MGM Resorts International (NYSE:MGM) PT Lowered to $56.00 at Truist Financial

MGM Resorts International (NYSE:MGM) had its price target reduced by Truist Financial from $58.00 to $56.00 in a report released on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

Other analysts also recently issued research reports about the company. Macquarie cut their price objective on MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Stifel Nicolaus upped their price target on shares of MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. UBS Group raised shares of MGM Resorts International to a “hold” rating in a research note on Friday, August 23rd. Morgan Stanley boosted their target price on shares of MGM Resorts International from $43.00 to $44.00 and gave the company an “equal weight” rating in a research note on Tuesday. Finally, BTIG Research began coverage on MGM Resorts International in a research report on Wednesday, July 3rd. They issued a “buy” rating and a $52.00 target price for the company. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, MGM Resorts International has a consensus rating of “Moderate Buy” and a consensus price target of $54.08.

MGM Resorts International Trading Down 2.2 %

Shares of NYSE:MGM opened at $39.64 on Wednesday. The stock has a market capitalization of $12.43 billion, a price-to-earnings ratio of 15.25, a PEG ratio of 0.92 and a beta of 2.23. MGM Resorts International has a 1-year low of $33.44 and a 1-year high of $48.24. The company has a 50 day moving average price of $38.33 and a 200 day moving average price of $40.37. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.42 and a current ratio of 1.47.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, July 31st. The company reported $0.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.20. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. The business had revenue of $4.33 billion for the quarter, compared to analysts’ expectations of $4.21 billion. During the same period in the previous year, the firm posted $0.59 EPS. The company’s quarterly revenue was up 9.8% on a year-over-year basis. On average, research analysts anticipate that MGM Resorts International will post 2.55 EPS for the current fiscal year.

Insider Activity

In other news, CFO Jonathan S. Halkyard acquired 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were purchased at an average price of $34.00 per share, for a total transaction of $340,000.00. Following the completion of the acquisition, the chief financial officer now owns 38,299 shares of the company’s stock, valued at approximately $1,302,166. This represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other MGM Resorts International news, CFO Jonathan S. Halkyard acquired 10,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was purchased at an average cost of $34.00 per share, for a total transaction of $340,000.00. Following the completion of the acquisition, the chief financial officer now owns 38,299 shares of the company’s stock, valued at approximately $1,302,166. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Keith A. Meister sold 121,000 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the transaction, the director now directly owns 5,738,478 shares in the company, valued at $210,716,912.16. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders bought a total of 216,400 shares of company stock worth $7,312,197 in the last three months. 2.13% of the stock is owned by insiders.

Institutional Investors Weigh In On MGM Resorts International

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC acquired a new stake in shares of MGM Resorts International in the second quarter worth $28,000. Eastern Bank acquired a new position in MGM Resorts International during the 3rd quarter worth $35,000. EverSource Wealth Advisors LLC boosted its holdings in MGM Resorts International by 60.7% during the first quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock valued at $41,000 after acquiring an additional 329 shares during the period. UMB Bank n.a. grew its position in shares of MGM Resorts International by 33.3% in the second quarter. UMB Bank n.a. now owns 949 shares of the company’s stock valued at $42,000 after purchasing an additional 237 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC bought a new position in shares of MGM Resorts International in the second quarter worth about $49,000. 68.11% of the stock is currently owned by institutional investors and hedge funds.

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.