MGM Resorts International (NYSE:MGM) Shares Gap Up on Better-Than-Expected Earnings

MGM Resorts International (NYSE:MGM) gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $39.75, but opened at $43.50. MGM Resorts International shares last traded at $41.26, with a volume of 1,681,080 shares.

The company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.56 by $0.18. The firm had revenue of $4.38 billion during the quarter, compared to analyst estimates of $4.24 billion. MGM Resorts International had a return on equity of 20.51% and a net margin of 7.07%. MGM Resorts International’s revenue was up 13.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.44 EPS.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft upped their price objective on MGM Resorts International from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, February 14th. Macquarie restated an “outperform” rating and issued a $58.00 price objective on shares of MGM Resorts International in a research note on Wednesday, February 14th. Bank Of America (Bofa) upped their price objective on MGM Resorts International from $45.00 to $50.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 14th. Mizuho upped their price objective on MGM Resorts International from $61.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Morgan Stanley increased their price target on MGM Resorts International from $45.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 9th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, MGM Resorts International currently has a consensus rating of “Moderate Buy” and an average target price of $55.78.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 325,000 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $42.90, for a total transaction of $13,942,500.00. Following the completion of the transaction, the director now owns 6,098,778 shares of the company’s stock, valued at approximately $261,637,576.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.13% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. CVA Family Office LLC purchased a new position in MGM Resorts International during the fourth quarter valued at approximately $28,000. Sandy Spring Bank increased its holdings in MGM Resorts International by 140.8% during the third quarter. Sandy Spring Bank now owns 855 shares of the company’s stock valued at $31,000 after buying an additional 500 shares during the period. Sunbelt Securities Inc. increased its holdings in MGM Resorts International by 510.2% during the third quarter. Sunbelt Securities Inc. now owns 1,196 shares of the company’s stock valued at $44,000 after buying an additional 1,000 shares during the period. Accent Capital Management LLC purchased a new position in MGM Resorts International during the fourth quarter valued at approximately $45,000. Finally, Mendota Financial Group LLC grew its holdings in MGM Resorts International by 36.0% in the first quarter. Mendota Financial Group LLC now owns 1,004 shares of the company’s stock worth $47,000 after purchasing an additional 266 shares during the last quarter. Institutional investors own 68.11% of the company’s stock.

MGM Resorts International Stock Up 4.1 %

The company’s fifty day simple moving average is $43.58 and its 200-day simple moving average is $42.22. The company has a debt-to-equity ratio of 1.46, a current ratio of 1.57 and a quick ratio of 1.53. The firm has a market capitalization of $13.11 billion, a PE ratio of 13.47, a price-to-earnings-growth ratio of 1.62 and a beta of 2.22.

MGM Resorts International Company Profile

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.