Truist Financial Issues Pessimistic Forecast for MGM Resorts International (NYSE:MGM) Stock Price

MGM Resorts International (NYSE:MGM) had its price target decreased by equities research analysts at Truist Financial from $54.00 to $50.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price target indicates a potential upside of 51.33% from the company’s current price.

A number of other brokerages have also issued reports on MGM. Mizuho lowered their price target on MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. JMP Securities lowered their target price on MGM Resorts International from $54.00 to $50.00 and set a “market outperform” rating for the company in a report on Monday, November 25th. Morgan Stanley raised their price target on MGM Resorts International from $43.00 to $44.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 22nd. Jefferies Financial Group decreased their price objective on MGM Resorts International from $52.00 to $50.00 and set a “buy” rating for the company in a report on Friday, January 3rd. Finally, Barclays dropped their target price on shares of MGM Resorts International from $50.00 to $46.00 and set an “overweight” rating on the stock in a report on Friday, December 13th. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $51.93.

MGM Resorts International Stock Down 0.2 %

NYSE:MGM opened at $33.04 on Tuesday. The company has a market cap of $9.84 billion, a price-to-earnings ratio of 11.80, a price-to-earnings-growth ratio of 3.10 and a beta of 2.21. MGM Resorts International has a twelve month low of $31.61 and a twelve month high of $48.24. The company has a current ratio of 1.24, a quick ratio of 1.21 and a debt-to-equity ratio of 1.63. The stock has a fifty day simple moving average of $35.74 and a 200-day simple moving average of $38.24.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). The company had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $4.21 billion. MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.64 EPS. Analysts anticipate that MGM Resorts International will post 2.48 EPS for the current year.

Insider Activity

In related news, Director Keith A. Meister sold 51,000 shares of the company’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $36.57, for a total transaction of $1,865,070.00. Following the transaction, the director now directly owns 5,687,478 shares of the company’s stock, valued at $207,991,070.46. This represents a 0.89 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 2.13% of the company’s stock.

Institutional Investors Weigh In On MGM Resorts International

A number of large investors have recently modified their holdings of the business. HG Vora Capital Management LLC purchased a new position in shares of MGM Resorts International in the 3rd quarter valued at approximately $97,725,000. Goldentree Asset Management LP raised its holdings in shares of MGM Resorts International by 86.4% in the third quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock worth $117,270,000 after buying an additional 1,390,599 shares during the last quarter. Marshall Wace LLP lifted its stake in shares of MGM Resorts International by 174.8% during the second quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock worth $49,330,000 after buying an additional 706,159 shares during the period. Jacobs Levy Equity Management Inc. purchased a new stake in shares of MGM Resorts International during the third quarter valued at $17,622,000. Finally, ArrowMark Colorado Holdings LLC grew its holdings in shares of MGM Resorts International by 207.5% during the third quarter. ArrowMark Colorado Holdings LLC now owns 656,475 shares of the company’s stock valued at $25,662,000 after buying an additional 442,975 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

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.