MGM Resorts International (NYSE:MGM) Upgraded to “Overweight” at JPMorgan Chase & Co.

by · The Cerbat Gem

MGM Resorts International (NYSE:MGM – Get Free Report) was upgraded by analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research note issued to investors on Wednesday. The firm presently has a $46.00 target price on the stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 19.64% from the stock’s previous close.

Other research analysts have also recently issued research reports about the company. Truist Financial raised MGM Resorts International from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a research report on Wednesday. Wells Fargo & Company boosted their price objective on MGM Resorts International from $30.00 to $33.00 and gave the stock an “underweight” rating in a research report on Thursday, April 30th. Capital One Financial boosted their price objective on MGM Resorts International from $46.00 to $51.00 and gave the stock an “overweight” rating in a research report on Friday, April 17th. Susquehanna cut their price objective on MGM Resorts International from $46.00 to $45.00 and set a “positive” rating on the stock in a research report on Friday, February 6th. Finally, UBS Group cut their price objective on 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. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, six have given a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $48.18.

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MGM Resorts International Trading Up 0.1%

Shares of MGM Resorts International stock opened at $38.45 on Wednesday. The stock has a fifty day simple moving average of $37.63 and a 200 day simple moving average of $36.05. MGM Resorts International has a 12-month low of $29.18 and a 12-month high of $40.94. The company has a market capitalization of $9.84 billion, a P/E ratio of 53.40 and a beta of 1.28. The company has a current ratio of 1.33, a quick ratio of 1.30 and a debt-to-equity ratio of 1.93.

MGM Resorts International (NYSE:MGM – Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.07). MGM Resorts International had a return on equity of 24.43% and a net margin of 1.03%.The company had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.37 billion. During the same quarter last year, the company posted $0.69 EPS. The company’s quarterly revenue was up 4.2% compared to the same quarter last year. On average, sell-side analysts anticipate that MGM Resorts International will post 1.99 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Iac Inc. purchased 550,000 shares of the company’s stock in a transaction dated Monday, March 23rd. The shares were purchased at an average price of $37.30 per share, with a total value of $20,515,000.00. Following the transaction, the insider directly owned 66,372,350 shares of the company’s stock, valued at approximately $2,475,688,655. This represents a 0.84% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Keith A. Meister sold 37,500 shares of the company’s stock in a transaction on Monday, March 9th. The shares were sold at an average price of $34.27, for a total value of $1,285,125.00. Following the transaction, the director directly owned 5,347,978 shares in the company, valued at $183,275,206.06. This represents a 0.70% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 3.38% of the company’s stock.

Institutional Trading of MGM Resorts International

A number of institutional investors have recently added to or reduced their stakes in MGM. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in MGM Resorts International by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,652 shares of the company’s stock worth $582,000 after purchasing an additional 951 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in MGM Resorts International by 12.1% during the 1st quarter. NewEdge Advisors LLC now owns 3,893 shares of the company’s stock worth $115,000 after purchasing an additional 421 shares in the last quarter. Woodline Partners LP lifted its holdings in MGM Resorts International by 39.1% during the 1st quarter. Woodline Partners LP now owns 18,901 shares of the company’s stock worth $560,000 after purchasing an additional 5,312 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in MGM Resorts International by 57.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,248 shares of the company’s stock worth $112,000 after purchasing an additional 1,182 shares in the last quarter. Finally, Jump Financial LLC lifted its holdings in MGM Resorts International by 221.9% during the 2nd quarter. Jump Financial LLC now owns 26,782 shares of the company’s stock worth $921,000 after purchasing an additional 18,463 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

About MGM Resorts International

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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.

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