MGM Resorts International (NYSE:MGM) Stock Rating Upgraded by Truist Financial

MGM Resorts International (NYSE:MGM) was upgraded by Truist Financial from a “hold” rating to a “strong-buy” rating in a research report issued on Tuesday,Zacks.com reports.

MGM has been the subject of several other reports. Citigroup decreased their price objective on MGM Resorts International from $51.00 to $47.50 and set a “buy” rating for the company in a report on Thursday, October 30th. JPMorgan Chase & Co. increased their price target on shares of MGM Resorts International from $38.00 to $39.00 and gave the stock a “neutral” rating in a research note on Friday, January 9th. Capital One Financial dropped their price objective on shares of MGM Resorts International from $47.00 to $46.00 and set an “overweight” rating on the stock in a research note on Friday, December 5th. Mizuho set a $62.00 target price on shares of MGM Resorts International in a research note on Thursday, October 30th. Finally, Zacks Research upgraded MGM Resorts International from a “strong sell” rating to a “hold” rating in a research report on Monday, December 22nd. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $43.85.

MGM Resorts International Stock Up 2.0%

Shares of NYSE MGM opened at $34.17 on Tuesday. The business has a 50-day moving average price of $35.50 and a 200 day moving average price of $35.01. The stock has a market cap of $9.35 billion, a PE ratio of 213.59 and a beta of 1.44. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 1.80. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $41.32.

Insider Transactions at MGM Resorts International

In related news, major shareholder Iac Inc. bought 1,098,748 shares of the company’s stock in a transaction on Friday, December 5th. The stock was bought at an average cost of $36.30 per share, with a total value of $39,884,552.40. Following the completion of the acquisition, the insider owned 65,822,350 shares in the company, valued at approximately $2,389,351,305. This represents a 1.70% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 3.06% of the company’s stock.

Hedge Funds Weigh In On MGM Resorts International

Several hedge funds and other institutional investors have recently bought and sold shares of MGM. Asset Management One Co. Ltd. boosted its stake in shares of MGM Resorts International by 4.2% during the 4th quarter. Asset Management One Co. Ltd. now owns 7,700 shares of the company’s stock worth $286,000 after purchasing an additional 313 shares during the last quarter. Concurrent Investment Advisors LLC lifted its stake in shares of MGM Resorts International by 4.1% during the second quarter. Concurrent Investment Advisors LLC now owns 7,975 shares of the company’s stock valued at $274,000 after buying an additional 315 shares during the period. Vanguard Personalized Indexing Management LLC boosted its position in MGM Resorts International by 0.8% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 39,763 shares of the company’s stock worth $1,378,000 after acquiring an additional 328 shares during the last quarter. Public Employees Retirement System of Ohio grew its stake in MGM Resorts International by 0.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 64,006 shares of the company’s stock worth $2,218,000 after acquiring an additional 397 shares during the period. Finally, DekaBank Deutsche Girozentrale raised its holdings in MGM Resorts International by 0.7% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 55,666 shares of the company’s stock valued at $1,917,000 after acquiring an additional 399 shares during the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

MGM Resorts International Company Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.