Wells Fargo & Company Lowers MGM Resorts International (NYSE:MGM) Price Target to $47.00

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

A number of other equities analysts have also recently issued reports on MGM. UBS Group upgraded MGM Resorts International to a “hold” rating in a report on Friday, August 23rd. Morgan Stanley reduced their price objective on shares of MGM Resorts International from $44.00 to $43.00 and set an “equal weight” rating for the company in a research note on Wednesday, September 4th. Macquarie cut their price target on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Stifel Nicolaus boosted their target price on shares of MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on MGM Resorts International from $57.00 to $52.00 and set a “buy” rating for the company in a research report on Tuesday, October 1st. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, MGM Resorts International has an average rating of “Moderate Buy” and an average price target of $53.57.

MGM Resorts International Price Performance

Shares of NYSE:MGM traded up $0.45 during trading on Thursday, reaching $40.35. The company had a trading volume of 1,346,235 shares, compared to its average volume of 4,073,130. MGM Resorts International has a twelve month low of $33.44 and a twelve month 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 firm has a market capitalization 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. The firm’s fifty day moving average is $38.04 and its 200 day moving average is $40.59.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.21 billion. During the same period last year, the company posted $0.59 EPS. The firm’s quarterly revenue was up 9.8% on a year-over-year basis. On average, equities analysts forecast that MGM Resorts International will post 2.55 EPS for the current year.

Insider Transactions at MGM Resorts International

In related news, CEO William Hornbuckle bought 58,900 shares of the business’s stock in a transaction on Monday, August 5th. The shares were bought at an average cost 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 directly owns 377,112 shares in the company, valued at approximately $12,719,987.76. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Paul J. Salem bought 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, for a total transaction of $4,985,500.00. Following the acquisition, the director now directly owns 1,702,500 shares of the company’s stock, valued at $57,544,500. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO William Hornbuckle purchased 58,900 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were purchased at an average price of $33.73 per share, with a total value of $1,986,697.00. Following the completion of the acquisition, the chief executive officer now directly owns 377,112 shares of the company’s stock, valued at approximately $12,719,987.76. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 216,400 shares of company stock worth $7,312,197 in the last 90 days. 2.13% of the stock is owned by insiders.

Hedge Funds Weigh In On MGM Resorts International

A number of institutional investors have recently made changes to their positions in the business. International Assets Investment Management LLC bought a new position in MGM Resorts International during the second quarter worth $28,000. EverSource Wealth Advisors LLC raised its position in shares of MGM Resorts International by 60.7% during the first quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock valued at $41,000 after buying an additional 329 shares during the last quarter. UMB Bank n.a. lifted its stake in shares of MGM Resorts International by 33.3% in the second quarter. UMB Bank n.a. now owns 949 shares of the company’s stock valued at $42,000 after buying an additional 237 shares during the period. Ashton Thomas Private Wealth LLC acquired a new stake in MGM Resorts International during the second quarter worth about $49,000. Finally, Mendota Financial Group LLC increased its stake in MGM Resorts International by 61.0% during the third quarter. Mendota Financial Group LLC now owns 1,616 shares of the company’s stock valued at $63,000 after acquiring an additional 612 shares during the period. 68.11% of the stock is currently owned by institutional investors.

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.