MGM Resorts International (NYSE:MGM – Free Report) had its target price decreased by Susquehanna from $55.00 to $46.00 in a report released on Thursday morning. Susquehanna currently has a positive rating on the stock.
Several other brokerages also recently weighed in on MGM. Jefferies Financial Group reaffirmed a “hold” rating on shares of MGM Resorts International in a report on Thursday, July 2nd. UBS Group decreased their price target on MGM Resorts International from $50.00 to $46.00 and set a “neutral” rating on the stock in a report on Friday, September 11th. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $43.00 price objective on shares of MGM Resorts International in a research note on Wednesday, July 15th. Weiss Ratings upgraded MGM Resorts International from a “sell (d+)” rating to a “hold (c)” rating in a research report on Thursday, July 30th. Finally, Morgan Stanley reissued an “underweight” rating on shares of MGM Resorts International in a research note on Wednesday, July 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, MGM Resorts International has an average rating of “Moderate Buy” and an average price target of $52.24.
View Our Latest Stock Analysis on MGM
MGM Resorts International Trading Down 3.4%
MGM Resorts International (NYSE:MGM – Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.03. The business had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.42 billion. MGM Resorts International had a net margin of 2.40% and a return on equity of 23.30%. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.79 earnings per share. As a group, research analysts predict that MGM Resorts International will post 1.95 earnings per share for the current year.
Hedge Funds Weigh In On MGM Resorts International
Several institutional investors have recently added to or reduced their stakes in the company. State Street Corp grew its holdings in shares of MGM Resorts International by 0.8% in the second quarter. State Street Corp now owns 7,047,768 shares of the company’s stock valued at $336,954,000 after purchasing an additional 56,072 shares in the last quarter. Geode Capital Management LLC lifted its position in MGM Resorts International by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 5,224,452 shares of the company’s stock valued at $190,295,000 after purchasing an additional 49,613 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in MGM Resorts International by 1.6% during the first quarter. Dimensional Fund Advisors LP now owns 2,379,727 shares of the company’s stock valued at $88,050,000 after purchasing an additional 36,649 shares during the last quarter. Montanova Capital LLC grew its stake in shares of MGM Resorts International by 7.7% in the 2nd quarter. Montanova Capital LLC now owns 2,325,360 shares of the company’s stock worth $111,175,000 after buying an additional 166,560 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of MGM Resorts International in the 4th quarter worth about $82,348,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.
Key Stories Impacting MGM Resorts International
Here are the key news stories impacting MGM Resorts International this week:
- Positive Sentiment: Analysts continue to see potential upside in MGM’s standalone valuation. Bank of America initiated coverage with a Neutral rating and a $40 price target, while Capital One raised its target to $57 with an Overweight rating. Susquehanna retained a positive view despite lowering its target to $46. MGM Stock Drops as Diller’s People Backs Away From $18 Billion Deal
- Positive Sentiment: Core operations remain a potential support, including momentum at BetMGM and MGM China. The company also remains committed to executing its strategy as an independent company and has a share-repurchase program that could help support the stock. Recent quarterly results exceeded consensus estimates, with $4.45 billion of revenue and $0.59 in earnings per share. MGM Resorts International Board Confirms Standalone Strategy
- Neutral Sentiment: Reports indicate MGM is considering a bid for Barry Diller’s People Inc., which already owns roughly 26%–27% of MGM. Such a role-reversal transaction could provide a new catalyst, but it is only under discussion and would introduce execution, financing and strategic risks. MGM Discusses Bid for Barry Diller’s People Inc.
- Negative Sentiment: People Inc. withdrew its proposal to acquire MGM’s remaining public shares for $48.30 each, eliminating the near-term buyout premium and prompting a sharp repricing of MGM shares. Investors must now judge the company on operating performance rather than an expected acquisition. MGM Resorts Shares Sink After People Inc. Rescinds Takeover Offer
- Negative Sentiment: Analysts say investors continue to assign little or no value to MGM’s Japan casino development, while a separate analysis downgraded the stock to Hold because catalysts appear limited. This leaves MGM dependent on execution in its existing markets and digital operations to rebuild investor confidence. Analysts Discuss MGM Japan Casino Valuation
MGM Resorts International Company Profile
MGM Resorts International is a global hospitality and entertainment company that owns and operates destination resorts, casinos, hotels, restaurants, convention facilities and live-entertainment venues. Its properties offer casino gaming, hotel accommodations, dining, nightlife, retail, spa services, sporting events and other leisure activities.
The company operates a portfolio of resorts in Las Vegas and other U.S. markets, including properties associated with brands such as MGM Grand, Bellagio, ARIA, Mandalay Bay, Park MGM, New York-New York and MGM National Harbor.
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