MGM Resorts International (NYSE:MGM) PT Lowered to $47.00

MGM Resorts International (NYSE:MGM) had its price objective lowered by equities research analysts at Wells Fargo & Company from $53.00 to $47.00 in a report released on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 14.11% from the company’s previous close.

Several other brokerages have also commented on MGM. Deutsche Bank Aktiengesellschaft reduced their price objective on MGM Resorts International from $57.00 to $52.00 and set a “buy” rating on the stock in a research report on Tuesday, October 1st. UBS Group upgraded MGM Resorts International to a “hold” rating in a research report on Friday, August 23rd. BTIG Research began coverage on MGM Resorts International in a research report on Wednesday, July 3rd. They set a “buy” rating and a $52.00 price objective on the stock. Morgan Stanley reduced their price objective on MGM Resorts International from $44.00 to $43.00 and set an “equal weight” rating on the stock in a research report on Wednesday, September 4th. Finally, Macquarie reduced their price objective on MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $53.57.

MGM Resorts International Stock Performance

NYSE:MGM opened at $41.19 on Thursday. The business’s 50-day moving average price is $38.11 and its two-hundred day moving average price is $40.59. MGM Resorts International has a twelve month low of $33.44 and a twelve month high of $48.24. The stock has a market cap of $12.92 billion, a P/E ratio of 15.84, a PEG ratio of 0.92 and a beta of 2.23. The company has a quick ratio of 1.42, a current ratio of 1.47 and a debt-to-equity ratio of 1.65.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.20. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. The firm had revenue of $4.33 billion for the quarter, compared to analysts’ expectations of $4.21 billion. During the same quarter last year, the firm posted $0.59 EPS. The company’s revenue was up 9.8% compared to the same quarter last year. As a group, equities analysts predict that MGM Resorts International will post 2.55 EPS for the current fiscal year.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, CFO Jonathan S. Halkyard acquired 10,000 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were purchased at an average cost of $34.00 per share, for a total transaction of $340,000.00. Following the transaction, the chief financial officer now owns 38,299 shares in the company, valued at $1,302,166. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Paul J. Salem bought 147,500 shares of the stock in a transaction dated Monday, August 5th. The stock was bought at an average price of $33.80 per share, for a total transaction of $4,985,500.00. Following the purchase, the director now directly owns 1,702,500 shares in the company, valued at $57,544,500. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Jonathan S. Halkyard bought 10,000 shares of the stock in a transaction dated Monday, August 5th. The stock was purchased at an average price of $34.00 per share, with a total value of $340,000.00. Following the purchase, the chief financial officer now owns 38,299 shares in the company, valued at $1,302,166. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 216,400 shares of company stock worth $7,312,197. 2.13% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in MGM. Centaurus Financial Inc. purchased a new position in shares of MGM Resorts International in the 4th quarter valued at approximately $111,000. PNC Financial Services Group Inc. raised its stake in MGM Resorts International by 4.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 43,341 shares of the company’s stock valued at $1,936,000 after buying an additional 1,815 shares during the last quarter. HighPoint Advisor Group LLC purchased a new position in MGM Resorts International during the fourth quarter valued at $235,000. CWM LLC increased its holdings in shares of MGM Resorts International by 52.3% in the 1st quarter. CWM LLC now owns 9,999 shares of the company’s stock worth $472,000 after purchasing an additional 3,432 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of MGM Resorts International by 18.0% in the 1st quarter. GAMMA Investing LLC now owns 6,352 shares of the company’s stock worth $300,000 after purchasing an additional 969 shares in the last quarter. 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.