MGM Resorts International (NYSE:MGM) Price Target Cut to $53.00 by Analysts at Wells Fargo & Company

MGM Resorts International (NYSE:MGM) had its price target reduced by Wells Fargo & Company from $55.00 to $53.00 in a research report released on Thursday, Benzinga reports. They currently have an overweight rating on the stock.

Several other analysts also recently weighed in on the company. BTIG Research assumed coverage on MGM Resorts International in a research report on Wednesday, July 3rd. They set a buy rating and a $52.00 target price for the company. Susquehanna upgraded shares of MGM Resorts International from a neutral rating to a positive rating and upped their target price for the stock from $46.00 to $54.00 in a research note on Thursday, May 2nd. JPMorgan Chase & Co. lifted their price target on shares of MGM Resorts International from $54.00 to $57.00 and gave the company an overweight rating in a research note on Thursday, May 2nd. Mizuho increased their price objective on MGM Resorts International from $61.00 to $62.00 and gave the stock a buy rating in a research note on Thursday, May 2nd. Finally, Barclays lifted their target price on MGM Resorts International from $55.00 to $56.00 and gave the company an overweight rating in a research report on Thursday, May 2nd. Three analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, MGM Resorts International currently has a consensus rating of Moderate Buy and an average price target of $54.97.

MGM Resorts International Trading Down 3.7 %

Shares of MGM Resorts International stock traded down $1.39 during trading on Thursday, hitting $35.90. The stock had a trading volume of 7,233,834 shares, compared to its average volume of 3,851,417. The stock has a market cap of $11.26 billion, a PE ratio of 14.34, a PEG ratio of 0.89 and a beta of 2.24. MGM Resorts International has a 12 month low of $34.12 and a 12 month high of $48.36. The firm’s fifty day simple moving average is $42.15 and its 200-day simple moving average is $42.83. The company has a debt-to-equity ratio of 1.56, a current ratio of 1.51 and a quick ratio of 1.46.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, July 31st. The company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.20. MGM Resorts International had a return on equity of 25.67% and a net margin of 5.15%. The business had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.21 billion. During the same quarter in the previous year, the business earned $0.59 earnings per share. The company’s revenue for the quarter was up 9.8% compared to the same quarter last year. As a group, sell-side analysts expect that MGM Resorts International will post 3 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Keith A. Meister sold 139,300 shares of the stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $40.44, for a total transaction of $5,633,292.00. Following the completion of the sale, the director now owns 5,859,478 shares in the company, valued at approximately $236,957,290.32. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other MGM Resorts International news, Director Alexis Herman sold 4,344 shares of the company’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 transaction of $180,276.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Keith A. Meister sold 139,300 shares of MGM Resorts International stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $40.44, for a total transaction of $5,633,292.00. Following the sale, the director now owns 5,859,478 shares of the company’s stock, valued at $236,957,290.32. The disclosure for this sale can be found here. Over the last three months, insiders have sold 147,988 shares of company stock valued at $5,991,759. 2.13% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MGM Resorts International

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Fisher Asset Management LLC raised its holdings in shares of MGM Resorts International by 4.9% during the fourth quarter. Fisher Asset Management LLC now owns 4,346,250 shares of the company’s stock worth $194,190,000 after purchasing an additional 202,434 shares during the last quarter. Westfield Capital Management Co. LP raised its stake in shares of MGM Resorts International by 21.0% during the 4th quarter. Westfield Capital Management Co. LP now owns 2,401,407 shares of the company’s stock valued at $107,295,000 after buying an additional 416,911 shares during the last quarter. Gateway Investment Advisers LLC raised its stake in shares of MGM Resorts International by 41.2% during the 1st quarter. Gateway Investment Advisers LLC now owns 9,841 shares of the company’s stock valued at $465,000 after buying an additional 2,872 shares during the last quarter. ACR Alpine Capital Research LLC acquired a new position in shares of MGM Resorts International in the 1st quarter valued at about $3,922,000. Finally, Texas Permanent School Fund Corp boosted its stake in shares of MGM Resorts International by 0.4% in the first quarter. Texas Permanent School Fund Corp now owns 56,487 shares of the company’s stock worth $2,667,000 after buying an additional 245 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

About MGM Resorts International

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.