MGM Resorts International (NYSE:MGM) Price Target Lowered to $56.00 at Mizuho

MGM Resorts International (NYSE:MGM) had its price objective cut by Mizuho from $57.00 to $56.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have an outperform rating on the stock.

Several other equities research analysts have also commented on the stock. Morgan Stanley upped their price target on shares of MGM Resorts International from $43.00 to $44.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 22nd. BTIG Research assumed coverage on shares of MGM Resorts International in a research report on Wednesday, July 3rd. They set a “buy” rating and a $52.00 price target for the company. JMP Securities reduced their target price 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. UBS Group raised shares of MGM Resorts International to a “hold” rating in a report on Friday, August 23rd. Finally, Truist Financial reduced their target price on shares of MGM Resorts International from $58.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, October 23rd. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, MGM Resorts International currently has an average rating of “Moderate Buy” and an average target price of $53.15.

MGM Resorts International Stock Performance

NYSE:MGM traded up $0.39 during mid-day trading on Thursday, reaching $37.26. The company’s stock had a trading volume of 1,304,481 shares, compared to its average volume of 4,092,948. MGM Resorts International has a 12-month low of $33.44 and a 12-month high of $48.24. The firm’s fifty day moving average price is $38.50 and its two-hundred day moving average price is $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. The stock has a market cap of $11.32 billion, a P/E ratio of 13.17, a PEG ratio of 1.02 and a beta of 2.23.

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 analysts’ consensus estimates 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 business had revenue of $4.18 billion during the quarter, compared to analysts’ expectations of $4.21 billion. During the same period last year, the firm posted $0.64 EPS. MGM Resorts International’s quarterly revenue was up 5.3% compared to the same quarter last year. On average, equities analysts forecast that MGM Resorts International will post 2.55 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Keith A. Meister sold 121,000 shares of the 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 completion of the transaction, the director now directly owns 5,738,478 shares in the company, valued at approximately $210,716,912.16. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO William Hornbuckle purchased 58,900 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was bought at an average cost of $33.73 per share, for a total transaction of $1,986,697.00. Following the completion of the transaction, the chief executive officer now directly owns 377,112 shares in the company, valued at $12,719,987.76. 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 the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the transaction, the director now owns 5,738,478 shares in the company, 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 acquired 216,400 shares of company stock worth $7,312,197 in the last three months. 2.13% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MGM. Wealth Enhancement Advisory Services LLC increased its position in MGM Resorts International by 6.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 26,989 shares of the company’s stock valued at $1,274,000 after acquiring an additional 1,753 shares during the last quarter. Norden Group LLC bought a new position in MGM Resorts International during the first quarter valued at $462,000. Van ECK Associates Corp increased its position in MGM Resorts International by 3.5% during the first quarter. Van ECK Associates Corp now owns 52,493 shares of the company’s stock valued at $2,478,000 after acquiring an additional 1,795 shares during the last quarter. Private Advisor Group LLC increased its position in MGM Resorts International by 7.5% during the first quarter. Private Advisor Group LLC now owns 26,942 shares of the company’s stock valued at $1,272,000 after acquiring an additional 1,877 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in MGM Resorts International by 40.0% during 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 acquiring an additional 10,886 shares during the last quarter. 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.