MGM Resorts International (NYSE:MGM) Price Target Cut to $48.00 by Analysts at Truist Financial

MGM Resorts International (NYSE:MGM) had its price target trimmed by Truist Financial from $50.00 to $48.00 in a research report report published on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other analysts also recently weighed in on MGM. Morgan Stanley boosted their price target on MGM Resorts International from $41.00 to $43.00 and gave the company an “equal weight” rating in a research note on Thursday, September 11th. UBS Group dropped their price target on MGM Resorts International from $44.00 to $39.00 and set a “neutral” rating on the stock in a research note on Thursday, September 11th. The Goldman Sachs Group dropped their price target on MGM Resorts International from $37.00 to $34.00 and set a “sell” rating on the stock in a research note on Wednesday, October 1st. Stifel Nicolaus boosted their price target on MGM Resorts International from $48.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, July 31st. Finally, JMP Securities reiterated a “market perform” rating on shares of MGM Resorts International in a research note on Thursday, June 26th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.67.

MGM Resorts International Trading Up 3.3%

Shares of NYSE:MGM opened at $32.93 on Tuesday. The business’s 50-day moving average is $35.40 and its 200 day moving average is $34.15. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $42.53. The firm has a market capitalization of $8.96 billion, a P/E ratio of 18.09, a P/E/G ratio of 1.33 and a beta of 1.67. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.22 and a quick ratio of 1.18.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.21. The business had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.28 billion. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%.The company’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.86 EPS. On average, research analysts predict that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 242,000 shares of the stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $35.42, for a total transaction of $8,571,640.00. Following the transaction, the director owned 5,385,478 shares in the company, valued at approximately $190,753,630.76. This represents a 4.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider John Mcmanus sold 60,000 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $36.12, for a total value of $2,167,200.00. Following the transaction, the insider owned 31,521 shares in the company, valued at $1,138,538.52. This represents a 65.56% decrease in their position. The disclosure for this sale can be found here. 3.06% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On MGM Resorts International

A number of hedge funds have recently bought and sold shares of MGM. CYBER HORNET ETFs LLC purchased a new position in MGM Resorts International during the second quarter worth approximately $25,000. Mendota Financial Group LLC purchased a new position in MGM Resorts International during the third quarter worth approximately $27,000. Golden State Wealth Management LLC boosted its position in MGM Resorts International by 83.5% during the first quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company’s stock worth $30,000 after purchasing an additional 455 shares in the last quarter. Mather Group LLC. purchased a new position in MGM Resorts International during the third quarter worth approximately $33,000. Finally, Bayforest Capital Ltd purchased a new position in MGM Resorts International during the first quarter worth approximately $43,000. 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.