Citigroup started coverage on shares of MGM Resorts International (NYSE:MGM) in a research note released on Wednesday, The Fly reports. The brokerage issued a $23.00 price target on the stock.

Other equities analysts also recently issued reports about the stock. Deutsche Bank downgraded shares of Hilton Hotels from a buy rating to a hold rating and set a $92.60 price target on the stock. in a report on Wednesday, May 1st. They noted that the move was a valuation call. Susquehanna Bancshares assumed coverage on shares of Penn National Gaming in a report on Wednesday. They issued a positive rating and a $25.00 price target on the stock. ValuEngine raised shares of Zumiez from a sell rating to a hold rating in a report on Monday, July 22nd. Finally, Morgan Stanley boosted their price target on shares of Yum! Brands from $97.00 to $106.00 and gave the stock an equal weight rating in a report on Thursday, July 18th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the stock. The stock has an average rating of Hold and an average target price of $31.33.

Shares of NYSE:MGM traded up $1.10 during midday trading on Wednesday, reaching $30.47. The company had a trading volume of 12,595,124 shares, compared to its average volume of 4,716,250. The stock has a 50 day simple moving average of $28.43. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.75 and a current ratio of 0.78. The stock has a market capitalization of $15.78 billion, a PE ratio of 30.78, a P/E/G ratio of 3.78 and a beta of 1.40. MGM Resorts International has a 52-week low of $21.61 and a 52-week high of $31.68.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Thursday, July 25th. The company reported $0.23 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.25 by ($0.02). The company had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.21 billion. MGM Resorts International had a return on equity of 3.79% and a net margin of 1.56%. MGM Resorts International’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same period last year, the firm posted $0.26 earnings per share. On average, equities research analysts forecast that MGM Resorts International will post 0.96 earnings per share for the current fiscal year.

In other MGM Resorts International news, Director Paul J. Salem acquired 800,000 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were acquired at an average cost of $25.40 per share, with a total value of $20,320,000.00. Following the completion of the acquisition, the director now directly owns 800,000 shares in the company, valued at $20,320,000. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Keith A. Meister acquired 2,874,578 shares of the company’s stock in a transaction on Friday, June 7th. The shares were acquired at an average cost of $26.18 per share, for a total transaction of $75,256,452.04. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 6,117,360 shares of company stock worth $161,200,100. Insiders own 3.47% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MGM. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of MGM Resorts International during the fourth quarter valued at about $122,017,000. Norges Bank bought a new stake in shares of MGM Resorts International during the fourth quarter valued at about $108,871,000. Marshall Wace LLP increased its position in shares of MGM Resorts International by 333.7% during the first quarter. Marshall Wace LLP now owns 2,304,842 shares of the company’s stock valued at $59,142,000 after buying an additional 1,773,424 shares during the period. FMR LLC increased its position in shares of MGM Resorts International by 80.0% during the first quarter. FMR LLC now owns 2,904,720 shares of the company’s stock valued at $74,535,000 after buying an additional 1,290,996 shares during the period. Finally, State of New Jersey Common Pension Fund D bought a new stake in shares of MGM Resorts International during the first quarter valued at about $23,094,000. 79.39% of the stock is currently owned by institutional investors and hedge funds.

About MGM Resorts International

MGM Resorts International, through its subsidiaries, owns and operates integrated 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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Analyst Recommendations for MGM Resorts International (NYSE:MGM)

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