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

MGM Resorts International (NYSE:MGM) had its target price cut by Truist Financial from $58.00 to $56.00 in a report issued on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

MGM has been the subject of a number of other reports. Deutsche Bank Aktiengesellschaft reduced their target price on shares of MGM Resorts International from $57.00 to $52.00 and set a “buy” rating on the stock in a report on Tuesday, October 1st. Macquarie decreased their target price on MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Stifel Nicolaus upped their price target on MGM Resorts International from $60.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Morgan Stanley boosted their price objective on MGM Resorts International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Finally, Barclays reduced their target price on shares of MGM Resorts International from $56.00 to $54.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, MGM Resorts International currently has an average rating of “Moderate Buy” and a consensus target price of $54.08.

MGM Resorts International Stock Performance

NYSE MGM opened at $39.64 on Wednesday. MGM Resorts International has a fifty-two week low of $33.44 and a fifty-two week high of $48.24. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.42 and a current ratio of 1.47. The stock’s fifty day moving average is $38.33 and its two-hundred day moving average is $40.37. The firm has a market capitalization of $12.43 billion, a P/E ratio of 15.25, a price-to-earnings-growth ratio of 0.92 and a beta of 2.23.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.20. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. The company had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.21 billion. During the same period in the prior year, the business posted $0.59 earnings per share. The firm’s revenue for the quarter was up 9.8% compared to the same quarter last year. On average, research analysts anticipate that MGM Resorts International will post 2.55 earnings per share for the current year.

Insider Buying and Selling

In other MGM Resorts International news, Director Keith A. Meister sold 121,000 shares of MGM Resorts International stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the transaction, the director now directly owns 5,738,478 shares of the company’s stock, valued at $210,716,912.16. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other MGM Resorts International news, Director Keith A. Meister sold 121,000 shares of the business’s stock in a transaction dated 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 transaction, the director now owns 5,738,478 shares in the company, valued at $210,716,912.16. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO William Hornbuckle bought 58,900 shares of the stock in a transaction dated Monday, August 5th. The stock was bought at an average price of $33.73 per share, with a total value of $1,986,697.00. Following the purchase, the chief executive officer now owns 377,112 shares of the company’s stock, valued at approximately $12,719,987.76. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 216,400 shares of company stock valued at $7,312,197. 2.13% of the stock is currently owned by corporate insiders.

Institutional Trading of MGM Resorts International

A number of hedge funds and other institutional investors have recently modified their holdings of MGM. Gateway Investment Advisers LLC lifted its position in shares of MGM Resorts International by 41.2% during the first quarter. Gateway Investment Advisers LLC now owns 9,841 shares of the company’s stock worth $465,000 after purchasing 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 worth approximately $3,922,000. Marshall Wace LLP grew its position in shares of MGM Resorts International by 174.8% in the 2nd quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock worth $49,330,000 after acquiring an additional 706,159 shares in the last quarter. Maverick Capital Ltd. acquired a new stake in shares of MGM Resorts International during the 2nd quarter valued at approximately $1,211,000. Finally, Texas Permanent School Fund Corp lifted its stake in MGM Resorts International by 0.4% during the first quarter. Texas Permanent School Fund Corp now owns 56,487 shares of the company’s stock worth $2,667,000 after purchasing an additional 245 shares during the last quarter. 68.11% of the stock is 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.