JMP Securities Cuts MGM Resorts International (NYSE:MGM) Price Target to $57.00

MGM Resorts International (NYSE:MGM) had its price target cut by stock analysts at JMP Securities from $59.00 to $57.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. JMP Securities’ target price suggests a potential upside of 52.57% from the company’s previous close.

Several other analysts have also issued reports on MGM. Stifel Nicolaus increased their price target on shares of MGM Resorts International from $60.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday. BTIG Research assumed coverage on shares of MGM Resorts International in a research report on Wednesday, July 3rd. They issued a “buy” rating and a $52.00 target price on the stock. Wells Fargo & Company cut their target price on shares of MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating on the stock in a research report on Thursday. Susquehanna raised their target price on shares of MGM Resorts International from $54.00 to $55.00 and gave the company a “positive” rating in a research report on Thursday. Finally, Barclays raised their target price on shares of MGM Resorts International from $55.00 to $56.00 and gave the company an “overweight” rating in a research report on Thursday, May 2nd. Three equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, MGM Resorts International has a consensus rating of “Moderate Buy” and an average target price of $54.97.

MGM Resorts International Stock Performance

Shares of MGM traded down $5.61 during mid-day trading on Thursday, hitting $37.36. 17,582,148 shares of the company’s stock were exchanged, compared to its average volume of 3,808,951. MGM Resorts International has a 52 week low of $34.12 and a 52 week high of $49.63. The stock’s 50-day simple moving average is $42.15 and its 200-day simple moving average is $42.83. The firm has a market cap of $11.72 billion, a price-to-earnings ratio of 14.37, a price-to-earnings-growth ratio of 0.89 and a beta of 2.24. The company has a quick ratio of 1.46, a current ratio of 1.51 and a debt-to-equity ratio of 1.56.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.20. The business had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.21 billion. MGM Resorts International had a net margin of 5.35% and a return on equity of 23.62%. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter last year, the business posted $0.59 EPS. On average, equities research analysts expect that MGM Resorts International will post 3 EPS for the current year.

Insider Buying and Selling at MGM Resorts International

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. UMB Bank n.a. boosted its holdings in MGM Resorts International by 33.3% during the second quarter. UMB Bank n.a. now owns 949 shares of the company’s stock worth $42,000 after purchasing an additional 237 shares during the last quarter. Texas Permanent School Fund Corp boosted its stake in MGM Resorts International by 0.4% in the first quarter. Texas Permanent School Fund Corp now owns 56,487 shares of the company’s stock valued at $2,667,000 after acquiring an additional 245 shares during the last quarter. Mendota Financial Group LLC boosted its stake in MGM Resorts International by 36.0% in the first quarter. Mendota Financial Group LLC now owns 1,004 shares of the company’s stock valued at $47,000 after acquiring an additional 266 shares during the last quarter. Lindbrook Capital LLC boosted its stake in MGM Resorts International by 8.2% in the first quarter. Lindbrook Capital LLC now owns 3,550 shares of the company’s stock valued at $168,000 after acquiring an additional 268 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its stake in MGM Resorts International by 1.2% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 22,900 shares of the company’s stock valued at $1,018,000 after acquiring an additional 278 shares during the last quarter. 68.11% 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 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.