Stifel Nicolaus Forecasts Strong Price Appreciation for MGM Resorts International (NYSE:MGM) Stock

MGM Resorts International (NYSE:MGM) had its price target upped by equities research analysts at Stifel Nicolaus from $47.00 to $50.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ target price would suggest a potential upside of 45.60% from the stock’s current price.

MGM has been the subject of several other reports. Morgan Stanley lifted their target price on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 22nd. Mizuho boosted their price objective on shares of MGM Resorts International from $56.00 to $60.00 and gave the stock an “outperform” rating in a report on Thursday. Susquehanna Bancshares upped their price objective on MGM Resorts International from $53.00 to $56.00 in a research report on Wednesday. Barclays lifted their target price on MGM Resorts International from $45.00 to $47.00 and gave the stock an “overweight” rating in a report on Thursday. Finally, Truist Financial lowered their price target on MGM Resorts International from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $51.94.

MGM Resorts International Stock Performance

MGM Resorts International stock opened at $34.34 on Thursday. MGM Resorts International has a twelve month low of $31.61 and a twelve month high of $48.24. The company has a quick ratio of 1.21, a current ratio of 1.24 and a debt-to-equity ratio of 1.63. The company has a market capitalization of $10.22 billion, a P/E ratio of 12.26, a PEG ratio of 2.94 and a beta of 2.20. The stock’s 50 day moving average is $34.25 and its 200 day moving average is $36.81.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, February 12th. The company reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.08. MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. On average, equities research analysts predict that MGM Resorts International will post 2.37 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Hedge Funds Weigh In On MGM Resorts International

Institutional investors and hedge funds have recently bought and sold shares of the stock. Empower Advisory Group LLC raised its stake in shares of MGM Resorts International by 4.2% in the third quarter. Empower Advisory Group LLC now owns 1,571,492 shares of the company’s stock worth $61,430,000 after buying an additional 62,997 shares during the period. Goldentree Asset Management LP increased its holdings in MGM Resorts International by 86.4% in the 3rd quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock worth $117,270,000 after acquiring an additional 1,390,599 shares in the last quarter. Miracle Mile Advisors LLC bought a new stake in MGM Resorts International during the 4th quarter worth approximately $2,010,000. Assenagon Asset Management S.A. lifted its holdings in MGM Resorts International by 80.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 358,186 shares of the company’s stock valued at $12,411,000 after purchasing an additional 159,522 shares in the last quarter. Finally, Zacks Investment Management boosted its position in shares of MGM Resorts International by 7.8% in the third quarter. Zacks Investment Management now owns 400,393 shares of the company’s stock worth $15,651,000 after purchasing an additional 29,107 shares during the period. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

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.