MGM Resorts International (NYSE:MGM) Price Target Cut to $56.00 by Analysts at JMP Securities

MGM Resorts International (NYSE:MGM) had its price target lowered by JMP Securities from $57.00 to $56.00 in a research note published on Monday, Benzinga reports. JMP Securities currently has a market outperform rating on the stock.

A number of other research firms also recently commented on MGM. Susquehanna lifted their price objective on shares of MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a report on Thursday, August 1st. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of MGM Resorts International from $57.00 to $52.00 and set a “buy” rating for the company in a report on Tuesday, October 1st. UBS Group raised shares of MGM Resorts International to a “hold” rating in a report on Friday, August 23rd. Morgan Stanley decreased their price objective on shares of MGM Resorts International from $44.00 to $43.00 and set an “equal weight” rating for the company in a report on Wednesday, September 4th. Finally, Macquarie decreased their price objective on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.14.

MGM Resorts International Stock Up 1.3 %

Shares of NYSE:MGM opened at $39.90 on Monday. The company has a quick ratio of 1.42, a current ratio of 1.47 and a debt-to-equity ratio of 1.65. MGM Resorts International has a 52-week low of $33.44 and a 52-week high of $48.24. The company has a 50 day moving average of $38.04 and a two-hundred day moving average of $40.59. The company has a market capitalization of $12.52 billion, a price-to-earnings ratio of 15.35, a price-to-earnings-growth ratio of 0.92 and a beta of 2.23.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.20. MGM Resorts International had a net margin of 5.15% and a return on equity of 26.36%. The business had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.21 billion. During the same quarter last year, the company earned $0.59 earnings per share. The business’s quarterly revenue was up 9.8% compared to the same quarter last year. As a group, analysts forecast that MGM Resorts International will post 2.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Jonathan S. Halkyard purchased 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were purchased at an average price of $34.00 per share, with a total value of $340,000.00. Following the purchase, the chief financial officer now owns 38,299 shares of the company’s stock, valued at $1,302,166. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CFO Jonathan S. Halkyard purchased 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were purchased at an average price of $34.00 per share, with a total value of $340,000.00. Following the purchase, the chief financial officer now owns 38,299 shares of the company’s stock, valued at $1,302,166. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO William Hornbuckle purchased 58,900 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was bought at an average cost of $33.73 per share, for a total transaction of $1,986,697.00. Following the purchase, the chief executive officer now directly owns 377,112 shares in the company, valued at $12,719,987.76. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 216,400 shares of company stock worth $7,312,197. 2.13% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On MGM Resorts International

A number of institutional investors have recently bought and sold shares of MGM. nVerses Capital LLC grew its stake in MGM Resorts International by 233.3% during the 3rd quarter. nVerses Capital LLC now owns 21,000 shares of the company’s stock valued at $821,000 after acquiring an additional 14,700 shares in the last quarter. Vontobel Holding Ltd. grew its stake in MGM Resorts International by 37.9% during the 3rd quarter. Vontobel Holding Ltd. now owns 20,426 shares of the company’s stock valued at $798,000 after acquiring an additional 5,611 shares in the last quarter. Creative Planning grew its stake in MGM Resorts International by 8.4% during the 3rd quarter. Creative Planning now owns 77,682 shares of the company’s stock valued at $3,037,000 after acquiring an additional 6,040 shares in the last quarter. Shikiar Asset Management Inc. grew its stake in MGM Resorts International by 7.0% during the 3rd quarter. Shikiar Asset Management Inc. now owns 234,360 shares of the company’s stock valued at $9,161,000 after acquiring an additional 15,335 shares in the last quarter. Finally, Exchange Traded Concepts LLC grew its stake in MGM Resorts International by 37.3% during the 3rd quarter. Exchange Traded Concepts LLC now owns 114,281 shares of the company’s stock valued at $4,467,000 after acquiring an additional 31,036 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

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.