Macquarie Lowers MGM Resorts International (NYSE:MGM) Price Target to $55.00

MGM Resorts International (NYSE:MGM) had its price objective cut by Macquarie from $58.00 to $55.00 in a research report released on Friday, Benzinga reports. They currently have an outperform rating on the stock.

A number of other research firms also recently weighed in on MGM. Susquehanna upped their price target on MGM Resorts International from $54.00 to $55.00 and gave the stock a positive rating in a research report on Thursday, August 1st. Mizuho lifted their price target on shares of MGM Resorts International from $61.00 to $62.00 and gave the company a buy rating in a research note on Thursday, May 2nd. JPMorgan Chase & Co. increased their price objective on shares of MGM Resorts International from $54.00 to $57.00 and gave the stock an overweight rating in a research note on Thursday, May 2nd. JMP Securities lowered their target price on MGM Resorts International from $59.00 to $57.00 and set a market outperform rating on the stock in a research report on Thursday, August 1st. Finally, StockNews.com cut MGM Resorts International from a buy rating to a hold rating in a research report on Friday, May 10th. Three investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $54.00.

MGM Resorts International Stock Performance

Shares of MGM opened at $34.10 on Friday. The firm has a market cap of $10.70 billion, a P/E ratio of 13.12, a PEG ratio of 0.77 and a beta of 2.24. MGM Resorts International has a twelve month low of $33.44 and a twelve month high of $48.24. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.46 and a current ratio of 1.47. The firm’s 50 day moving average price is $41.92 and its two-hundred day moving average price is $42.69.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, July 31st. The company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.20. The firm had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.21 billion. MGM Resorts International had a net margin of 5.15% and a return on equity of 26.36%. The company’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.59 EPS. On average, analysts forecast that MGM Resorts International will post 3 EPS for the current fiscal year.

Insider Transactions at MGM Resorts International

In other news, Director Alexis Herman sold 4,344 shares of the stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of $41.50, for a total transaction of $180,276.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other MGM Resorts International news, Director Keith A. Meister sold 139,300 shares of the stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $40.44, for a total transaction of $5,633,292.00. Following the transaction, the director now owns 5,859,478 shares in the company, valued at approximately $236,957,290.32. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Alexis Herman sold 4,344 shares of the business’s stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $41.50, for a total value of $180,276.00. The disclosure for this sale can be found here. Insiders sold a total of 147,988 shares of company stock worth $5,991,759 over the last quarter. Company insiders own 2.13% of the company’s stock.

Hedge Funds Weigh In On MGM Resorts International

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC bought a new position in shares of MGM Resorts International in the second quarter worth $28,000. EverSource Wealth Advisors LLC raised its position in shares of MGM Resorts International by 60.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock valued at $41,000 after buying an additional 329 shares in the last quarter. UMB Bank n.a. lifted its holdings in shares of MGM Resorts International by 33.3% during the 2nd quarter. UMB Bank n.a. now owns 949 shares of the company’s stock worth $42,000 after acquiring an additional 237 shares during the period. Accent Capital Management LLC acquired a new stake in shares of MGM Resorts International during the 4th quarter worth approximately $45,000. Finally, Mendota Financial Group LLC increased its stake in MGM Resorts International by 36.0% in the first quarter. Mendota Financial Group LLC now owns 1,004 shares of the company’s stock valued at $47,000 after acquiring an additional 266 shares during the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

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.