Morgan Stanley Raises MGM Resorts International (NYSE:MGM) Price Target to $44.00

MGM Resorts International (NYSE:MGM) had its target price raised by Morgan Stanley from $43.00 to $44.00 in a report published on Tuesday morning, Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

A number of other equities research analysts have also weighed in on the stock. Wells Fargo & Company cut their target price on shares of MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. UBS Group upgraded MGM Resorts International to a “hold” rating in a research note on Friday, August 23rd. Stifel Nicolaus upped their price target on MGM Resorts International from $60.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Barclays lowered their price objective on MGM Resorts International from $56.00 to $54.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Finally, Susquehanna upped their target price on shares of MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a research report on Thursday, August 1st. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, MGM Resorts International currently has a consensus rating of “Moderate Buy” and an average price target of $54.08.

MGM Resorts International Stock Performance

NYSE:MGM opened at $40.10 on Tuesday. The company has a market capitalization of $12.58 billion, a price-to-earnings ratio of 15.42, a PEG ratio of 0.92 and a beta of 2.23. MGM Resorts International has a 1-year low of $33.44 and a 1-year high of $48.24. The business has a 50 day moving average of $38.35 and a 200 day moving average of $40.37. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.47 and a quick ratio of 1.42.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, July 31st. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.20. The firm had revenue of $4.33 billion for the quarter, compared to analysts’ expectations of $4.21 billion. MGM Resorts International had a net margin of 5.15% and a return on equity of 26.36%. The business’s revenue was up 9.8% on a year-over-year basis. During the same quarter last year, the business earned $0.59 earnings per share. On average, sell-side analysts predict that MGM Resorts International will post 2.55 earnings per share for the current fiscal year.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, CEO William Hornbuckle purchased 58,900 shares of the stock in a transaction on Monday, August 5th. The shares were bought at an average cost of $33.73 per share, with a total value of $1,986,697.00. Following the completion of the acquisition, the chief executive officer now owns 377,112 shares in the company, valued at $12,719,987.76. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. In other MGM Resorts International news, CFO Jonathan S. Halkyard purchased 10,000 shares of MGM Resorts International stock in a transaction that occurred on Monday, August 5th. The stock was bought at an average price of $34.00 per share, with a total value of $340,000.00. Following the acquisition, the chief financial officer now owns 38,299 shares of the company’s stock, valued at $1,302,166. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO William Hornbuckle bought 58,900 shares of MGM Resorts International stock in a transaction dated Monday, August 5th. The shares were acquired at an average cost of $33.73 per share, with a total value of $1,986,697.00. Following the completion of the purchase, the chief executive officer now owns 377,112 shares in the company, valued at approximately $12,719,987.76. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 216,400 shares of company stock worth $7,312,197 over the last three months. 2.13% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MGM Resorts International

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Goldentree Asset Management LP acquired a new stake in shares of MGM Resorts International in the first quarter valued at approximately $35,726,000. Marshall Wace LLP boosted its position in shares of MGM Resorts International by 174.8% during the 2nd quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock valued at $49,330,000 after acquiring an additional 706,159 shares during the last quarter. Boston Partners grew its holdings in shares of MGM Resorts International by 12.6% in the first quarter. Boston Partners now owns 6,111,930 shares of the company’s stock valued at $286,933,000 after purchasing an additional 684,676 shares during the period. LSV Asset Management acquired a new stake in MGM Resorts International during the second quarter worth about $21,149,000. Finally, Shellback Capital LP raised its stake in MGM Resorts International by 433.3% during the second quarter. Shellback Capital LP now owns 400,000 shares of the company’s stock worth $17,776,000 after purchasing an additional 325,000 shares during the period. Hedge funds and other institutional investors own 68.11% of the company’s stock.

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.