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

MGM Resorts International (NYSE:MGM) had its target price reduced by JMP Securities from $56.00 to $54.00 in a research report report published on Thursday, Benzinga reports. They currently have a market outperform rating on the stock.

A number of other equities analysts have also recently issued reports on MGM. UBS Group upgraded MGM Resorts International to a “hold” rating in a report on Friday, August 23rd. Morgan Stanley lifted their price target on MGM Resorts International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 22nd. BTIG Research assumed coverage on shares of MGM Resorts International in a research note on Wednesday, July 3rd. They set a “buy” rating and a $52.00 price objective for the company. Barclays dropped their target price on shares of MGM Resorts International from $54.00 to $50.00 and set an “overweight” rating on the stock in a research report on Thursday. Finally, Mizuho reduced their price target on shares of MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating for the company in a research report on Thursday. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $53.15.

MGM Resorts International Stock Performance

NYSE:MGM opened at $36.41 on Thursday. The company has a 50-day moving average of $38.41 and a 200-day moving average of $40.15. The firm has a market cap of $10.84 billion, a price-to-earnings ratio of 13.00, a price-to-earnings-growth ratio of 0.94 and a beta of 2.23. The company has a current ratio of 1.24, a quick ratio of 1.42 and a debt-to-equity ratio of 1.63. MGM Resorts International has a twelve month low of $33.44 and a twelve month high of $48.24.

MGM Resorts International (NYSE:MGM) last released 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). The business had revenue of $4.18 billion for the quarter, compared to analyst estimates of $4.21 billion. MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.64 earnings per share. Analysts forecast that MGM Resorts International will post 2.45 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Keith A. Meister sold 121,000 shares of the company’s stock in a transaction on 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 directly owns 5,738,478 shares in the company, valued at approximately $210,716,912.16. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other MGM Resorts International news, Director Keith A. Meister sold 121,000 shares of the firm’s stock in a transaction dated 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 transaction, the director now directly owns 5,738,478 shares in the company, valued at $210,716,912.16. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul J. Salem purchased 147,500 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were bought at an average price 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 $57,544,500. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 216,400 shares of company stock worth $7,312,197. 2.13% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On MGM Resorts International

Institutional investors have recently modified their holdings of the company. Boston Partners lifted its position in MGM Resorts International by 12.6% during the 1st quarter. Boston Partners now owns 6,111,930 shares of the company’s stock worth $286,933,000 after acquiring an additional 684,676 shares during the last quarter. Bamco Inc. NY lifted 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 during the last quarter. Marshall Wace LLP boosted its stake in MGM Resorts International by 174.8% during the 2nd 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 period. Key Colony Management LLC grew its holdings in MGM Resorts International by 11.1% in the 3rd quarter. Key Colony Management LLC now owns 883,000 shares of the company’s stock valued at $34,516,000 after buying an additional 88,000 shares during the last quarter. Finally, Goldentree Asset Management LP bought a new position in MGM Resorts International in the 1st quarter worth approximately $35,726,000. 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.