MGM Resorts International (NYSE:MGM) Price Target Cut to $54.00 by Analysts at Barclays

MGM Resorts International (NYSE:MGM) had its price objective reduced by Barclays from $56.00 to $54.00 in a research report released on Thursday, Benzinga reports. Barclays currently has an overweight rating on the stock.

Other analysts also recently issued reports about the stock. Stifel Nicolaus lifted their price objective on shares of MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Morgan Stanley cut 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 report on Wednesday, September 4th. Wells Fargo & Company lowered their price objective on MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Macquarie decreased 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 research report on Friday, August 2nd. Finally, UBS Group upgraded MGM Resorts International to a “hold” rating in a report on Friday, August 23rd. Four equities research 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 presently has an average rating of “Moderate Buy” and an average target price of $53.57.

MGM Resorts International Stock Performance

Shares of MGM opened at $40.58 on Thursday. 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 twelve month low of $33.44 and a twelve month high of $48.24. The firm’s 50 day moving average price is $38.11 and its two-hundred day moving average price is $40.59. The firm has a market cap of $12.73 billion, a P/E ratio of 15.61, a PEG ratio of 0.92 and a beta of 2.23.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.20. MGM Resorts International had a net margin of 5.15% and a return on equity of 26.36%. The firm had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.21 billion. During the same quarter in the previous year, the firm posted $0.59 earnings per share. The business’s revenue was up 9.8% on a year-over-year basis. On average, analysts forecast that MGM Resorts International will post 2.55 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Paul J. Salem acquired 147,500 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was acquired at an average price of $33.80 per share, for a total transaction of $4,985,500.00. Following the completion of the acquisition, the director now owns 1,702,500 shares in the company, valued at $57,544,500. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Paul J. Salem bought 147,500 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were purchased at an average cost of $33.80 per share, with a total value of $4,985,500.00. Following the completion of the purchase, the director now 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 purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Keith A. Meister sold 121,000 shares of the stock in a transaction on Friday, September 13th. The shares were sold at an average price of $36.72, for a total value of $4,443,120.00. Following the sale, the director now directly owns 5,738,478 shares in the company, valued at $210,716,912.16. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 216,400 shares of company stock worth $7,312,197. 2.13% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On MGM Resorts International

Several institutional investors have recently modified their holdings of the business. International Assets Investment Management LLC purchased a new position in MGM Resorts International in the second quarter worth about $28,000. EverSource Wealth Advisors LLC grew its holdings in MGM Resorts International by 60.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock valued at $41,000 after buying an additional 329 shares in the last quarter. UMB Bank n.a. grew its holdings in MGM Resorts International by 33.3% during the 2nd quarter. UMB Bank n.a. now owns 949 shares of the company’s stock valued at $42,000 after buying an additional 237 shares in the last quarter. Ashton Thomas Private Wealth LLC purchased a new position in shares of MGM Resorts International in the 2nd quarter worth approximately $49,000. Finally, Blue Trust Inc. boosted its holdings in shares of MGM Resorts International by 120.6% in the 3rd quarter. Blue Trust Inc. now owns 1,348 shares of the company’s stock worth $53,000 after purchasing an additional 737 shares during the period. 68.11% of the stock is owned by hedge funds and other 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.