Monthly Stock Report: MGM Resorts International (MGM)
Publication Date: September 22, 2024
Company Overview
MGM Resorts International (MGM), based in Paradise, Nevada, is a publicly traded entity specializing in the ownership and operation of casino, hotel, and entertainment resorts across the United States and globally. With three operational segments—Las Vegas Strip Resorts, Regional Operations, and MGM China—the company caters to a diverse clientele, encompassing premium gaming patrons, leisure travelers, and corporate groups. Founded in 1986 as MGM MIRAGE, the company rebranded in 2010 and has since become a significant force within the Consumer Cyclical sector and the Resorts & Casinos industry. Analysts currently recommend a “buy,” projecting a target high price of $63.00 for MGM stocks, further emphasizing the investment appeal in a thriving sector with a total revenue exceeding $17 billion.
Market Sentiment and Financial Performance
The Resorts and Casinos industry is experiencing favorable economic indicators, characterized by rising consumer confidence and increasing disposable incomes, suggesting a potential boost in leisure and entertainment patronage. MGM Resorts International has 303,769,984 outstanding shares, with 17,672,060 shares sold short, indicating a relatively low short percent of float at approximately 7.68%. This balance reflects mixed investor sentiment, suggesting overall confidence remains stable despite some bearish positions. The current stock price of $37.31 highlights significant upside potential towards the projected target mean price of $53.90, underscoring the attractive investment opportunity in this cyclical sector.
Analyst Recommendations and Price Forecast
Current analysis indicates a target high price of $63.00 and a target low price of $41.91 for MGM, with a mean target of $53.90 and a median target of $55.50. This diverse range of forecasts from 20 analysts suggests a strong “buy” recommendation, supported by an overall favorable outlook on the company’s future performance. With the stock trading below its fifty-day moving average of $39.09 and its fifty-two week high of $48.25, there remains considerable room for growth. The current performance demonstrates resilience, maintaining a price above the fifty-two week low of $33.44, making MGM Resorts International an attractive addition to investment portfolios aiming for capital appreciation in a recovering market.
| Metric | Value |
|---|---|
| Market Cap | $11.3b |
| Total Debt | $31.7b |
| Total Cash | $2.4b |
| Shares Outstanding | 303.8m |
| Float Shares | 236.0m |
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