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

MGM Resorts International (NYSE:MGM) had its price objective trimmed by Truist Financial from $50.00 to $45.00 in a report published on Wednesday, MarketBeat.com reports. The brokerage currently has a buy rating on the stock.

A number of other research analysts also recently weighed in on the company. Stifel Nicolaus upped their target price on MGM Resorts International from $47.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Needham & Company LLC reiterated a “buy” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Argus upgraded shares of MGM Resorts International from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Friday, February 14th. Citigroup increased their price target on shares of MGM Resorts International from $48.00 to $50.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Finally, BTIG Research lowered shares of MGM Resorts International from a “buy” rating to a “neutral” rating in a research note on Monday, February 3rd. Five research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $50.06.

MGM Resorts International Price Performance

MGM opened at $31.69 on Wednesday. The stock’s 50 day moving average price is $31.33 and its 200-day moving average price is $34.61. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $47.26. The stock has a market capitalization of $8.97 billion, a PE ratio of 13.20, a price-to-earnings-growth ratio of 0.98 and a beta of 1.96. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.45 EPS for the quarter, topping the consensus estimate of $0.37 by $0.08. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. On average, equities research analysts predict that MGM Resorts International will post 2.21 EPS for the current year.

Insider Transactions at MGM Resorts International

In related news, CAO Todd Meinert sold 6,000 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total transaction of $227,040.00. Following the transaction, the chief accounting officer now owns 18,301 shares in the company, valued at $692,509.84. This represents a 24.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Jonathan S. Halkyard bought 10,000 shares of the business’s stock in a transaction on Thursday, March 6th. The stock was bought at an average cost of $32.17 per share, with a total value of $321,700.00. Following the transaction, the chief financial officer now owns 75,648 shares in the company, valued at $2,433,596.16. This trade represents a 15.23 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 3.06% of the company’s stock.

Hedge Funds Weigh In On MGM Resorts International

Institutional investors and hedge funds have recently modified their holdings of the company. Global Trust Asset Management LLC bought a new position in MGM Resorts International in the fourth quarter valued at about $28,000. Assetmark Inc. lifted its stake in shares of MGM Resorts International by 104.1% in the 4th quarter. Assetmark Inc. now owns 806 shares of the company’s stock worth $28,000 after purchasing an additional 411 shares during the period. Mascagni Wealth Management Inc. bought a new stake in MGM Resorts International during the fourth quarter valued at approximately $28,000. Golden State Wealth Management LLC increased its holdings 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 valued at $30,000 after buying an additional 455 shares during the last quarter. Finally, True Wealth Design LLC bought a new position in MGM Resorts International in the fourth quarter worth approximately $33,000. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

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.