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

MGM Resorts International (NYSE:MGM)’s stock price gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $34.37, but opened at $38.55. MGM Resorts International shares last traded at $39.46, with a volume of 3,833,370 shares changing hands.

The company reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.08. MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on MGM. Truist Financial reduced their price target on shares of MGM Resorts International from $54.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. JMP Securities reaffirmed a “market outperform” rating and set a $50.00 price objective on shares of MGM Resorts International in a report on Thursday. Citigroup raised their price objective on shares of MGM Resorts International from $48.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday. BTIG Research downgraded shares of MGM Resorts International from a “buy” rating to a “neutral” rating in a report on Monday, February 3rd. Finally, Mizuho increased their target price on shares of MGM Resorts International from $56.00 to $60.00 and gave the stock an “outperform” rating in a research report on Thursday. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $51.47.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 51,000 shares of MGM Resorts International stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $36.57, for a total value of $1,865,070.00. Following the transaction, the director now owns 5,687,478 shares of the company’s stock, valued at approximately $207,991,070.46. The trade was a 0.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 2.13% of the company’s stock.

Institutional Trading of MGM Resorts International

A number of institutional investors have recently made changes to their positions in MGM. MidAtlantic Capital Management Inc. acquired a new position in MGM Resorts International during the third quarter worth $28,000. Global Trust Asset Management LLC acquired a new position in shares of MGM Resorts International in the fourth quarter valued at $28,000. Assetmark Inc. increased its holdings in shares of MGM Resorts International by 104.1% in the fourth quarter. Assetmark Inc. now owns 806 shares of the company’s stock valued at $28,000 after purchasing an additional 411 shares during the last quarter. Eastern Bank acquired a new position in shares of MGM Resorts International in the third quarter valued at $35,000. Finally, Global Retirement Partners LLC increased its holdings in shares of MGM Resorts International by 47.8% in the fourth quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock valued at $43,000 after purchasing an additional 404 shares during the last quarter. Institutional investors own 68.11% of the company’s stock.

MGM Resorts International Stock Performance

The stock has a market capitalization of $12.02 billion, a price-to-earnings ratio of 14.42, a P/E/G ratio of 2.94 and a beta of 2.20. The company’s fifty day simple moving average is $34.32 and its 200 day simple moving average is $36.83. The company has a quick ratio of 1.21, a current ratio of 1.24 and a debt-to-equity ratio of 1.63.

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.