MGM Resorts International (NYSE:MGM – Get Free Report) had its price target reduced by equities research analysts at Argus from $55.00 to $40.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Argus‘s price objective points to a potential upside of 24.65% from the stock’s previous close.
Other equities analysts have also recently issued research reports about the stock. Truist Financial cut their price target on shares of MGM Resorts International from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday, October 29th. UBS Group dropped their price objective on shares of MGM Resorts International from $50.00 to $46.00 and set a “neutral” rating for the company in a report on Friday, September 11th. JPMorgan Chase & Co. cut their target price on shares of MGM Resorts International from $42.00 to $39.00 and set an “overweight” rating for the company in a research report on Thursday, October 29th. Wall Street Zen cut MGM Resorts International from a “hold” rating to a “sell” rating in a research note on Saturday, October 31st. Finally, Mizuho set a $50.00 price objective on MGM Resorts International in a report on Thursday, October 29th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $44.29.
Get Our Latest Analysis on MGM
MGM Resorts International Price Performance
NYSE:MGM traded down $0.73 during trading hours on Thursday, hitting $32.09. The stock had a trading volume of 500,382 shares, compared to its average volume of 4,464,377. The firm has a market capitalization of $8.12 billion, a price-to-earnings ratio of 12.20, a P/E/G ratio of 1.85 and a beta of 1.34. MGM Resorts International has a one year low of $26.71 and a one year high of $51.59. The company has a 50 day simple moving average of $34.06 and a two-hundred day simple moving average of $38.95. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.24 and a quick ratio of 1.20.
MGM Resorts International (NYSE:MGM – Get Free Report) last posted its earnings results on Wednesday, October 28th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.15). The business had revenue of $4.21 billion for the quarter, compared to analysts’ expectations of $4.21 billion. MGM Resorts International had a return on equity of 20.58% and a net margin of 3.92%. MGM Resorts International’s quarterly revenue was down .9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.24 earnings per share. Research analysts forecast that MGM Resorts International will post 1.68 earnings per share for the current fiscal year.
Insider Buying and Selling at MGM Resorts International
In other MGM Resorts International news, Director Keith Meister acquired 7,518 shares of the business’s stock in a transaction dated Monday, November 2nd. The stock was bought at an average price of $30.24 per share, with a total value of $227,344.32. Following the purchase, the director owned 7,093,570 shares of the company’s stock, valued at approximately $214,509,556.80. This trade represents a 0.11% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 3.38% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp lifted its stake in shares of MGM Resorts International by 0.8% in the 2nd quarter. State Street Corp now owns 7,047,768 shares of the company’s stock valued at $336,954,000 after acquiring an additional 56,072 shares during the last quarter. Montanova Capital LLC boosted its holdings in MGM Resorts International by 7.7% during the 2nd quarter. Montanova Capital LLC now owns 2,325,360 shares of the company’s stock valued at $111,175,000 after acquiring an additional 166,560 shares during the period. Dimensional Fund Advisors LP boosted its holdings in MGM Resorts International by 1.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,379,727 shares of the company’s stock valued at $88,050,000 after acquiring an additional 36,649 shares during the period. Bank of New York Mellon Corp grew its position in MGM Resorts International by 3.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,598,531 shares of the company’s stock worth $76,426,000 after acquiring an additional 46,268 shares during the last quarter. Finally, Allianz Asset Management GmbH grew its position in MGM Resorts International by 5.0% during the 2nd quarter. Allianz Asset Management GmbH now owns 1,037,941 shares of the company’s stock worth $49,624,000 after acquiring an additional 49,351 shares during the last quarter. 68.11% of the stock is owned by institutional investors.
MGM Resorts International Company Profile
MGM Resorts International is a global hospitality and entertainment company that develops, owns, and operates destination resorts featuring casinos, hotels, restaurants, entertainment venues, convention facilities, retail spaces, and nightlife offerings. Its portfolio includes well-known properties such as MGM Grand, Bellagio, ARIA, Mandalay Bay, and The Cosmopolitan of Las Vegas.
The company serves customers through properties in Las Vegas and other U.S. markets, including regional destinations in Michigan, Maryland, Massachusetts, Mississippi, New Jersey, New York, and Ohio.
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