Citigroup Issues Positive Forecast for MGM Resorts International (NYSE:MGM) Stock Price

by · The Markets Daily

MGM Resorts International (NYSE:MGM – Get Free Report) had its target price lifted by equities research analysts at Citigroup from $40.00 to $48.00 in a research report issued on Thursday,MarketScreener reports. The firm currently has a “neutral” rating on the stock. Citigroup’s target price would suggest a potential upside of 0.54% from the company’s previous close.

MGM has been the topic of several other research reports. Barclays raised their price target on shares of MGM Resorts International from $37.00 to $39.00 and gave the company an “equal weight” rating in a research report on Thursday, April 30th. Stifel Nicolaus restated a “hold” rating and set a $49.00 price objective (up from $48.00) on shares of MGM Resorts International in a report on Monday, June 15th. UBS Group set a $49.00 target price on MGM Resorts International in a research note on Monday, June 15th. Susquehanna boosted their price target on shares of MGM Resorts International from $45.00 to $50.00 and gave the company a “positive” rating in a research report on Monday, June 1st. Finally, JPMorgan Chase & Co. lifted their price target on MGM Resorts International from $46.00 to $53.00 and gave the company an “overweight” rating in a research report on Friday, June 12th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have assigned a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat, MGM Resorts International currently has an average rating of “Hold” and an average price target of $50.65.

Get Our Latest Research Report on MGM Resorts International

MGM Resorts International Trading Up 0.5%

Shares of NYSE MGM opened at $47.74 on Thursday. The company has a debt-to-equity ratio of 1.93, a quick ratio of 1.30 and a current ratio of 1.33. MGM Resorts International has a 52-week low of $29.18 and a 52-week high of $51.59. The firm has a 50 day moving average price of $42.89 and a two-hundred day moving average price of $38.49. The stock has a market cap of $12.21 billion, a P/E ratio of 66.29 and a beta of 1.29.

MGM Resorts International (NYSE:MGM – Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.49 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.07). The business had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.37 billion. MGM Resorts International had a return on equity of 24.43% and a net margin of 1.03%.MGM Resorts International’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.69 EPS. As a group, equities analysts forecast that MGM Resorts International will post 1.95 EPS for the current year.

Insider Buying and Selling

In related news, Director Daniel J. Taylor sold 6,675 shares of the business’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $38.44, for a total transaction of $256,587.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 3.38% of the company’s stock.

Hedge Funds Weigh In On MGM Resorts International

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Davis Selected Advisers increased its stake in shares of MGM Resorts International by 12.0% in the 4th quarter. Davis Selected Advisers now owns 26,820,202 shares of the company’s stock worth $978,669,000 after acquiring an additional 2,866,750 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of MGM Resorts International by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 23,782,004 shares of the company’s stock worth $867,805,000 after buying an additional 205,127 shares during the last quarter. AQR Capital Management LLC increased its position in MGM Resorts International by 202.5% during the 3rd quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company’s stock valued at $292,772,000 after buying an additional 5,654,757 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in MGM Resorts International by 81.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company’s stock valued at $264,874,000 after buying an additional 3,429,946 shares during the last quarter. Finally, State Street Corp grew its stake in shares of MGM Resorts International by 0.4% in the fourth quarter. State Street Corp now owns 7,517,622 shares of the company’s stock worth $274,318,000 after acquiring an additional 30,962 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

About MGM Resorts International

(Get Free Report)

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.

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