MGM Resorts International (NYSE:MGM) Price Target Cut to $44.00

MGM Resorts International (NYSE:MGM) had its target price cut by investment analysts at Morgan Stanley from $47.00 to $44.00 in a report released on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective would suggest a potential downside of 5.48% from the company’s current price.

Other equities analysts have also recently issued reports about the company. Susquehanna raised MGM Resorts International from a “neutral” rating to a “positive” rating and boosted their target price for the company from $46.00 to $54.00 in a research note on Thursday, May 2nd. BTIG Research assumed coverage on shares of MGM Resorts International in a research report on Wednesday, July 3rd. They set a “buy” rating and a $52.00 price objective on the stock. Mizuho raised their target price on shares of MGM Resorts International from $61.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, May 2nd. Barclays boosted their price target on shares of MGM Resorts International from $55.00 to $56.00 and gave the company an “overweight” rating in a research report on Thursday, May 2nd. Finally, JPMorgan Chase & Co. raised their price objective on shares of MGM Resorts International from $54.00 to $57.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. Three research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, MGM Resorts International currently has an average rating of “Moderate Buy” and an average target price of $54.53.

MGM Resorts International Trading Up 1.5 %

NYSE:MGM traded up $0.71 during midday trading on Friday, reaching $46.55. 1,116,988 shares of the stock traded hands, compared to its average volume of 3,758,040. The stock has a market capitalization of $14.60 billion, a P/E ratio of 17.83, a PEG ratio of 0.90 and a beta of 2.24. MGM Resorts International has a 12 month low of $34.12 and a 12 month high of $51.35. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.46 and a current ratio of 1.51. The company has a fifty day moving average of $41.25 and a 200 day moving average of $42.87.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, May 1st. The company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.18. MGM Resorts International had a net margin of 5.35% and a return on equity of 23.62%. The company had revenue of $4.38 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same period in the prior year, the business posted $0.44 earnings per share. MGM Resorts International’s revenue for the quarter was up 13.2% on a year-over-year basis. On average, research analysts predict that MGM Resorts International will post 3.02 EPS for the current year.

Insider Transactions at MGM Resorts International

In other news, Director Alexis Herman sold 4,344 shares of the business’s stock in a transaction on Friday, May 17th. The shares were sold at an average price of $41.50, for a total transaction of $180,276.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Keith A. Meister sold 139,300 shares of the firm’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $40.44, for a total value of $5,633,292.00. Following the transaction, the director now owns 5,859,478 shares of the company’s stock, valued at $236,957,290.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Alexis Herman sold 4,344 shares of the business’s stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $41.50, for a total value of $180,276.00. The disclosure for this sale can be found here. Insiders have sold 147,988 shares of company stock worth $5,991,759 in the last quarter. Company insiders own 2.13% of the company’s stock.

Hedge Funds Weigh In On MGM Resorts International

A number of hedge funds have recently modified their holdings of MGM. CVA Family Office LLC bought a new position in MGM Resorts International in the 4th quarter worth $28,000. EverSource Wealth Advisors LLC boosted its stake in shares of MGM Resorts International by 60.7% in the first quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock worth $41,000 after acquiring an additional 329 shares during the period. Sunbelt Securities Inc. grew its position in shares of MGM Resorts International by 510.2% during the third quarter. Sunbelt Securities Inc. now owns 1,196 shares of the company’s stock worth $44,000 after purchasing an additional 1,000 shares in the last quarter. Accent Capital Management LLC bought a new stake in MGM Resorts International during the 4th quarter valued at approximately $45,000. Finally, Mendota Financial Group LLC lifted its holdings in MGM Resorts International by 36.0% in the 1st quarter. Mendota Financial Group LLC now owns 1,004 shares of the company’s stock worth $47,000 after purchasing an additional 266 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors.

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.