Trading Report: Today, MGM Resorts International (MGM) Price Target Raised to $33.00 at Stifel Nicolaus

Today, MGM Resorts International (MGM) Price Target Raised to $33.00 at Stifel Nicolaus

MGM Resorts International (NYSE:MGM) had its target price upped by research analysts at Stifel Nicolaus from $30.00 to $33.00 in a report issued on Tuesday. The brokerage presently has a “buy” rating on the stock. Stifel Nicolaus’ target price would indicate a potential upside of 15.10% from the stock’s previous close.

A number of other equities analysts have also recently commented on MGM. Zacks Investment Research raised MGM Resorts International from a “hold” rating to a “buy” rating and set a $26.00 price target for the company in a report on Tuesday, July 12th. Buckingham Research initiated coverage on MGM Resorts International in a report on Thursday, August 11th. They issued a “buy” rating and a $31.00 target price for the company. Susquehanna reaffirmed a “positive” rating and issued a $30.00 target price on shares of MGM Resorts International in a report on Thursday, September 8th. Deutsche Bank AG reaffirmed a “buy” rating on shares of MGM Resorts International in a report on Friday, September 16th. Finally, reaffirmed an “overweight” rating and issued a $29.00 target price on shares of MGM Resorts International in a report on Tuesday, September 20th. Twenty-three investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. MGM Resorts International has a consensus rating of “Buy” and an average target price of $30.63.

MGM Resorts International (NYSE:MGM) opened at 28.67 on Tuesday. The company has a market cap of $16.44 billion, a PE ratio of 54.92 and a beta of 1.79. MGM Resorts International has a one year low of $16.18 and a one year high of $29.35. The firm’s 50-day moving average price is $26.92 and its 200-day moving average price is $24.72.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Monday, November 7th. The company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.47. MGM Resorts International had a return on equity of 6.45% and a net margin of 3.15%. The company earned $2.52 billion during the quarter, compared to analysts’ expectations of $2.37 billion. During the same quarter in the previous year, the firm earned $0.15 EPS. MGM Resorts International’s revenue was up 10.3% on a year-over-year basis. On average, equities research analysts forecast that MGM Resorts International will post $1.16 earnings per share for the current fiscal year.

In related news, insider Corey Ian Sanders sold 26,540 shares of the company’s stock in a transaction that occurred on Monday, November 21st. The stock was sold at an average price of $29.10, for a total transaction of $772,314.00. Following the transaction, the insider now directly owns 213,912 shares of the company’s stock, valued at approximately $6,224,839.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, President William Hornbuckle sold 26,225 shares of the company’s stock in a transaction that occurred on Wednesday, November 9th. The stock was sold at an average price of $28.56, for a total value of $748,986.00. Following the transaction, the president now directly owns 210,141 shares in the company, valued at $6,001,626.96. The disclosure for this sale can be found here. Corporate insiders own 16.90% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Prudential Financial Inc. increased its position in MGM Resorts International by 1.5% in the first quarter. Prudential Financial Inc. now owns 27,061 shares of the company’s stock worth $580,000 after buying an additional 400 shares during the period. Credit Agricole S A increased its position in MGM Resorts International by 67.7% in the first quarter. Credit Agricole S A now owns 91,528 shares of the company’s stock worth $1,963,000 after buying an additional 36,959 shares during the period. State Street Corp increased its position in MGM Resorts International by 2.2% in the first quarter. State Street Corp now owns 7,836,892 shares of the company’s stock worth $168,028,000 after buying an additional 168,059 shares during the period. Pictet Asset Management Ltd. increased its position in MGM Resorts International by 1.2% in the first quarter. Pictet Asset Management Ltd. now owns 151,350 shares of the company’s stock worth $2,865,000 after buying an additional 1,800 shares during the period. Finally, Geode Capital Management LLC increased its position in MGM Resorts International by 4.1% in the first quarter. Geode Capital Management LLC now owns 2,854,644 shares of the company’s stock worth $61,171,000 after buying an additional 111,720 shares during the period. 72.54% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Company Profile

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