MGM Resorts International (NYSE:MGM – Get Rating) had its target price lifted by analysts at Wells Fargo & Company from $49.00 to $58.00 in a report released on Thursday, The Fly reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 67.10% from the company’s current price.
A number of other research firms also recently issued reports on MGM. JMP Securities started coverage on shares of MGM Resorts International in a report on Tuesday, June 28th. They set an “outperform” rating and a $55.00 price objective for the company. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of MGM Resorts International from $52.00 to $48.00 in a report on Friday, May 20th. Truist Financial reduced their target price on shares of MGM Resorts International from $48.00 to $35.00 and set a “hold” rating for the company in a research note on Wednesday, July 20th. JPMorgan Chase & Co. began coverage on shares of MGM Resorts International in a research note on Tuesday, May 3rd. They issued an “overweight” rating and a $53.00 target price for the company. Finally, UBS Group reduced their target price on shares of MGM Resorts International to $40.00 in a research note on Thursday, June 9th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $53.18.
MGM Resorts International Stock Performance
NYSE MGM opened at $34.71 on Thursday. MGM Resorts International has a 52-week low of $26.41 and a 52-week high of $51.17. The company has a 50-day simple moving average of $31.05 and a 200 day simple moving average of $37.47. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.23 and a current ratio of 1.65. The company has a market capitalization of $13.64 billion, a PE ratio of 4.86 and a beta of 2.14.
Insider Buying and Selling at MGM Resorts International
Institutional Investors Weigh In On MGM Resorts International
A number of hedge funds have recently made changes to their positions in the business. Allianz Asset Management GmbH increased its stake in shares of MGM Resorts International by 71.2% in the fourth quarter. Allianz Asset Management GmbH now owns 4,272,794 shares of the company’s stock worth $191,762,000 after buying an additional 1,777,519 shares during the period. Marshall Wace LLP increased its stake in shares of MGM Resorts International by 148.1% in the fourth quarter. Marshall Wace LLP now owns 2,930,320 shares of the company’s stock worth $131,513,000 after buying an additional 1,749,408 shares during the period. Samlyn Capital LLC purchased a new position in shares of MGM Resorts International in the fourth quarter worth $65,783,000. Candlestick Capital Management LP increased its stake in shares of MGM Resorts International by 116.7% in the fourth quarter. Candlestick Capital Management LP now owns 1,625,171 shares of the company’s stock worth $72,938,000 after buying an additional 875,171 shares during the period. Finally, Millennium Management LLC increased its stake in shares of MGM Resorts International by 1,475.0% in the fourth quarter. Millennium Management LLC now owns 881,375 shares of the company’s stock worth $39,556,000 after buying an additional 825,416 shares during the period. 85.76% 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 Macau. 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.
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