 and set a “neutral” rating on the stock in a research report on Friday, April 10th. Capital One Financial increased their price target on shares of MGM Resorts International from $46.00 to $51.00 and gave the stock an “overweight” rating in a research report on Friday, April 17th. Stifel Nicolaus decreased their price target on shares of MGM Resorts International from $50.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, April 7th. Finally, Wells Fargo & Company decreased their price target on shares of MGM Resorts International from $31.00 to $30.00 and set an “underweight” rating on the stock in a research report on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, seven have assigned a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, MGM Resorts International presently has an average rating of “Hold” and an average price target of $41.93.
Read Our Latest Research Report on MGM
Insiders Place Their Bets
In other news, major shareholder Iac Inc. acquired 450,000 shares of MGM Resorts International stock in a transaction dated Tuesday, March 24th. The stock was purchased at an average cost of $37.13 per share, with a total value of $16,708,500.00. Following the completion of the purchase, the insider directly owned 66,822,350 shares in the company, valued at approximately $2,481,113,855.50. This trade represents a 0.68% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Keith A. Meister sold 37,500 shares of the stock in a transaction on Monday, March 9th. The stock was sold at an average price of $34.27, for a total transaction of $1,285,125.00. Following the completion of the sale, the director directly owned 5,347,978 shares of the company’s stock, valued at approximately $183,275,206.06. This trade represents a 0.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 3.38% of the company’s stock.
Hedge Funds Weigh In On MGM Resorts International
Several institutional investors have recently bought and sold shares of MGM. CYBER HORNET ETFs LLC purchased a new position in MGM Resorts International during the second quarter valued at $25,000. Global Retirement Partners LLC grew its stake in MGM Resorts International by 55.9% during the fourth quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock valued at $29,000 after acquiring an additional 281 shares in the last quarter. Mather Group LLC. purchased a new position in MGM Resorts International during the third quarter valued at $33,000. Elyxium Wealth LLC purchased a new position in MGM Resorts International during the fourth quarter valued at $42,000. Finally, City Holding Co. purchased a new position in MGM Resorts International during the fourth quarter valued at $44,000. 68.11% of the stock is owned by hedge funds and other institutional investors.
MGM Resorts International Stock Up 3.1%
The company has a market capitalization of $10.43 billion, a PE ratio of 54.23 and a beta of 1.35. The company’s 50 day moving average is $36.82 and its two-hundred day moving average is $35.21. The company has a quick ratio of 1.20, a current ratio of 1.23 and a debt-to-equity ratio of 1.91.
MGM Resorts International (NYSE:MGM – Get Free Report) last posted its earnings results on Wednesday, February 4th. The company reported $1.60 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.96. The company had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.42 billion. MGM Resorts International had a net margin of 1.17% and a return on equity of 26.04%. During the same period last year, the company posted $0.45 earnings per share. On average, analysts anticipate that MGM Resorts International will post 2.03 earnings per share for the current year.
About MGM Resorts International
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.