Barclays Lowers MGM Resorts International (NYSE:MGM) Price Target to $50.00

MGM Resorts International (NYSE:MGM) had its price target reduced by equities researchers at Barclays from $54.00 to $50.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s price objective would indicate a potential upside of 37.32% from the company’s current price.

Several other research analysts have also commented on MGM. Stifel Nicolaus raised their price objective on shares of MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Macquarie decreased their price target on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Mizuho cut their price objective on MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating on the stock in a research report on Thursday. Truist Financial decreased their target price on MGM Resorts International from $58.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, October 23rd. Finally, 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. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.15.

MGM Resorts International Stock Performance

NYSE:MGM opened at $36.41 on Thursday. The stock has a market capitalization of $11.06 billion, a P/E ratio of 13.00, a PEG ratio of 1.02 and a beta of 2.23. 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 has a fifty-two week low of $33.44 and a fifty-two week high of $48.24. The company has a 50 day moving average price of $38.46 and a 200 day moving average price of $40.22.

MGM Resorts International (NYSE:MGM) last released 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). The firm had revenue of $4.18 billion for the quarter, compared to analysts’ expectations of $4.21 billion. MGM Resorts International had a return on equity of 25.46% and a net margin of 5.23%. The company’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.64 earnings per share. Equities research analysts forecast that MGM Resorts International will post 2.55 EPS for the current year.

Insider Activity at MGM Resorts International

In other news, CFO Jonathan S. Halkyard acquired 10,000 shares of the company’s stock in a transaction on Monday, August 5th. The shares were bought at an average price of $34.00 per share, with a total value of $340,000.00. Following the completion of the acquisition, the chief financial officer now owns 38,299 shares in the company, valued at $1,302,166. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Paul J. Salem acquired 147,500 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was acquired at an average cost of $33.80 per share, with a total value of $4,985,500.00. Following the completion of the acquisition, the director now owns 1,702,500 shares of the company’s stock, valued at $57,544,500. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Jonathan S. Halkyard bought 10,000 shares of the stock in a transaction dated Monday, August 5th. The shares were acquired at an average price of $34.00 per share, for a total transaction of $340,000.00. Following the completion of the transaction, the chief financial officer now owns 38,299 shares of the company’s stock, valued at approximately $1,302,166. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 216,400 shares of company stock valued at $7,312,197 over the last ninety days. Insiders own 2.13% of the company’s stock.

Institutional Trading of MGM Resorts International

A number of large investors have recently bought and sold shares of the business. Atria Investments Inc boosted its stake in shares of MGM Resorts International by 3.6% during the third quarter. Atria Investments Inc now owns 37,238 shares of the company’s stock worth $1,456,000 after buying an additional 1,300 shares during the period. Olympiad Research LP acquired a new stake in MGM Resorts International during the 3rd quarter worth approximately $497,000. Malaga Cove Capital LLC lifted its position in MGM Resorts International by 76.2% during the 3rd quarter. Malaga Cove Capital LLC now owns 12,196 shares of the company’s stock worth $477,000 after acquiring an additional 5,276 shares during the period. Robeco Institutional Asset Management B.V. lifted its holdings in shares of MGM Resorts International by 58.8% during the third quarter. Robeco Institutional Asset Management B.V. now owns 163,120 shares of the company’s stock worth $6,376,000 after purchasing an additional 60,377 shares during the period. Finally, Janney Montgomery Scott LLC grew its position in MGM Resorts International by 4.8% in the 3rd quarter. Janney Montgomery Scott LLC now owns 71,021 shares of the company’s stock valued at $2,776,000 after buying an additional 3,285 shares during the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

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.