MGM Resorts International (NYSE:MGM) Given New $55.00 Price Target at Macquarie

MGM Resorts International (NYSE:MGM) had its price objective decreased by Macquarie from $58.00 to $55.00 in a research note released on Friday morning, Benzinga reports. Macquarie currently has an outperform rating on the stock.

Several other equities analysts also recently weighed in on MGM. Morgan Stanley dropped their price objective on MGM Resorts International from $47.00 to $44.00 and set an equal weight rating for the company in a research note on Friday, July 12th. Barclays raised their price objective on MGM Resorts International from $55.00 to $56.00 and gave the company an overweight rating in a research note on Thursday, May 2nd. JMP Securities dropped their price objective on MGM Resorts International from $59.00 to $57.00 and set a market outperform rating for the company in a research note on Thursday. JPMorgan Chase & Co. raised their price objective on MGM Resorts International from $54.00 to $57.00 and gave the company an overweight rating in a research note on Thursday, May 2nd. Finally, Susquehanna raised their price objective on MGM Resorts International from $54.00 to $55.00 and gave the company a positive rating in a research note on Thursday. Three analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $54.78.

MGM Resorts International Stock Down 4.9 %

MGM opened at $35.48 on Friday. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.47 and a quick ratio of 1.46. The business has a 50 day simple moving average of $42.03 and a 200-day simple moving average of $42.74. The stock has a market capitalization of $10.78 billion, a P/E ratio of 13.65, a P/E/G ratio of 0.77 and a beta of 2.24. MGM Resorts International has a 12 month low of $34.12 and a 12 month high of $48.36.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.66 by $0.20. The business had revenue of $4.33 billion during the quarter, compared to analysts’ expectations of $4.21 billion. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. The company’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same period last year, the firm earned $0.59 EPS. On average, equities analysts anticipate that MGM Resorts International will post 3 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Alexis Herman sold 4,344 shares of MGM Resorts International stock in a transaction on Friday, May 17th. The stock was sold at an average price of $41.50, for a total value of $180,276.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Alexis Herman sold 4,344 shares of MGM Resorts International stock in a transaction on Friday, May 17th. The stock was sold at an average price of $41.50, for a total value of $180,276.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Keith A. Meister sold 139,300 shares of MGM Resorts International stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $40.44, for a total value of $5,633,292.00. Following the completion of the transaction, the director now owns 5,859,478 shares in the company, valued at approximately $236,957,290.32. The disclosure for this sale can be found here. Insiders sold a total of 147,988 shares of company stock valued at $5,991,759 over the last quarter. Company insiders own 2.13% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. National Bank of Canada FI lifted its stake in shares of MGM Resorts International by 13.4% during the second quarter. National Bank of Canada FI now owns 72,221 shares of the company’s stock worth $3,095,000 after purchasing an additional 8,537 shares in the last quarter. Convergence Investment Partners LLC purchased a new stake in shares of MGM Resorts International during the second quarter worth about $661,000. D.A. Davidson & CO. increased its position in shares of MGM Resorts International by 0.7% during the second quarter. D.A. Davidson & CO. now owns 210,086 shares of the company’s stock worth $9,336,000 after acquiring an additional 1,500 shares during the last quarter. ACR Alpine Capital Research LLC increased its position in shares of MGM Resorts International by 13.5% during the second quarter. ACR Alpine Capital Research LLC now owns 94,326 shares of the company’s stock worth $4,192,000 after acquiring an additional 11,243 shares during the last quarter. Finally, Summit Financial LLC purchased a new stake in shares of MGM Resorts International during the second quarter worth about $205,000. Institutional investors and hedge funds 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.