MGM Resorts International (NYSE:MGM) had its price objective decreased by equities researchers at Morgan Stanley from $19.00 to $18.00 in a research report issued to clients and investors on Friday, BenzingaRatingsTable reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s target price points to a potential upside of 11.87% from the company’s previous close.
Several other analysts have also issued reports on MGM. UBS Group decreased their price target on shares of MGM Resorts International from $35.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 27th. Deutsche Bank restated a “hold” rating and issued a $13.00 price target on shares of MGM Resorts International in a research report on Friday, May 1st. Zacks Investment Research downgraded shares of MGM Resorts International from a “hold” rating to a “strong sell” rating and set a $14.00 price objective for the company. in a report on Tuesday, July 21st. Wolfe Research downgraded shares of MGM Resorts International from an “outperform” rating to a “peer perform” rating in a report on Wednesday, June 10th. Finally, Bank of America downgraded shares of MGM Resorts International from a “neutral” rating to an “underperform” rating and set a $15.00 price objective for the company. in a report on Thursday, May 21st. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $18.54.
Shares of MGM opened at $16.09 on Friday. The company’s fifty day moving average is $16.96 and its 200-day moving average is $19.82. MGM Resorts International has a 12 month low of $5.90 and a 12 month high of $34.63. The company has a debt-to-equity ratio of 1.51, a quick ratio of 2.85 and a current ratio of 2.89.
MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Thursday, July 30th. The company reported ($1.52) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.65) by $0.13. The company had revenue of $289.81 million for the quarter, compared to analyst estimates of $442.57 million. MGM Resorts International had a net margin of 21.28% and a negative return on equity of 6.66%. Analysts expect that MGM Resorts International will post -3.59 EPS for the current year.
A number of institutional investors and hedge funds have recently made changes to their positions in MGM. Eminence Capital LP acquired a new stake in MGM Resorts International during the first quarter worth about $74,514,000. Norges Bank bought a new stake in MGM Resorts International in the 4th quarter valued at about $160,950,000. Deutsche Bank AG raised its stake in MGM Resorts International by 33.8% in the 1st quarter. Deutsche Bank AG now owns 3,300,009 shares of the company’s stock valued at $38,940,000 after acquiring an additional 833,287 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its stake in MGM Resorts International by 42.9% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,889,134 shares of the company’s stock valued at $34,092,000 after acquiring an additional 867,176 shares during the period. Finally, Legal & General Group Plc raised its stake in MGM Resorts International by 2.2% in the 1st quarter. Legal & General Group Plc now owns 2,688,556 shares of the company’s stock valued at $32,025,000 after acquiring an additional 59,012 shares during the period. 74.87% of the stock is currently owned by hedge funds and other institutional investors.
About MGM Resorts International
MGM Resorts International, through its subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts in the United States and Macau. 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.
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