MGM Resorts International (NYSE:MGM) Given New $48.00 Price Target at Barclays

MGM Resorts International (NYSE:MGM) had its price objective increased by investment analysts at Barclays from $39.00 to $48.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Barclays‘s target price suggests a potential upside of 3.74% from the company’s current price.

MGM has been the subject of several other research reports. Mizuho reduced their price target on shares of MGM Resorts International from $62.00 to $59.00 and set an “outperform” rating for the company in a research report on Monday, April 27th. Citigroup lifted their price objective on shares of MGM Resorts International from $40.00 to $48.00 and gave the stock a “neutral” rating in a research report on Thursday, July 2nd. Jefferies Financial Group reissued a “hold” rating on shares of MGM Resorts International in a research note on Thursday, July 2nd. JPMorgan Chase & Co. increased their target price on MGM Resorts International from $46.00 to $53.00 and gave the company an “overweight” rating in a report on Friday, June 12th. Finally, Weiss Ratings raised MGM Resorts International from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday, May 15th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $52.02.

MGM Resorts International Price Performance

NYSE MGM opened at $46.27 on Thursday. The stock’s 50-day moving average price is $43.63 and its two-hundred day moving average price is $38.84. The company has a current ratio of 1.33, a quick ratio of 1.30 and a debt-to-equity ratio of 1.93. The company has a market cap of $11.84 billion, a PE ratio of 64.19 and a beta of 1.29. MGM Resorts International has a 1 year low of $29.18 and a 1 year high of $51.59.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, April 29th. The company reported $0.49 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.07). MGM Resorts International had a net margin of 1.03% and a return on equity of 24.43%. The firm had revenue of $4.45 billion for the quarter, compared to analysts’ expectations of $4.37 billion. During the same period in the prior year, the company posted $0.69 earnings per share. MGM Resorts International’s quarterly revenue was up 4.2% compared to the same quarter last year. On average, analysts predict that MGM Resorts International will post 1.95 EPS for the current year.

Insiders Place Their Bets

In other MGM Resorts International news, Director Daniel J. Taylor sold 6,675 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $38.44, for a total value of $256,587.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 3.38% of the company’s stock.

Hedge Funds Weigh In On MGM Resorts International

Several institutional investors and hedge funds have recently modified their holdings of the stock. Czech National Bank increased its stake in shares of MGM Resorts International by 4.5% in the second quarter. Czech National Bank now owns 54,619 shares of the company’s stock worth $2,611,000 after acquiring an additional 2,364 shares during the last quarter. Mirador Capital Partners LP acquired a new stake in MGM Resorts International during the second quarter valued at $2,405,000. GAMMA Investing LLC boosted its position in MGM Resorts International by 9.6% during the second quarter. GAMMA Investing LLC now owns 17,080 shares of the company’s stock valued at $817,000 after purchasing an additional 1,500 shares during the last quarter. CX Institutional grew its stake in MGM Resorts International by 7.6% in the second quarter. CX Institutional now owns 11,264 shares of the company’s stock valued at $539,000 after purchasing an additional 791 shares in the last quarter. Finally, Redwood Investment Management LLC acquired a new position in MGM Resorts International in the 1st quarter worth about $1,053,000. 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.