MGM Resorts International (NYSE:MGM) Stock Price Target Lowered at Argus

MGM Resorts International (NYSE:MGM) had its target price cut by stock analysts at Argus from $55.00 to $40.00 in a report released on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Argus‘s price objective points to a potential upside of 24.65% from the company’s current price.

Other research analysts also recently issued research reports about the company. UBS Group reduced their price objective on MGM Resorts International from $50.00 to $46.00 and set a “neutral” rating on the stock in a report on Friday, September 11th. Weiss Ratings lowered MGM Resorts International from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, October 26th. Susquehanna dropped their price target on MGM Resorts International from $46.00 to $41.00 and set a “positive” rating on the stock in a research report on Thursday, October 8th. Citigroup decreased their price objective on MGM Resorts International from $48.00 to $32.00 and set a “neutral” rating for the company in a research report on Monday, October 12th. Finally, Stifel Nicolaus cut their price target on shares of MGM Resorts International from $40.00 to $35.00 and set a “hold” rating on the stock in a research note on Thursday, October 29th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, MGM Resorts International presently has an average rating of “Hold” and an average target price of $44.29.

MGM Resorts International Stock Performance

MGM traded down $0.73 during trading on Thursday, hitting $32.09. The stock had a trading volume of 500,382 shares, compared to its average volume of 4,464,377. The company has a 50 day simple moving average of $34.06 and a 200-day simple moving average of $38.95. MGM Resorts International has a 12 month low of $26.71 and a 12 month high of $51.59. The firm has a market cap of $8.12 billion, a PE ratio of 12.20, a P/E/G ratio of 1.85 and a beta of 1.34. The company has a current ratio of 1.24, a quick ratio of 1.20 and a debt-to-equity ratio of 1.68.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, October 28th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.15). The company had revenue of $4.21 billion for the quarter, compared to analyst estimates of $4.21 billion. MGM Resorts International had a net margin of 3.92% and a return on equity of 20.58%. MGM Resorts International’s revenue for the quarter was down .9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.24 earnings per share. Analysts expect that MGM Resorts International will post 1.68 EPS for the current year.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, Director Keith Meister purchased 7,518 shares of the business’s stock in a transaction on Monday, November 2nd. The shares were purchased at an average cost of $30.24 per share, with a total value of $227,344.32. Following the transaction, the director directly owned 7,093,570 shares of the company’s stock, valued at $214,509,556.80. This represents a 0.11% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 3.38% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MGM. J. Goldman & Co LP acquired a new position in shares of MGM Resorts International in the second quarter worth approximately $1,815,000. Wellington Management Group LLP bought a new stake in MGM Resorts International during the second quarter worth $5,381,000. Tidal Investments LLC lifted its position in shares of MGM Resorts International by 154.6% during the 2nd quarter. Tidal Investments LLC now owns 102,642 shares of the company’s stock worth $4,907,000 after buying an additional 62,330 shares in the last quarter. Groupe la Francaise purchased a new position in shares of MGM Resorts International in the 2nd quarter worth about $2,725,000. Finally, Man Group plc bought a new stake in shares of MGM Resorts International in the 2nd quarter worth approximately $25,771,000. 68.11% of the stock is currently owned by institutional investors.

About MGM Resorts International

MGM Resorts International is a global hospitality and entertainment company that develops, owns, and operates destination resorts featuring casinos, hotels, restaurants, entertainment venues, convention facilities, retail spaces, and nightlife offerings. Its portfolio includes well-known properties such as MGM Grand, Bellagio, ARIA, Mandalay Bay, and The Cosmopolitan of Las Vegas.

The company serves customers through properties in Las Vegas and other U.S. markets, including regional destinations in Michigan, Maryland, Massachusetts, Mississippi, New Jersey, New York, and Ohio.