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

MGM Resorts International (NYSE:MGM) had its price objective cut by Macquarie from $58.00 to $55.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Macquarie’s target price would suggest a potential upside of 55.02% from the stock’s current price.

MGM has been the topic of several other reports. Barclays increased their price target on shares of MGM Resorts International from $55.00 to $56.00 and gave the stock an “overweight” rating in a research report on Thursday, May 2nd. Susquehanna raised their target price on MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a report on Thursday. Stifel Nicolaus boosted their price target on MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a report on Thursday. JPMorgan Chase & Co. lifted their price objective on MGM Resorts International from $54.00 to $57.00 and gave the company an “overweight” rating in a research report on Thursday, May 2nd. Finally, Morgan Stanley cut 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. Three investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $54.78.

MGM Resorts International Stock Performance

Shares of NYSE MGM traded down $1.81 during midday trading on Friday, hitting $35.48. 12,791,991 shares of the stock traded hands, compared to its average volume of 3,889,141. The firm has a market capitalization of $11.13 billion, a P/E ratio of 13.65, a PEG ratio of 0.89 and a beta of 2.24. MGM Resorts International has a one year low of $34.12 and a one year high of $48.36. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.46 and a current ratio of 1.51. The firm has a 50-day moving average of $42.15 and a two-hundred day moving average of $42.83.

MGM Resorts International (NYSE:MGM) last posted its 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. The company had revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.21 billion. MGM Resorts International had a return on equity of 25.67% and a net margin of 5.15%. MGM Resorts International’s revenue was up 9.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.59 earnings per share. On average, equities analysts forecast that MGM Resorts International will post 3 EPS for the current fiscal year.

Insider Buying and Selling

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 transaction of $180,276.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other MGM Resorts International news, Director Keith A. Meister sold 139,300 shares of the company’s stock in a transaction on Thursday, June 13th. The stock was 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 in the company, valued at approximately $236,957,290.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Alexis Herman sold 4,344 shares of the firm’s stock in a transaction on Friday, May 17th. The shares were sold at an average price of $41.50, for a total value of $180,276.00. The disclosure for this sale can be found here. In the last three months, insiders sold 147,988 shares of company stock valued at $5,991,759. 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 MGM. International Assets Investment Management LLC purchased a new stake in shares of MGM Resorts International in the 2nd quarter worth approximately $28,000. EverSource Wealth Advisors LLC lifted its holdings in MGM Resorts International by 60.7% during the first quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock worth $41,000 after buying an additional 329 shares during the period. UMB Bank n.a. increased its holdings in shares of MGM Resorts International by 33.3% in the 2nd quarter. UMB Bank n.a. now owns 949 shares of the company’s stock valued at $42,000 after acquiring an additional 237 shares during the period. Accent Capital Management LLC bought a new position in shares of MGM Resorts International in the 4th quarter worth $45,000. Finally, Mendota Financial Group LLC lifted its stake in shares of MGM Resorts International by 36.0% during the 1st quarter. Mendota Financial Group LLC now owns 1,004 shares of the company’s stock worth $47,000 after purchasing an additional 266 shares during the last quarter. 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.