MGM Resorts International (NYSE:MGM) Upgraded to “Hold” at Zacks Research

MGM Resorts International (NYSE:MGM) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

Other equities analysts have also issued research reports about the company. JPMorgan Chase & Co. cut their target price on MGM Resorts International from $41.00 to $38.00 and set a “neutral” rating on the stock in a research note on Thursday, October 30th. UBS Group cut their price objective on shares of MGM Resorts International from $39.00 to $37.00 and set a “neutral” rating on the stock in a research report on Monday, November 17th. Weiss Ratings reiterated a “sell (d)” rating on shares of MGM Resorts International in a research note on Monday. Wells Fargo & Company assumed coverage on shares of MGM Resorts International in a report on Tuesday, November 18th. They issued an “underweight” rating and a $29.00 price target on the stock. Finally, Argus reduced their price target on MGM Resorts International from $45.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, November 14th. Twelve investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, MGM Resorts International presently has a consensus rating of “Hold” and an average target price of $45.31.

MGM Resorts International Stock Down 1.6%

MGM Resorts International stock opened at $36.95 on Monday. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 1.80. The firm has a market cap of $10.11 billion, a P/E ratio of 230.96, a P/E/G ratio of 2.48 and a beta of 1.48. The business has a fifty day moving average of $33.81 and a two-hundred day moving average of $35.10. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $41.32.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, October 29th. The company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.13). The company had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $4.24 billion. MGM Resorts International had a return on equity of 17.23% and a net margin of 0.40%.The company’s revenue was up 1.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.54 earnings per share. On average, analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Insider Transactions at MGM Resorts International

In other news, major shareholder Iac Inc. purchased 1,098,748 shares of the stock in a transaction on Friday, December 5th. The stock was bought at an average price of $36.30 per share, with a total value of $39,884,552.40. Following the transaction, the insider owned 65,822,350 shares in the company, valued at $2,389,351,305. The trade was a 1.70% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.06% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MGM. Helikon Investments Ltd increased its stake in shares of MGM Resorts International by 379.9% in the second quarter. Helikon Investments Ltd now owns 8,810,322 shares of the company’s stock worth $302,987,000 after acquiring an additional 6,974,347 shares during the period. AQR Capital Management LLC lifted its position in MGM Resorts International by 202.5% during the third quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company’s stock valued at $292,772,000 after purchasing an additional 5,654,757 shares during the period. Kingstone Capital Partners Texas LLC purchased a new stake in MGM Resorts International in the second quarter valued at $171,632,000. Arrowstreet Capital Limited Partnership grew its position in MGM Resorts International by 81.4% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company’s stock worth $264,874,000 after purchasing an additional 3,429,946 shares during the period. Finally, Davis Selected Advisers raised its stake in shares of MGM Resorts International by 14.4% during the 2nd quarter. Davis Selected Advisers now owns 23,821,109 shares of the company’s stock valued at $819,208,000 after buying an additional 3,006,052 shares during the last quarter. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

MGM Resorts International Company Profile

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.