Barclays Cuts MGM Resorts International (NYSE:MGM) Price Target to $50.00

MGM Resorts International (NYSE:MGM) had its price objective reduced by stock analysts at Barclays from $54.00 to $50.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s target price would suggest a potential upside of 37.32% from the stock’s current price.

MGM has been the topic of several other reports. Mizuho lowered their target price on shares of MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating on the stock in a research report on Thursday. Stifel Nicolaus raised their price objective on MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. UBS Group upgraded MGM Resorts International to a “hold” rating in a research report on Friday, August 23rd. Susquehanna upped their target price on MGM Resorts International from $54.00 to $55.00 and gave the company a “positive” rating in a report on Thursday, August 1st. Finally, JMP Securities decreased their price objective on shares of MGM Resorts International from $57.00 to $56.00 and set a “market outperform” rating on the stock in a research report on Monday, October 14th. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $53.15.

MGM Resorts International Stock Down 1.2 %

MGM opened at $36.41 on Thursday. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.47 and a quick ratio of 1.42. MGM Resorts International has a 12 month low of $33.44 and a 12 month high of $48.24. The stock has a market capitalization of $11.06 billion, a P/E ratio of 13.00, a P/E/G ratio of 1.02 and a beta of 2.23. The business has a 50 day simple moving average of $38.46 and a 200-day simple moving average of $40.22.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, October 30th. The company reported $0.54 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.04). MGM Resorts International had a return on equity of 25.46% and a net margin of 5.23%. The company had revenue of $4.18 billion for the quarter, compared to analysts’ expectations of $4.21 billion. During the same quarter in the previous year, the firm posted $0.64 earnings per share. MGM Resorts International’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, equities analysts anticipate that MGM Resorts International will post 2.55 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Paul J. Salem bought 147,500 shares of the stock in a transaction on Monday, August 5th. The stock was purchased at an average cost of $33.80 per share, with a total value of $4,985,500.00. Following the purchase, the director now owns 1,702,500 shares of the company’s stock, valued at approximately $57,544,500. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. In other MGM Resorts International news, Director Paul J. Salem purchased 147,500 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were purchased at an average cost of $33.80 per share, with a total value of $4,985,500.00. Following the purchase, the director now owns 1,702,500 shares in the company, valued at approximately $57,544,500. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Keith A. Meister sold 121,000 shares of MGM Resorts International stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $36.72, for a total value of $4,443,120.00. Following the completion of the sale, the director now owns 5,738,478 shares of the company’s stock, valued at $210,716,912.16. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders bought a total of 216,400 shares of company stock valued at $7,312,197 over the last 90 days. Insiders own 2.13% of the company’s stock.

Hedge Funds Weigh In On MGM Resorts International

A number of hedge funds have recently made changes to their positions in MGM. Wealth Enhancement Advisory Services LLC raised its position in shares of MGM Resorts International by 6.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 26,989 shares of the company’s stock worth $1,274,000 after buying an additional 1,753 shares during the period. Norden Group LLC purchased a new stake in shares of MGM Resorts International during the 1st quarter worth about $462,000. Van ECK Associates Corp increased its position in MGM Resorts International by 3.5% during the 1st quarter. Van ECK Associates Corp now owns 52,493 shares of the company’s stock worth $2,478,000 after purchasing an additional 1,795 shares in the last quarter. Private Advisor Group LLC increased its position in MGM Resorts International by 7.5% during the 1st quarter. Private Advisor Group LLC now owns 26,942 shares of the company’s stock worth $1,272,000 after purchasing an additional 1,877 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in MGM Resorts International by 40.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 38,099 shares of the company’s stock valued at $1,666,000 after buying an additional 10,886 shares during the period. Institutional investors and hedge funds 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.