Shares of MGM Resorts International (NYSE:MGM – Get Free Report) reached a new 52-week high during mid-day trading on Tuesday after Truist Financial raised their price target on the stock from $58.00 to $60.00. Truist Financial currently has a buy rating on the stock. MGM Resorts International traded as high as $49.79 and last traded at $49.77, with a volume of 2309704 shares changing hands. The stock had previously closed at $48.19.
Other equities analysts have also issued reports about the company. Morgan Stanley increased their price objective on MGM Resorts International from $47.00 to $48.00 and gave the company an “equal weight” rating in a report on Friday, July 14th. Credit Suisse Group increased their price objective on MGM Resorts International from $68.00 to $75.00 in a report on Tuesday, May 2nd. JMP Securities reissued a “market outperform” rating and set a $60.00 price objective on shares of MGM Resorts International in a report on Monday, April 17th. Susquehanna increased their target price on MGM Resorts International from $38.00 to $51.00 in a research report on Wednesday, May 3rd. Finally, Barclays increased their target price on MGM Resorts International from $60.00 to $62.00 in a research report on Thursday, July 13th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $58.41.
Insider Buying and Selling
In other MGM Resorts International news, Director Alexis Herman sold 2,350 shares of the firm’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $42.63, for a total transaction of $100,180.50. Following the sale, the director now owns 14,797 shares in the company, valued at $630,796.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other MGM Resorts International news, Director Keith A. Meister sold 250,000 shares of the firm’s stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $43.79, for a total transaction of $10,947,500.00. Following the sale, the director now owns 6,423,778 shares in the company, valued at $281,297,238.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Alexis Herman sold 2,350 shares of the firm’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $42.63, for a total value of $100,180.50. Following the sale, the director now owns 14,797 shares in the company, valued at approximately $630,796.11. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 272,350 shares of company stock worth $11,899,881. Corporate insiders own 2.39% of the company’s stock.
Institutional Investors Weigh In On MGM Resorts International
MGM Resorts International Price Performance
The firm has a market capitalization of $18.15 billion, a PE ratio of 10.66 and a beta of 2.06. The company has a debt-to-equity ratio of 1.31, a current ratio of 2.19 and a quick ratio of 2.15. The firm has a 50-day simple moving average of $42.80 and a 200-day simple moving average of $42.37.
MGM Resorts International (NYSE:MGM – Get Free Report) last announced its earnings results on Monday, May 1st. The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.40. The business had revenue of $3.90 billion for the quarter, compared to analysts’ expectations of $3.61 billion. MGM Resorts International had a negative return on equity of 1.33% and a net margin of 13.84%. The business’s revenue for the quarter was up 36.6% on a year-over-year basis. During the same period last year, the firm posted $0.01 earnings per share. As a group, equities analysts forecast that MGM Resorts International will post 1.92 earnings per share for the current year.
MGM Resorts International Company Profile
MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and Macau. 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.
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