MGM Resorts International (NYSE:MGM) Price Target Cut to $50.00 by Analysts at JMP Securities

MGM Resorts International (NYSE:MGM) had its price target trimmed by JMP Securities from $54.00 to $50.00 in a research note published on Monday,Benzinga reports. The firm currently has a market outperform rating on the stock.

A number of other equities research analysts have also recently commented on the stock. Macquarie reduced their target price on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Mizuho cut their price objective on shares of MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. Susquehanna boosted 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, August 1st. Wells Fargo & Company cut their price target on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. 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 research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, MGM Resorts International has an average rating of “Moderate Buy” and a consensus target price of $52.85.

MGM Resorts International Stock Up 1.4 %

MGM stock opened at $38.32 on Monday. MGM Resorts International has a 52 week low of $33.44 and a 52 week high of $48.24. The company has a quick ratio of 1.21, a current ratio of 1.24 and a debt-to-equity ratio of 1.63. The firm has a 50-day simple moving average of $38.64 and a 200-day simple moving average of $39.71. The stock has a market capitalization of $11.41 billion, a P/E ratio of 13.68, a P/E/G ratio of 2.70 and a beta of 2.23.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.54 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.04). The firm had revenue of $4.18 billion for the quarter, compared to analysts’ expectations of $4.21 billion. MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.64 earnings per share. Equities analysts forecast that MGM Resorts International will post 2.5 earnings per share for the current fiscal year.

Insider Activity at MGM Resorts International

In other news, Director Keith A. Meister sold 121,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $36.72, for a total value of $4,443,120.00. Following the sale, the director now directly owns 5,738,478 shares of the company’s stock, valued at approximately $210,716,912.16. The trade was a 2.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.83% of the stock is owned by insiders.

Hedge Funds Weigh In On MGM Resorts International

A number of hedge funds have recently made changes to their positions in the stock. International Assets Investment Management LLC purchased a new position in shares of MGM Resorts International during the second quarter worth $28,000. MidAtlantic Capital Management Inc. purchased a new position in MGM Resorts International during the 3rd quarter valued at about $28,000. Eastern Bank purchased a new position in MGM Resorts International during the 3rd quarter valued at about $35,000. EverSource Wealth Advisors LLC grew its position in MGM Resorts International by 60.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock valued at $41,000 after acquiring an additional 329 shares in the last quarter. Finally, UMB Bank n.a. increased its stake in MGM Resorts International by 33.3% during the second quarter. UMB Bank n.a. now owns 949 shares of the company’s stock worth $42,000 after purchasing an additional 237 shares during the period. Hedge funds and other institutional investors own 68.11% of the company’s stock.

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.