Citigroup Increases MGM Resorts International (NYSE:MGM) Price Target to $50.00

MGM Resorts International (NYSE:MGM) had its price objective upped by analysts at Citigroup from $48.00 to $50.00 in a report released on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price target points to a potential upside of 25.79% from the company’s current price.

A number of other analysts have also recently commented on MGM. Jefferies Financial Group lowered their target price on shares of 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. Stifel Nicolaus boosted their price target on shares of MGM Resorts International from $47.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday. Susquehanna Bancshares increased their target price on MGM Resorts International from $53.00 to $56.00 in a report on Wednesday. Truist Financial cut their target price on MGM Resorts International from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Finally, Morgan Stanley upped 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 research note on Tuesday, October 22nd. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, MGM Resorts International currently has an average rating of “Moderate Buy” and an average target price of $51.76.

MGM Resorts International Price Performance

NYSE MGM traded up $5.38 during trading hours on Thursday, reaching $39.75. The company’s stock had a trading volume of 8,226,339 shares, compared to its average volume of 4,837,579. The company has a market capitalization of $11.83 billion, a price-to-earnings ratio of 14.20, a PEG ratio of 2.94 and a beta of 2.20. The company has a quick ratio of 1.21, a current ratio of 1.24 and a debt-to-equity ratio of 1.63. MGM Resorts International has a 1 year low of $31.61 and a 1 year high of $48.24. The firm’s 50-day moving average price is $34.25 and its 200-day moving average price is $36.81.

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

Insider Buying and Selling

In related news, Director Keith A. Meister sold 51,000 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $36.57, for a total transaction of $1,865,070.00. Following the sale, the director now directly owns 5,687,478 shares of the company’s stock, valued at approximately $207,991,070.46. This represents a 0.89 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.13% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MGM. Applied Finance Capital Management LLC bought a new position in MGM Resorts International during the 4th quarter worth $253,000. Bank of Nova Scotia grew its position in shares of MGM Resorts International by 186.5% during the fourth quarter. Bank of Nova Scotia now owns 38,770 shares of the company’s stock worth $1,343,000 after acquiring an additional 25,238 shares during the last quarter. Invesco Ltd. lifted its position in MGM Resorts International by 22.5% in the 4th quarter. Invesco Ltd. now owns 5,785,343 shares of the company’s stock valued at $200,462,000 after purchasing an additional 1,063,707 shares during the last quarter. Cerity Partners LLC raised its stake in shares of MGM Resorts International by 56.3% during the fourth quarter. Cerity Partners LLC now owns 51,382 shares of the company’s stock valued at $1,856,000 after purchasing an additional 18,501 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in MGM Resorts International by 168.6% during the fourth quarter. Russell Investments Group Ltd. now owns 406,334 shares of the company’s stock valued at $14,066,000 after buying an additional 255,072 shares in the last quarter. 68.11% of the stock is currently owned by 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.