MGM Resorts International (NYSE:MGM) Stock Price Target Cut by Stifel Nicolaus

MGM Resorts International (NYSE:MGM) had its price target lowered by stock analysts at Stifel Nicolaus from $49.00 to $40.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. Stifel Nicolaus’ target price would indicate a potential upside of 39.89% from the company’s previous close.

Other analysts also recently issued reports about the company. Morgan Stanley decreased their price target on MGM Resorts International from $43.00 to $29.00 and set an “underweight” rating on the stock in a research note on Monday. Zacks Research cut MGM Resorts International from a “hold” rating to a “strong sell” rating in a research report on Friday, October 2nd. Capital One Financial raised their target price on MGM Resorts International from $53.00 to $57.00 and gave the company an “overweight” rating in a report on Monday, September 21st. Citigroup decreased their target price on shares of MGM Resorts International from $48.00 to $32.00 and set a “neutral” rating on the stock in a research report on Monday, October 12th. Finally, Jefferies Financial Group restated a “hold” rating on shares of MGM Resorts International in a research report on Thursday, July 2nd. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $47.35.

MGM Resorts International Stock Performance

NYSE MGM traded up $0.12 during trading hours on Tuesday, hitting $28.59. 1,469,994 shares of the stock were exchanged, compared to its average volume of 4,331,800. 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 company has a market cap of $7.19 billion, a price-to-earnings ratio of 17.33, a price-to-earnings-growth ratio of 1.47 and a beta of 1.35. MGM Resorts International has a 12-month low of $27.93 and a 12-month high of $51.59. The stock has a 50-day moving average of $37.45 and a 200 day moving average of $41.04.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.03. The company had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.42 billion. MGM Resorts International had a return on equity of 23.30% and a net margin of 2.40%. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.79 EPS. As a group, equities research analysts forecast that MGM Resorts International will post 1.95 earnings per share for the current year.

Hedge Funds Weigh In On MGM Resorts International

Several hedge funds and other institutional investors have recently bought and sold shares of MGM. IFP Advisors Inc grew its holdings in MGM Resorts International by 28.9% in the third quarter. IFP Advisors Inc now owns 4,024 shares of the company’s stock valued at $125,000 after purchasing an additional 901 shares during the last quarter. Vontobel Holding Ltd. increased its position in shares of MGM Resorts International by 7.6% in the third quarter. Vontobel Holding Ltd. now owns 19,338 shares of the company’s stock valued at $600,000 after buying an additional 1,359 shares in the last quarter. Chemistry Wealth Management LLC raised its stake in shares of MGM Resorts International by 1.8% during the 3rd quarter. Chemistry Wealth Management LLC now owns 34,781 shares of the company’s stock worth $1,080,000 after buying an additional 600 shares during the last quarter. V Square Quantitative Management LLC raised its stake in shares of MGM Resorts International by 39.6% during the 3rd quarter. V Square Quantitative Management LLC now owns 8,325 shares of the company’s stock worth $258,000 after buying an additional 2,361 shares during the last quarter. Finally, Fortitude Family Office LLC boosted its position in shares of MGM Resorts International by 7,995.9% in the 3rd quarter. Fortitude Family Office LLC now owns 3,967 shares of the company’s stock worth $123,000 after buying an additional 3,918 shares in the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

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.