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

MGM Resorts International (NYSE:MGM) had its target price decreased by investment analysts at JMP Securities from $56.00 to $54.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a “market outperform” rating on the stock. JMP Securities’ target price suggests a potential upside of 46.54% from the stock’s current price.

MGM has been the topic of several other reports. UBS Group upgraded MGM Resorts International to a “hold” rating in a research report on Friday, August 23rd. Deutsche Bank Aktiengesellschaft cut their price target on MGM Resorts International from $57.00 to $52.00 and set a “buy” rating on the stock in a report on Tuesday, October 1st. Stifel Nicolaus lifted their target price on MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Macquarie lowered their price target on MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Finally, Wells Fargo & Company lowered their price target on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $53.15.

MGM Resorts International Stock Down 11.0 %

Shares of MGM traded down $4.56 during trading hours on Thursday, hitting $36.85. 11,010,050 shares of the company were exchanged, compared to its average volume of 4,091,076. The company has a market cap of $11.19 billion, a PE ratio of 14.05, a PEG ratio of 0.97 and a beta of 2.23. The firm’s 50 day moving average is $38.50 and its 200-day moving average is $40.24. MGM Resorts International has a 52 week low of $33.44 and a 52 week high of $48.24. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.42 and a current ratio of 1.47.

MGM Resorts International (NYSE:MGM) last posted its quarterly 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). MGM Resorts International had a net margin of 5.15% and a return on equity of 26.36%. The firm had revenue of $4.18 billion during the quarter, compared to analyst estimates of $4.21 billion. During the same period last year, the company earned $0.64 EPS. The company’s revenue was up 5.3% on a year-over-year basis. On average, equities research analysts forecast 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 Keith A. Meister sold 121,000 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 5,738,478 shares of the company’s stock, valued at approximately $210,716,912.16. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other MGM Resorts International news, CEO William Hornbuckle purchased 58,900 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were acquired at an average price of $33.73 per share, for a total transaction of $1,986,697.00. Following the purchase, the chief executive officer now directly owns 377,112 shares of the company’s stock, valued at $12,719,987.76. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Keith A. Meister sold 121,000 shares of MGM Resorts International 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 completion of the sale, the director now 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 disclosure for this sale can be found here. Insiders purchased a total of 216,400 shares of company stock valued at $7,312,197 over the last three months. Corporate insiders own 2.13% of the company’s stock.

Hedge Funds Weigh In On MGM Resorts International

Large investors have recently made changes to their positions in the company. Goldentree Asset Management LP bought a new position in shares of MGM Resorts International during the first quarter valued at approximately $35,726,000. Marshall Wace LLP grew its position 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 period. Boston Partners lifted its stake 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 worth $286,933,000 after buying an additional 684,676 shares in the last quarter. LSV Asset Management purchased a new position in shares of MGM Resorts International in the second quarter worth about $21,149,000. Finally, Shellback Capital LP raised its stake in MGM Resorts International by 433.3% during the second quarter. Shellback Capital LP now owns 400,000 shares of the company’s stock worth $17,776,000 after purchasing an additional 325,000 shares during the period. 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.