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 decreased by analysts at JMP Securities from $54.00 to $50.00 in a report released on Monday,Benzinga reports. The firm presently has a “market outperform” rating on the stock. JMP Securities’ price objective points to a potential upside of 31.16% from the stock’s current price.

A number of other brokerages have also weighed in on MGM. Barclays cut their price objective on MGM Resorts International from $54.00 to $50.00 and set an “overweight” rating for the company in a research report on Thursday, October 31st. Truist Financial decreased their price objective on MGM Resorts International from $58.00 to $56.00 and set a “buy” rating on the stock in a report on Wednesday, October 23rd. Wells Fargo & Company cut their target price on shares of MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Mizuho decreased their price target on shares of MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating on the stock in a research note on Thursday, October 31st. Finally, 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 research note on Thursday, August 1st. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, MGM Resorts International currently has a consensus rating of “Moderate Buy” and an average target price of $52.85.

MGM Resorts International Stock Performance

MGM traded up $0.32 during midday trading on Monday, reaching $38.12. The company had a trading volume of 280,922 shares, compared to its average volume of 4,080,670. MGM Resorts International has a 1 year low of $33.44 and a 1 year high of $48.24. The company has a quick ratio of 1.21, a current ratio of 1.24 and a debt-to-equity ratio of 1.63. The company has a market cap of $11.35 billion, a P/E ratio of 13.61, a P/E/G ratio of 2.70 and a beta of 2.23. The business has a 50-day moving average of $38.64 and a two-hundred day moving average of $39.71.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.04). MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. The firm had revenue of $4.18 billion during the quarter, compared to the consensus estimate of $4.21 billion. During the same period in the prior year, the company posted $0.64 EPS. The company’s quarterly revenue was up 5.3% on a year-over-year basis. As a group, equities research analysts predict that MGM Resorts International will post 2.5 earnings per share for the current fiscal year.

Insider Activity at MGM Resorts International

In other news, Director Keith A. Meister sold 121,000 shares of the company’s stock in a transaction that occurred 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 transaction, the director now directly owns 5,738,478 shares of the company’s stock, valued at approximately $210,716,912.16. This represents a 2.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.83% of the company’s stock.

Hedge Funds Weigh In On MGM Resorts International

Several institutional investors and hedge funds have recently added to or reduced their stakes in MGM. Sanctuary Advisors LLC raised its holdings in MGM Resorts International by 60.3% during the third quarter. Sanctuary Advisors LLC now owns 51,687 shares of the company’s stock valued at $1,954,000 after buying an additional 19,444 shares in the last quarter. Virtu Financial LLC bought a new position in MGM Resorts International during the 3rd quarter valued at about $641,000. Groupama Asset Managment raised its position in MGM Resorts International by 17.6% in the 3rd quarter. Groupama Asset Managment now owns 96,510 shares of the company’s stock valued at $3,773,000 after purchasing an additional 14,464 shares during the last quarter. CTC Alternative Strategies Ltd. acquired a new stake in shares of MGM Resorts International in the third quarter valued at approximately $229,000. Finally, Zacks Investment Management increased its position in MGM Resorts International by 7.8% in the third quarter. Zacks Investment Management now owns 400,393 shares of the company’s stock worth $15,651,000 after purchasing an additional 29,107 shares during the period. 68.11% of the stock is currently owned by hedge funds and other 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.