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

MGM Resorts International (NYSE:MGM)’s share 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 EPS for the quarter, beating the consensus estimate of $0.37 by $0.08. MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Morgan Stanley boosted their price target on MGM Resorts International from $43.00 to $44.00 and gave the company an “equal weight” rating in a report on Tuesday, October 22nd. JMP Securities reissued a “market outperform” rating and set a $50.00 price target on shares of MGM Resorts International in a report on Thursday. Citigroup lifted their price objective on shares of MGM Resorts International from $48.00 to $50.00 and gave the company a “buy” rating in a report on Thursday. Capital One Financial increased their target price on shares of MGM Resorts International from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, BTIG Research lowered MGM Resorts International from a “buy” rating to a “neutral” rating in a research note on Monday, February 3rd. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $51.47.

Insider Activity at MGM Resorts International

In related news, Director Keith A. Meister sold 51,000 shares of the company’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $36.57, for a total transaction of $1,865,070.00. Following the completion of the sale, the director now owns 5,687,478 shares of the company’s stock, valued at approximately $207,991,070.46. This represents a 0.89 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.13% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On MGM Resorts International

Large investors have recently made changes to their positions in the stock. Davis Selected Advisers boosted its position in shares of MGM Resorts International by 4.6% during the 4th quarter. Davis Selected Advisers now owns 19,920,713 shares of the company’s stock valued at $690,253,000 after acquiring an additional 882,417 shares during the last quarter. Invesco Ltd. raised its position in MGM Resorts International by 22.5% in the fourth quarter. Invesco Ltd. now owns 5,785,343 shares of the company’s stock valued at $200,462,000 after purchasing an additional 1,063,707 shares during the period. Fisher Asset Management LLC lifted its stake in shares of MGM Resorts International by 2.0% in the 3rd quarter. Fisher Asset Management LLC now owns 4,547,883 shares of the company’s stock valued at $177,777,000 after purchasing an additional 90,645 shares during the last quarter. Marshall Wace LLP grew its holdings in shares of MGM Resorts International by 50.9% during the 4th quarter. Marshall Wace LLP now owns 3,233,718 shares of the company’s stock worth $112,048,000 after purchasing an additional 1,090,533 shares during the period. Finally, Goldentree Asset Management LP lifted its position in MGM Resorts International by 86.4% in the third quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock valued at $117,270,000 after buying an additional 1,390,599 shares during the last quarter. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

MGM Resorts International Trading Down 1.4 %

The company has a market cap of $11.85 billion, a PE ratio of 14.22, a price-to-earnings-growth ratio of 2.94 and a beta of 2.20. The company’s 50 day simple moving average is $34.38 and its two-hundred day simple moving average is $36.81. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.24 and a quick ratio of 1.21.

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.