MGM Resorts International (NYSE:MGM) Price Target Cut to $50.00

MGM Resorts International (NYSE:MGM) had its price target reduced by Truist from $56.00 to $50.00 in a report issued on Thursday, The Fly reports. The firm currently has a “hold” rating on the stock. Truist’s price objective points to a potential upside of 12.44% from the company’s current price.

MGM has been the topic of a number of other research reports. Credit Suisse Group boosted their price objective on MGM Resorts International from $68.00 to $74.00 and gave the stock an “outperform” rating in a research note on Thursday, January 6th. They noted that the move was a valuation call. Wells Fargo & Company boosted their price objective on MGM Resorts International from $55.00 to $62.00 and gave the stock an “overweight” rating in a research note on Thursday, November 4th. They noted that the move was a valuation call. Morgan Stanley boosted their price objective on MGM Resorts International from $51.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Friday, December 17th. Susquehanna Bancshares cut MGM Resorts International to a “negative” rating and boosted their price target for the stock from $10.00 to $36.00 in a research note on Friday, October 1st. Finally, Citigroup assumed coverage on MGM Resorts International in a research note on Tuesday, December 7th. They issued a “buy” rating and a $56.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $49.64.

MGM stock opened at $44.47 on Thursday. The stock has a 50-day moving average price of $43.65 and a two-hundred day moving average price of $42.95. MGM Resorts International has a 12-month low of $27.81 and a 12-month high of $51.17. The company has a current ratio of 1.96, a quick ratio of 1.93 and a debt-to-equity ratio of 1.00. The company has a market cap of $20.85 billion, a PE ratio of 34.21 and a beta of 2.39.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, November 3rd. The company reported $0.03 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.04) by $0.07. MGM Resorts International had a negative return on equity of 6.80% and a net margin of 8.33%. The firm had revenue of $2.71 billion during the quarter, compared to the consensus estimate of $2.41 billion. During the same quarter in the previous year, the business earned ($1.08) earnings per share. Equities analysts forecast that MGM Resorts International will post -0.75 EPS for the current fiscal year.

In other news, Director Alexis Herman sold 3,200 shares of the company’s stock in a transaction that occurred on Monday, November 8th. The stock was sold at an average price of $50.67, for a total transaction of $162,144.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John Mcmanus sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, November 8th. The shares were sold at an average price of $50.04, for a total value of $350,280.00. The disclosure for this sale can be found here. Insiders have sold 116,200 shares of company stock worth $5,311,864 in the last 90 days. 5.09% of the stock is currently owned by insiders.

Hedge funds have recently modified their holdings of the stock. Stonebridge Capital Advisors LLC grew its holdings in MGM Resorts International by 147.5% in the 2nd quarter. Stonebridge Capital Advisors LLC now owns 755 shares of the company’s stock worth $32,000 after buying an additional 450 shares in the last quarter. Ossiam bought a new position in MGM Resorts International in the 2nd quarter worth approximately $30,000. Larson Financial Group LLC grew its holdings in MGM Resorts International by 53.3% in the 2nd quarter. Larson Financial Group LLC now owns 966 shares of the company’s stock worth $41,000 after buying an additional 336 shares in the last quarter. Dark Forest Capital Management LP bought a new position in MGM Resorts International in the 3rd quarter worth approximately $44,000. Finally, Liberty Wealth Management LLC grew its holdings in MGM Resorts International by 2,535.0% in the 2nd quarter. Liberty Wealth Management LLC now owns 1,054 shares of the company’s stock worth $25,000 after buying an additional 1,014 shares in the last quarter. 64.77% of the stock is owned by institutional investors and hedge funds.

About MGM Resorts International

MGM Resorts International is a holding company, which engages in the ownership and operations of casino resorts. The firm’s casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities. It operates through the following business segments: Las Vegas Strip Resorts, Regional Operations and MGM China.

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