MGM Resorts International (NYSE:MGM) Price Target Cut to $50.00 by Analysts at JMP Securities

MGM Resorts International (NYSE:MGM) had its price objective cut by JMP Securities from $54.00 to $50.00 in a research note published on Monday morning,Benzinga reports. They currently have a market outperform rating on the stock.

MGM has been the topic of several other research reports. Macquarie cut their target price on MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. UBS Group raised MGM Resorts International to a “hold” rating in a research note on Friday, August 23rd. Morgan Stanley lifted their target price on MGM Resorts International from $43.00 to $44.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 22nd. Susquehanna lifted their target price on MGM Resorts International from $54.00 to $55.00 and gave the company a “positive” rating in a research note on Thursday, August 1st. Finally, Barclays cut their target price on MGM Resorts International from $54.00 to $50.00 and set an “overweight” rating on the stock in a research note on Thursday, October 31st. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $52.85.

MGM Resorts International Trading Down 0.5 %

NYSE:MGM opened at $37.37 on Monday. MGM Resorts International has a 12-month low of $33.44 and a 12-month high of $48.24. The firm has a market capitalization of $11.13 billion, a P/E ratio of 13.35, a P/E/G ratio of 2.74 and a beta of 2.23. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.24 and a quick ratio of 1.21. The business has a 50 day simple moving average of $38.69 and a 200 day simple moving average of $39.65.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. The company had revenue of $4.18 billion for the quarter, compared to analyst estimates of $4.21 billion. During the same quarter in the prior year, the firm earned $0.64 EPS. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. Equities research analysts predict that MGM Resorts International will post 2.5 EPS for the current year.

Insider Activity

In other news, Director Keith A. Meister sold 121,000 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the completion of the sale, the director now directly owns 5,738,478 shares of the company’s stock, valued at $210,716,912.16. This represents a 2.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 2.13% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On MGM Resorts International

Several hedge funds have recently modified their holdings of the stock. International Assets Investment Management LLC acquired a new position in MGM Resorts International during the second quarter valued at $28,000. MidAtlantic Capital Management Inc. acquired a new position in MGM Resorts International during the third quarter valued at $28,000. Eastern Bank acquired a new position in MGM Resorts International during the third quarter valued at $35,000. EverSource Wealth Advisors LLC raised its position in MGM Resorts International by 60.7% during the first quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock valued at $41,000 after buying an additional 329 shares during the period. Finally, UMB Bank n.a. raised its position in MGM Resorts International by 33.3% during the second quarter. UMB Bank n.a. now owns 949 shares of the company’s stock valued at $42,000 after buying an additional 237 shares during the period. 68.11% of the stock is owned by hedge funds and other institutional investors.

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.