On October 12, 2023, investment analysts at Capital One Financial initiated coverage on shares of MGM Resorts International (NYSE:MGM), according to a research note released by Briefing.com. The brokerage firm assigned an “overweight” rating and set a price target of $50.00 on the stock. This target price suggests a potential upside of 31.54% from the stock’s previous closing price.
MGM Resorts International opened at $38.01 on Thursday. The company has a quick ratio of 2.00, a current ratio of 2.04, and a debt-to-equity ratio of 1.38. Over the past year, MGM Resorts International has traded between its lowest point at $29.57 and its highest point at $51.35. With a market capitalization of $13.34 billion and a PE ratio of 36.90, the firm continues to demonstrate its position as a significant player in the industry.
The stock also maintains volatility with a beta of 2.12 while its fifty-day simple moving average stands at $41.52 and its two-hundred-day simple moving average is $43.06.
Institutional investors have been actively adjusting their positions in MGM Resorts International recently, indicating their confidence in the stock’s future performance.
Signaturefd LLC increased its stake in the company by 1.9% during the first quarter and currently holds 13,730 shares valued at approximately $610,000 after acquiring an additional 251 shares during that period.
Symmetry Partners LLC purchased new shares in the second quarter valued around $368,000, further reinforcing faith in MGM Resorts International.
Pitcairn Co., on the other hand, raised its holdings by 48.l% during the first quarter to now own around 12,596 shares worth approximately $560,000.
Quent Capital LLC saw an increase of about 30.4% in their holdings during the first quarter, amassing 2,518 shares valued at $112,000.
Harvest Fund Management Co. Ltd also joined the list of institutional investors that intensified their investment in MGM Resorts International during the first quarter. They currently possess 2,548 shares valued at around $113,000.
Overall, approximately 66.46% of the stock is now held by institutional investors who are showing strong interest in the potential growth of MGM Resorts International.
Regarding its financial performance, MGM Resorts International reported its quarterly earnings on August 2nd, 2023. The company exceeded expectations by posting earnings per share (EPS) of $0.59 for the quarter, surpassing the consensus estimate of $0.53 by $0.06.
Additionally, MGM Resorts International achieved a return on equity of 2.10% and a net margin of 2.53%. The company generated revenue amounting to $3.94 billion for the quarter, surpassing analyst estimates which stood at $3.82 billion.
Compared to the same quarter last year, MGM Resorts International experienced a notable increase in revenue by 20.7%, demonstrating its ability to consistently grow and adapt to market conditions.
Analysts collectively anticipate that MGM Resorts International will post earnings per share of 2.35 for the current year.
In conclusion, Capital One Financial’s initiation coverage on MGM Resorts International reaffirms confidence in the stock’s potential performance based on their assigned “overweight” rating and price target of $50.00- indicating an upside opportunity of 31.54%.
With a solid financial track record and support from institutional investors looking to capitalize on possible growth prospects, MGM Resorts International remains an influential force within the industry as it continues to provide excellent experiences for customers while generating significant returns for shareholders.
Disclaimer: The above references an opinion and is for informational purposes only. It is not intended to be investment advice. Please conduct thorough research and consult with a financial advisor before making any investment decisions.
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Analyst Ratings and Insider Trading Activities Boost MGM Resorts International
October 12, 2023
MGM Resorts International Receives Positive Analyst Ratings and Reports Insider Trading Activities
In recent news, MGM Resorts International has garnered the attention of several equities analysts. The company’s stock has received favorable ratings from numerous analysts, indicating positive sentiment towards its future performance.
JMP Securities reaffirmed its “market outperform” rating and set a target price of $60.00 for shares of MGM Resorts International in a research note on July 18th. Truist Financial also raised the target price to $60.00 and gave the company a “buy” rating on the same day. These endorsements by reputable financial institutions suggest confidence in MGM Resorts International’s prospects within the market.
Further bolstering the positive outlook for MGM Resorts International, StockNews.com upgraded their rating from “hold” to “buy” in a research note on October 2nd. This development signifies growing optimism among industry observers regarding the earnings potential of the company.
Citigroup analysts have also increased their price target for MGM Resorts International from $63.00 to $66.50, reinforcing the bullish sentiment surrounding the stock on August 4th. Conversely, Barclays slightly lowered their price target from $64.00 to $62.00 but maintained an “overweight” rating for MGM Resorts International on August 3rd.
While two research analysts have given a hold rating for the stock, nine others have expressed a buy recommendation for MGM Resorts International, highlighting widespread positivity towards its future growth potential.
According to Bloomberg.com, these various ratings culminate in an average rating of “Moderate Buy” for MGM Resorts International as of now, with a consensus target price of $58.13.
In other news related to MGM Resorts International, Director Daniel J. Taylor reportedly sold 4,454 shares of the company’s stock on August 7th at an average price of $45.25 per share, amounting to a total transaction value of $201,543.50. This information was disclosed through a document filed with the Securities and Exchange Commission (SEC), which can be accessed on their official website.
Furthermore, another sale involving Director Daniel J. Taylor took place on August 7th, where he sold an additional 4,454 shares at an average price of $45.25 per share for a total transaction value of $201,543.50. The disclosure for this transaction is also available on the SEC website.
Insider trading activities continued with insider John Mcmanus selling 10,000 shares of MGM Resorts International’s stock on August 10th at an average price of $46.59 per share, amounting to a total value of $465,900.00. It is noteworthy that following this transaction, Mcmanus now holds 32,283 shares in the company valued at $1,504,064.97.
In total, insiders have sold 49,454 shares of MGM Resorts International’s stock during the last quarter with a combined value of $2,249,894. It is worth mentioning that insiders currently own 2.39% of the company’s stock.
These insider trading activities provide insight into the actions taken by individuals within the company regarding their holdings and potentially reflect their confidence in its future performance.
Overall, MGM Resorts International has received favorable ratings from multiple equities analysts while its executives engage in notable insider trading activities. These developments offer investors valuable information when considering investing in or evaluating this particular company within the entertainment and hospitality industry.
Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official position of any financial institution or entity mentioned. Investors are advised to conduct thorough research before making any investment decisions based on such information.