Truist Financial Lowers MGM Resorts International (NYSE:MGM) Price Target to $48.00

MGM Resorts International (NYSE:MGM) had its target price lowered by investment analysts at Truist Financial from $50.00 to $48.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price target suggests a potential upside of 46.90% from the company’s previous close.

Several other equities research analysts have also weighed in on MGM. UBS Group lowered their target price on shares of MGM Resorts International from $44.00 to $39.00 and set a “neutral” rating on the stock in a report on Thursday, September 11th. Stifel Nicolaus increased their price objective on shares of MGM Resorts International from $48.00 to $50.00 and gave the stock a “buy” rating in a research report on Thursday, July 31st. Seaport Res Ptn lowered shares of MGM Resorts International from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 21st. JPMorgan Chase & Co. dropped their target price on MGM Resorts International from $43.00 to $41.00 and set a “neutral” rating on the stock in a report on Thursday, October 16th. Finally, Susquehanna lifted their price objective on shares of MGM Resorts International from $50.00 to $60.00 and gave the company a “positive” rating in a research report on Tuesday, July 29th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, MGM Resorts International currently has an average rating of “Moderate Buy” and a consensus price target of $48.50.

MGM Resorts International Stock Performance

Shares of MGM stock opened at $32.68 on Tuesday. The firm has a market capitalization of $8.89 billion, a price-to-earnings ratio of 17.95, a price-to-earnings-growth ratio of 1.43 and a beta of 1.67. MGM Resorts International has a 12-month low of $25.30 and a 12-month high of $42.53. The business has a 50 day simple moving average of $35.33 and a 200 day simple moving average of $34.14. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.22 and a quick ratio of 1.18.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, July 30th. The company reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.21. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%.The business had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.28 billion. During the same period last year, the company posted $0.86 EPS. The company’s revenue was up 1.8% compared to the same quarter last year. On average, equities research analysts anticipate that MGM Resorts International will post 2.21 EPS for the current year.

Insider Buying and Selling

In other MGM Resorts International news, Director Keith A. Meister sold 242,000 shares of the company’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $35.42, for a total value of $8,571,640.00. Following the transaction, the director directly owned 5,385,478 shares of the company’s stock, valued at $190,753,630.76. This represents a 4.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider John Mcmanus sold 60,000 shares of MGM Resorts International stock in a transaction on Monday, September 15th. The stock was sold at an average price of $36.12, for a total value of $2,167,200.00. Following the sale, the insider directly owned 31,521 shares of the company’s stock, valued at $1,138,538.52. This represents a 65.56% decrease in their position. The disclosure for this sale can be found here. 3.06% of the stock is currently owned by company insiders.

Institutional Trading of MGM Resorts International

A number of institutional investors have recently modified their holdings of MGM. Robeco Institutional Asset Management B.V. acquired a new stake in shares of MGM Resorts International during the 3rd quarter worth $2,174,000. D.A. Davidson & CO. grew its stake in MGM Resorts International by 0.6% during the third quarter. D.A. Davidson & CO. now owns 292,747 shares of the company’s stock worth $10,147,000 after buying an additional 1,840 shares in the last quarter. Asset Management One Co. Ltd. increased its holdings in MGM Resorts International by 7.9% in the 3rd quarter. Asset Management One Co. Ltd. now owns 7,387 shares of the company’s stock valued at $256,000 after buying an additional 543 shares during the period. GAM Holding AG acquired a new position in shares of MGM Resorts International in the 3rd quarter valued at approximately $5,546,000. Finally, True Wealth Design LLC raised its position in shares of MGM Resorts International by 313.6% in the 3rd quarter. True Wealth Design LLC now owns 1,948 shares of the company’s stock valued at $68,000 after buying an additional 1,477 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors.

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.