JMP Securities Lowers MGM Resorts International (NYSE:MGM) Price Target to $54.00

MGM Resorts International (NYSE:MGM) had its target price lowered by JMP Securities from $56.00 to $54.00 in a report released on Thursday, Benzinga reports. The brokerage currently has a “market outperform” rating on the stock. JMP Securities’ target price points to a potential upside of 46.54% from the company’s previous close.

A number of other equities research analysts have also recently weighed in on the company. UBS Group raised MGM Resorts International to a “hold” rating in a report on Friday, August 23rd. Wells Fargo & Company reduced their price objective on shares of MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Truist Financial dropped their price objective on shares of MGM Resorts International from $58.00 to $56.00 and set a “buy” rating on the stock in a report on Wednesday, October 23rd. Susquehanna upped their target price on shares of MGM Resorts International from $54.00 to $55.00 and gave the company a “positive” rating in a research note on Thursday, August 1st. Finally, Macquarie decreased their price objective on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.15.

MGM Resorts International Price Performance

Shares of NYSE:MGM traded down $4.56 on Thursday, reaching $36.85. 11,010,050 shares of the company were exchanged, compared to its average volume of 4,091,076. The firm has a market cap of $11.19 billion, a price-to-earnings ratio of 14.05, a price-to-earnings-growth ratio of 0.97 and a beta of 2.23. MGM Resorts International has a 1-year low of $33.44 and a 1-year high of $48.24. The company has a 50-day moving average of $38.50 and a 200-day moving average of $40.24. 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 (NYSE:MGM) last issued its earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.04). MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. The firm had revenue of $4.18 billion during the quarter, compared to analysts’ expectations of $4.21 billion. During the same period last year, the business posted $0.64 earnings per share. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. Equities analysts forecast that MGM Resorts International will post 2.54 earnings per share for the current fiscal year.

Insider Buying and Selling

In other MGM Resorts International news, CFO Jonathan S. Halkyard purchased 10,000 shares of the stock in a transaction on 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 purchase, the chief financial officer now owns 38,299 shares of the company’s stock, valued at approximately $1,302,166. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other MGM Resorts International news, CFO Jonathan S. Halkyard bought 10,000 shares of MGM Resorts International stock in a transaction on Monday, August 5th. The shares were purchased at an average cost of $34.00 per share, with a total value of $340,000.00. Following the acquisition, the chief financial officer now directly owns 38,299 shares of the company’s stock, valued at $1,302,166. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Keith A. Meister sold 121,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the sale, the director now directly owns 5,738,478 shares in the company, valued at $210,716,912.16. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have purchased a total of 216,400 shares of company stock worth $7,312,197 over the last ninety days. Company insiders own 2.13% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Goldentree Asset Management LP purchased a new stake in shares of MGM Resorts International in the first quarter valued at about $35,726,000. Marshall Wace LLP raised its holdings in shares of MGM Resorts International by 174.8% in the second quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock valued at $49,330,000 after purchasing an additional 706,159 shares during the last quarter. Boston Partners raised its holdings in shares of 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 during the last quarter. LSV Asset Management purchased a new stake in shares of MGM Resorts International in the second quarter valued at about $21,149,000. Finally, Shellback Capital LP raised its holdings in shares of MGM Resorts International by 433.3% in the second quarter. Shellback Capital LP now owns 400,000 shares of the company’s stock valued at $17,776,000 after purchasing an additional 325,000 shares during the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

About MGM Resorts International

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.