MGM Resorts International (NYSE:MGM) Shares Gap Up After Strong Earnings

MGM Resorts International (NYSE:MGM) gapped up before the market opened on Thursday following a stronger than expected earnings report. The stock had previously closed at $34.37, but opened at $38.55. MGM Resorts International shares last traded at $39.46, with a volume of 3,833,370 shares.

The company reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.08. MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on MGM shares. Truist Financial lowered their price target on shares of MGM Resorts International from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Wells Fargo & Company lowered their target price on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. JMP Securities reiterated a “market outperform” rating and issued a $50.00 price target on shares of MGM Resorts International in a report on Thursday, January 16th. Jefferies Financial Group decreased their price objective on MGM Resorts International from $52.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, January 3rd. Finally, Morgan Stanley raised their price objective on MGM Resorts International from $43.00 to $44.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 22nd. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, MGM Resorts International has an average rating of “Moderate Buy” and a consensus target price of $51.94.

Insider Transactions at MGM Resorts International

In related news, Director Keith A. Meister sold 51,000 shares of the business’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $36.57, for a total value of $1,865,070.00. Following the completion of the transaction, the director now directly owns 5,687,478 shares in the company, valued at $207,991,070.46. The trade was a 0.89 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 2.13% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of MGM Resorts International by 0.6% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 53,200 shares of the company’s stock valued at $2,080,000 after purchasing an additional 309 shares in the last quarter. Ballentine Partners LLC increased its position in shares of MGM Resorts International by 5.4% in the fourth quarter. Ballentine Partners LLC now owns 6,553 shares of the company’s stock valued at $227,000 after buying an additional 333 shares in the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors raised its stake in shares of MGM Resorts International by 1.7% during the 4th quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 19,749 shares of the company’s stock worth $684,000 after buying an additional 333 shares during the period. Global Retirement Partners LLC lifted its position in shares of MGM Resorts International by 47.8% during the 4th quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock valued at $43,000 after buying an additional 404 shares in the last quarter. Finally, Assetmark Inc. grew its stake in MGM Resorts International by 104.1% in the 4th quarter. Assetmark Inc. now owns 806 shares of the company’s stock valued at $28,000 after acquiring an additional 411 shares during the period. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Stock Up 14.5 %

The stock has a market cap of $11.72 billion, a price-to-earnings ratio of 14.09, a PEG ratio of 2.94 and a beta of 2.20. The business’s 50 day moving average is $34.25 and its 200-day moving average is $36.81. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.21 and a current ratio of 1.24.

About MGM Resorts International

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. 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.