MGM Resorts International (NYSE:MGM) Price Target Cut to $47.00

MGM Resorts International (NYSE:MGM) had its target price reduced by analysts at Wells Fargo & Company from $53.00 to $47.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 16.48% from the company’s current price.

A number of other research analysts have also recently issued reports on MGM. Macquarie dropped their target price 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. JMP Securities lowered their target price on MGM Resorts International from $57.00 to $56.00 and set a “market outperform” rating on the stock in a report on Monday. Deutsche Bank Aktiengesellschaft cut their price target on MGM Resorts International from $57.00 to $52.00 and set a “buy” rating for the company in a research note on Tuesday, October 1st. BTIG Research started coverage on shares of MGM Resorts International in a research note on Wednesday, July 3rd. They issued a “buy” rating and a $52.00 price objective on the stock. Finally, Morgan Stanley cut their target price on shares of MGM Resorts International from $44.00 to $43.00 and set an “equal weight” rating for the company in a research report on Wednesday, September 4th. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $53.57.

MGM Resorts International Stock Performance

MGM stock traded up $0.45 during trading on Thursday, hitting $40.35. The company had a trading volume of 1,346,235 shares, compared to its average volume of 4,073,130. The firm has a 50-day moving average price of $38.04 and a 200-day moving average price of $40.59. The company has a quick ratio of 1.42, a current ratio of 1.47 and a debt-to-equity ratio of 1.65. The firm has a market cap of $12.66 billion, a PE ratio of 15.50, a price-to-earnings-growth ratio of 0.92 and a beta of 2.23. MGM Resorts International has a 1-year low of $33.44 and a 1-year high of $48.24.

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

Insider Activity at MGM Resorts International

In other news, Director Paul J. Salem purchased 147,500 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were purchased at an average price of $33.80 per share, with a total value of $4,985,500.00. Following the purchase, the director now directly owns 1,702,500 shares of the company’s stock, valued at approximately $57,544,500. This represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO William Hornbuckle acquired 58,900 shares of MGM Resorts International stock in a transaction on Monday, August 5th. The shares were purchased 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 of the company’s stock, valued at $12,719,987.76. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Paul J. Salem bought 147,500 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was bought at an average cost of $33.80 per share, with a total value of $4,985,500.00. Following the transaction, the director now directly owns 1,702,500 shares in the company, valued at approximately $57,544,500. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 216,400 shares of company stock worth $7,312,197. 2.13% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MGM Resorts International

Several large investors have recently added to or reduced their stakes in MGM. UMB Bank n.a. grew its holdings in shares of 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 purchasing an additional 237 shares during the last quarter. Texas Permanent School Fund Corp grew its position in shares of 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 acquiring an additional 245 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its holdings in shares of MGM Resorts International by 1.2% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 22,900 shares of the company’s stock worth $1,018,000 after acquiring an additional 278 shares during the period. HB Wealth Management LLC boosted its stake in MGM Resorts International by 6.3% during the 2nd quarter. HB Wealth Management LLC now owns 4,917 shares of the company’s stock valued at $219,000 after purchasing an additional 293 shares during the period. Finally, US Bancorp DE grew its position in MGM Resorts International by 1.3% in the 1st quarter. US Bancorp DE now owns 23,558 shares of the company’s stock worth $1,112,000 after purchasing an additional 298 shares during the last quarter. 68.11% of the stock is currently owned by 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.