MGM Resorts International (NYSE:MGM) Stock Gets Price Target Reduction from Barclays

MGM Resorts International (NYSE:MGM) had its target price reduced by Barclays from $48.00 to $37.00 in a research report report published on Friday morning,Benzinga reports. Barclays currently has an equal weight rating on the stock.

Several other research analysts have also recently weighed in on MGM. Susquehanna cut their price objective on MGM Resorts International from $46.00 to $41.00 and set a “positive” rating on the stock in a research report on Thursday. Argus raised their target price on MGM Resorts International from $45.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, August 17th. UBS Group decreased their target price on MGM Resorts International from $50.00 to $46.00 and set a “neutral” rating for the company in a research report on Friday, September 11th. Wells Fargo & Company upgraded MGM Resorts International from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $33.00 to $48.30 in a research note on Tuesday, July 7th. Finally, Citigroup boosted their price target on shares of MGM Resorts International from $40.00 to $48.00 and gave the stock a “neutral” rating in a report on Thursday, July 2nd. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $51.66.

MGM Resorts International Stock Performance

MGM stock opened at $29.23 on Friday. The firm has a market cap of $7.35 billion, a PE ratio of 17.71, a P/E/G ratio of 1.50 and a beta of 1.35. The company has a quick ratio of 1.30, a current ratio of 1.34 and a debt-to-equity ratio of 1.80. The business has a 50 day moving average of $39.31 and a 200-day moving average of $41.37. MGM Resorts International has a 12-month low of $29.18 and a 12-month high of $51.59.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.03. The company had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.42 billion. MGM Resorts International had a return on equity of 23.30% and a net margin of 2.40%. MGM Resorts International’s revenue was up 2.2% on a year-over-year basis. During the same period last year, the business posted $0.79 earnings per share. As a group, sell-side analysts expect that MGM Resorts International will post 1.95 earnings per share for the current year.

Institutional Investors Weigh In On MGM Resorts International

Several large investors have recently modified their holdings of MGM. State Street Corp raised its stake in shares of MGM Resorts International by 0.8% in the second quarter. State Street Corp now owns 7,047,768 shares of the company’s stock valued at $336,954,000 after buying an additional 56,072 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of MGM Resorts International by 1.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,379,727 shares of the company’s stock valued at $88,050,000 after buying an additional 36,649 shares during the last quarter. Montanova Capital LLC lifted its position in shares of MGM Resorts International by 7.7% during the 2nd quarter. Montanova Capital LLC now owns 2,325,360 shares of the company’s stock valued at $111,175,000 after buying an additional 166,560 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of MGM Resorts International by 3.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,598,531 shares of the company’s stock worth $76,426,000 after acquiring an additional 46,268 shares during the period. Finally, Royal Bank of Canada grew its stake in shares of MGM Resorts International by 2.2% during the 1st quarter. Royal Bank of Canada now owns 1,110,977 shares of the company’s stock worth $41,117,000 after acquiring an additional 23,951 shares during the period. Hedge funds and other institutional investors own 68.11% of the company’s stock.

About MGM Resorts International

MGM Resorts International is a global hospitality and entertainment company that develops, owns and operates destination resorts with casinos, hotels, restaurants, retail, entertainment venues, meeting facilities and other leisure offerings. Its properties operate under brands including MGM Grand, Bellagio, ARIA, Mandalay Bay, The Cosmopolitan of Las Vegas, Park MGM, New York-New York and MGM National Harbor.

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