MGM Resorts International (NYSE:MGM) Price Target Cut to $54.00

MGM Resorts International (NYSE:MGM) had its price target decreased by research analysts at Barclays from $56.00 to $54.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price objective indicates a potential upside of 34.87% from the stock’s previous close.

A number of other analysts also recently issued reports on MGM. Macquarie reduced their price objective on MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. BTIG Research started coverage on shares of MGM Resorts International in a research report on Wednesday, July 3rd. They set a “buy” rating and a $52.00 price objective for the company. UBS Group upgraded shares of MGM Resorts International to a “hold” rating in a report on Friday, August 23rd. Wells Fargo & Company lowered their price target on shares of MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. Finally, Stifel Nicolaus boosted their price objective on MGM Resorts International from $60.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $54.00.

MGM Resorts International Price Performance

Shares of MGM Resorts International stock traded up $0.14 on Thursday, hitting $40.04. 646,181 shares of the company traded hands, compared to its average volume of 4,069,647. 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 business has a 50-day simple moving average of $38.04 and a 200 day simple moving average of $40.59. MGM Resorts International has a 52 week low of $33.44 and a 52 week high of $48.24. The stock has a market capitalization of $12.56 billion, a P/E ratio of 15.40, a price-to-earnings-growth 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 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 analysts’ expectations of $4.21 billion. MGM Resorts International had a net margin of 5.15% and a return on equity of 26.36%. The business’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.59 EPS. Research analysts expect that MGM Resorts International will post 2.55 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Jonathan S. Halkyard bought 10,000 shares of MGM Resorts International stock in a transaction on Monday, August 5th. The stock was acquired at an average cost of $34.00 per share, for a total transaction of $340,000.00. Following the completion of the acquisition, the chief financial officer now owns 38,299 shares of the company’s stock, valued at $1,302,166. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Paul J. Salem acquired 147,500 shares of the business’s stock in a transaction dated 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 completion of the acquisition, the director now directly owns 1,702,500 shares in the company, valued at $57,544,500. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Jonathan S. Halkyard acquired 10,000 shares of the stock in a transaction dated Monday, August 5th. The shares were bought at an average price of $34.00 per share, with a total value of $340,000.00. Following the completion of the purchase, the chief financial officer now directly owns 38,299 shares of the company’s stock, valued at approximately $1,302,166. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased 216,400 shares of company stock worth $7,312,197 in the last three months. 2.13% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Boston Partners raised its position in MGM Resorts International by 12.6% during the 1st quarter. Boston Partners now owns 6,111,930 shares of the company’s stock worth $286,933,000 after buying an additional 684,676 shares during the last quarter. Bamco Inc. NY boosted its stake in shares of MGM Resorts International by 3.6% in the first quarter. Bamco Inc. NY now owns 2,101,065 shares of the company’s stock worth $99,191,000 after buying an additional 73,515 shares during the last quarter. Marshall Wace LLP raised its position in MGM Resorts International by 174.8% during the second quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock valued at $49,330,000 after acquiring an additional 706,159 shares in the last quarter. Key Colony Management LLC lifted its holdings in MGM Resorts International by 11.1% in the third quarter. Key Colony Management LLC now owns 883,000 shares of the company’s stock valued at $34,516,000 after acquiring an additional 88,000 shares during the period. Finally, Goldentree Asset Management LP purchased a new stake in MGM Resorts International in the 1st quarter worth approximately $35,726,000. 68.11% of the stock is owned by institutional investors and hedge funds.

MGM Resorts International Company Profile

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.