Truist Financial Cuts MGM Resorts International (NYSE:MGM) Price Target to $56.00

MGM Resorts International (NYSE:MGM) had its price objective trimmed by Truist Financial from $58.00 to $56.00 in a research report report published on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages have also issued reports on MGM. UBS Group upgraded shares of MGM Resorts International to a “hold” rating in a research report on Friday, August 23rd. Barclays dropped their price objective on shares of MGM Resorts International from $56.00 to $54.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. JMP Securities reduced their target price on MGM Resorts International from $57.00 to $56.00 and set a “market outperform” rating on the stock in a research note on Monday, October 14th. Wells Fargo & Company decreased their price target on shares of MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Finally, Susquehanna upped their price objective on shares of MGM Resorts International from $54.00 to $55.00 and gave the company a “positive” rating in a research note on Thursday, August 1st. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $54.08.

MGM Resorts International Trading Up 0.7 %

MGM Resorts International stock opened at $40.37 on Wednesday. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.42 and a current ratio of 1.47. MGM Resorts International has a fifty-two week low of $33.44 and a fifty-two week high of $48.24. The stock has a market cap of $12.26 billion, a P/E ratio of 15.23, a PEG ratio of 0.97 and a beta of 2.23. The firm’s fifty day moving average price is $38.38 and its 200-day moving average price is $40.33.

MGM Resorts International (NYSE:MGM) last posted 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. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. The business had revenue of $4.33 billion during the quarter, compared to analysts’ expectations of $4.21 billion. During the same period in the previous year, the business earned $0.59 earnings per share. The firm’s revenue was up 9.8% on a year-over-year basis. Equities research analysts forecast that MGM Resorts International will post 2.54 earnings per share for the current fiscal year.

Insider Activity at MGM Resorts International

In other news, CEO William Hornbuckle acquired 58,900 shares of the stock in a transaction on Monday, August 5th. The stock was acquired at an average price of $33.73 per share, with a total value of $1,986,697.00. Following the completion of the transaction, the chief executive officer now owns 377,112 shares of the company’s stock, valued at $12,719,987.76. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other MGM Resorts International news, CEO William Hornbuckle acquired 58,900 shares of the business’s stock in a transaction on Monday, August 5th. The shares were acquired at an average price of $33.73 per share, for a total transaction of $1,986,697.00. Following the completion of the acquisition, the chief executive officer now owns 377,112 shares in the company, valued at $12,719,987.76. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Jonathan S. Halkyard bought 10,000 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were acquired at an average cost of $34.00 per share, with a total value of $340,000.00. Following the purchase, the chief financial officer now directly owns 38,299 shares of the company’s stock, valued at approximately $1,302,166. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought 216,400 shares of company stock worth $7,312,197 over the last ninety days. 2.13% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Boston Partners increased its holdings in shares of MGM Resorts International by 12.6% during the first quarter. Boston Partners now owns 6,111,930 shares of the company’s stock valued at $286,933,000 after acquiring an additional 684,676 shares in the last quarter. Bamco Inc. NY raised its holdings in MGM Resorts International by 3.6% in the first quarter. Bamco Inc. NY now owns 2,101,065 shares of the company’s stock worth $99,191,000 after buying an additional 73,515 shares during the last quarter. Marshall Wace LLP lifted its stake in shares of MGM Resorts International by 174.8% in the second quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock worth $49,330,000 after buying an additional 706,159 shares in the last quarter. Key Colony Management LLC lifted its stake in shares of MGM Resorts International by 11.1% in the third quarter. Key Colony Management LLC now owns 883,000 shares of the company’s stock worth $34,516,000 after buying an additional 88,000 shares in the last quarter. Finally, Goldentree Asset Management LP bought a new stake in shares of MGM Resorts International during the first quarter valued at approximately $35,726,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.

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.