MGM Resorts International (NYSE:MGM) Given New $56.00 Price Target at Truist Financial

MGM Resorts International (NYSE:MGM) had its target price cut by Truist Financial from $58.00 to $56.00 in a report published on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

MGM has been the subject of a number of other research reports. JMP Securities dropped their price objective on shares of MGM Resorts International from $57.00 to $56.00 and set a “market outperform” rating for the company in a report on Monday, October 14th. BTIG Research began coverage on shares of MGM Resorts International in a report on Wednesday, July 3rd. They set a “buy” rating and a $52.00 price target for the company. UBS Group raised shares of MGM Resorts International to a “hold” rating in a research report on Friday, August 23rd. Wells Fargo & Company lowered their price objective on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Finally, Susquehanna lifted their target price on MGM Resorts International from $54.00 to $55.00 and gave the company a “positive” rating in a research report on Thursday, August 1st. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $54.08.

MGM Resorts International Trading Up 0.6 %

MGM opened at $40.36 on Wednesday. The firm has a market capitalization of $12.26 billion, a price-to-earnings ratio of 15.23, a price-to-earnings-growth ratio of 0.97 and a beta of 2.23. The company’s 50 day simple moving average is $38.38 and its two-hundred day simple moving average is $40.29. MGM Resorts International has a 1-year low of $33.44 and a 1-year high of $48.24. 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 (NYSE:MGM) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.20. The firm had revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.21 billion. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. The firm’s revenue was up 9.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.59 earnings per share. Analysts expect that MGM Resorts International will post 2.54 EPS for the current fiscal year.

Insider Buying and Selling

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 stock was bought at an average price of $33.80 per share, with a total value of $4,985,500.00. Following the transaction, the director now directly owns 1,702,500 shares of the company’s stock, valued at approximately $57,544,500. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Paul J. Salem purchased 147,500 shares of the business’s stock in a transaction on Monday, August 5th. The shares were bought at an average price of $33.80 per share, for a total transaction of $4,985,500.00. Following the acquisition, 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 ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO William Hornbuckle acquired 58,900 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was bought at an average price of $33.73 per share, with a total value of $1,986,697.00. Following the purchase, the chief executive officer now directly owns 377,112 shares in the company, valued at approximately $12,719,987.76. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 216,400 shares of company stock valued at $7,312,197 in the last ninety days. Company insiders own 2.13% of the company’s stock.

Institutional Investors Weigh In On MGM Resorts International

A number of large investors have recently modified their holdings of the company. International Assets Investment Management LLC acquired a new position in shares of MGM Resorts International during the second quarter worth $28,000. Eastern Bank acquired a new position in shares of MGM Resorts International during the 3rd quarter worth about $35,000. EverSource Wealth Advisors LLC boosted its position in shares of MGM Resorts International by 60.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock worth $41,000 after acquiring an additional 329 shares in the last quarter. UMB Bank n.a. increased its holdings in shares of MGM Resorts International by 33.3% in the 2nd quarter. UMB Bank n.a. now owns 949 shares of the company’s stock valued at $42,000 after acquiring an additional 237 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in shares of MGM Resorts International during the 2nd quarter worth about $49,000. 68.11% of the stock is owned by hedge funds and other institutional investors.

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.