MGM Resorts International (NYSE:MGM) Rating Increased to Equal Weight at Wells Fargo & Company

MGM Resorts International (NYSE:MGM) was upgraded by equities researchers at Wells Fargo & Company from an “underweight” rating to an “equal weight” rating in a research note issued on Tuesday, MarketBeat.com reports. The brokerage currently has a $48.30 target price on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 3.92% from the stock’s previous close.

Several other research firms have also recently weighed in on MGM. KeyCorp upgraded shares of MGM Resorts International from a “sector weight” rating to an “overweight” rating and set a $117.00 price objective on the stock in a research report on Monday, April 27th. Deutsche Bank Aktiengesellschaft upped their target price on MGM Resorts International from $48.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. 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 reaffirmed a “hold” rating and set a $49.00 price objective (up from $48.00) on shares of MGM Resorts International in a research report on Monday, June 15th. Finally, Mizuho dropped their price objective on shares of MGM Resorts International from $62.00 to $59.00 and set an “outperform” rating on the stock in a research note on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, MGM Resorts International has a consensus rating of “Hold” and a consensus price target of $51.49.

MGM Resorts International Trading Down 0.9%

Shares of MGM Resorts International stock traded down $0.40 on Tuesday, reaching $46.48. 1,005,290 shares of the company were exchanged, compared to its average volume of 4,895,692. 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 has a fifty-two week low of $29.18 and a fifty-two week high of $51.59. The firm has a market capitalization of $11.89 billion, a price-to-earnings ratio of 64.58 and a beta of 1.29. The stock has a fifty day moving average price of $43.37 and a 200-day moving average price of $38.70.

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). The firm had revenue of $4.45 billion for the quarter, compared to analysts’ expectations of $4.37 billion. MGM Resorts International had a net margin of 1.03% and a return on equity of 24.43%. MGM Resorts International’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.69 earnings per share. On average, analysts expect 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 stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $38.44, for a total transaction of $256,587.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 3.38% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. CX Institutional raised its stake in MGM Resorts International by 7.6% during the 2nd quarter. CX Institutional now owns 11,264 shares of the company’s stock valued at $539,000 after purchasing an additional 791 shares during the last quarter. Redwood Investment Management LLC bought a new stake in shares of MGM Resorts International in the first quarter valued at about $1,053,000. Empowered Funds LLC increased its stake in MGM Resorts International by 70.8% during the first quarter. Empowered Funds LLC now owns 25,819 shares of the company’s stock valued at $956,000 after acquiring an additional 10,705 shares during the period. Parallel Advisors LLC raised its holdings in MGM Resorts International by 12.4% in the 1st quarter. Parallel Advisors LLC now owns 9,969 shares of the company’s stock valued at $369,000 after acquiring an additional 1,102 shares in the last quarter. Finally, Optiver Holding B.V. bought a new stake in shares of MGM Resorts International in the 1st quarter worth approximately $35,000. 68.11% of the stock is owned by institutional investors.

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.