MGM Resorts International (NYSE:MGM) Price Target Cut to $52.00

MGM Resorts International (NYSE:MGM) had its price objective decreased by equities researchers at Deutsche Bank Aktiengesellschaft from $57.00 to $52.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Deutsche Bank Aktiengesellschaft’s target price points to a potential upside of 31.25% from the company’s current price.

Other research analysts also recently issued research reports about the company. Wells Fargo & Company lowered their target price on MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Stifel Nicolaus upped their price objective on shares of MGM Resorts International from $60.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Macquarie cut their target price on shares of 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. JMP Securities lowered their price target on shares of MGM Resorts International from $59.00 to $57.00 and set a “market outperform” rating for the company in a report on Thursday, August 1st. Finally, BTIG Research started coverage on MGM Resorts International in a report on Wednesday, July 3rd. They set a “buy” rating and a $52.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $53.93.

MGM Resorts International Stock Performance

NYSE MGM opened at $39.62 on Tuesday. The firm’s 50 day simple moving average is $37.91 and its 200 day simple moving average is $40.98. The firm has a market capitalization of $12.43 billion, a price-to-earnings ratio of 15.29, a P/E/G ratio of 0.68 and a beta of 2.22. The company has a current ratio of 1.47, a quick ratio of 1.42 and a debt-to-equity ratio of 1.65. MGM Resorts International has a 1 year low of $33.44 and a 1 year high of $48.24.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, July 31st. The company reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $4.21 billion. During the same quarter last year, the business posted $0.59 EPS. The company’s revenue was up 9.8% compared to the same quarter last year. As a group, research analysts expect that MGM Resorts International will post 2.63 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 that occurred on Monday, August 5th. The stock was acquired at an average price of $33.80 per share, with a total value of $4,985,500.00. Following the completion of the purchase, the director now directly owns 1,702,500 shares of the company’s stock, valued at $57,544,500. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Keith A. Meister sold 121,000 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $36.72, for a total value of $4,443,120.00. Following the transaction, the director now directly owns 5,738,478 shares of the company’s stock, valued at approximately $210,716,912.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paul J. Salem bought 147,500 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were acquired at an average price of $33.80 per share, for a total transaction of $4,985,500.00. Following the transaction, the director now owns 1,702,500 shares in the company, valued at $57,544,500. The disclosure for this purchase can be found here. In the last three months, insiders have bought 216,400 shares of company stock valued at $7,312,197. 2.13% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MGM Resorts International

Several institutional investors have recently added to or reduced their stakes in MGM. Capital World Investors increased its stake in shares of MGM Resorts International by 17.7% in the 4th quarter. Capital World Investors now owns 6,551,310 shares of the company’s stock valued at $292,713,000 after acquiring an additional 984,617 shares in the last quarter. Boston Partners increased its stake in MGM Resorts International by 12.6% in the first quarter. Boston Partners now owns 6,111,930 shares of the company’s stock valued at $286,933,000 after purchasing an additional 684,676 shares in the last quarter. Fisher Asset Management LLC raised its holdings in shares of MGM Resorts International by 5.2% during the fourth quarter. Fisher Asset Management LLC now owns 4,357,344 shares of the company’s stock valued at $194,686,000 after purchasing an additional 213,528 shares during the period. Bamco Inc. NY boosted its position in shares of MGM Resorts International by 3.6% during the 1st quarter. Bamco Inc. NY now owns 2,101,065 shares of the company’s stock worth $99,191,000 after purchasing an additional 73,515 shares in the last quarter. Finally, Marshall Wace LLP grew its stake in shares of MGM Resorts International by 174.8% in the 2nd quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock valued at $49,330,000 after buying an additional 706,159 shares during the period. 68.11% of the stock is owned by institutional investors and hedge funds.

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.