MGM Resorts International (NYSE:MGM) Given New $56.00 Price Target at JMP Securities

by · The Markets Daily

MGM Resorts International (NYSE:MGM – Free Report) had its price target lowered by JMP Securities from $57.00 to $56.00 in a report published on Monday, Benzinga reports. The firm currently has a market outperform rating on the stock.

A number of other equities analysts have also recently issued reports on the stock. Stifel Nicolaus increased their price objective on shares of MGM Resorts International from $60.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. BTIG Research began coverage on MGM Resorts International in a research report on Wednesday, July 3rd. They set a “buy” rating and a $52.00 target price on the stock. Wells Fargo & Company decreased their price objective on shares of MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Macquarie lowered their target price on MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Finally, Morgan Stanley decreased their price target on shares of MGM Resorts International from $44.00 to $43.00 and set an “equal weight” rating for the company in a research note on Wednesday, September 4th. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $53.57.

Get Our Latest Stock Analysis on MGM Resorts International

MGM Resorts International Stock Performance

MGM Resorts International stock opened at $40.58 on Monday. The business has a 50 day moving average of $38.11 and a 200-day moving average of $40.59. The company has a market capitalization of $12.73 billion, a P/E ratio of 15.61, a P/E/G ratio of 0.92 and a beta of 2.23. MGM Resorts International has a 1 year low of $33.44 and a 1 year high of $48.24. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.47 and a quick ratio of 1.42.

MGM Resorts International (NYSE:MGM – Get Free Report) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate 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 was up 9.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.59 EPS. On average, equities research analysts predict that MGM Resorts International will post 2.55 earnings per share for the current year.

Insider Activity

In other MGM Resorts International news, CFO Jonathan S. Halkyard bought 10,000 shares of MGM Resorts International stock in a transaction that occurred on Monday, August 5th. The stock was acquired at an average cost of $34.00 per share, for a total transaction of $340,000.00. Following the completion of the transaction, the chief financial officer now directly owns 38,299 shares in the company, valued at $1,302,166. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. In other news, CFO Jonathan S. Halkyard purchased 10,000 shares of the company’s stock in a transaction on Monday, August 5th. The stock was purchased at an average price of $34.00 per share, with a total value of $340,000.00. Following the completion of the purchase, the chief financial officer now directly owns 38,299 shares in the company, valued at approximately $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 available through this link. Also, CEO William Hornbuckle acquired 58,900 shares of the stock in a transaction dated Monday, August 5th. The stock was acquired at an average price of $33.73 per share, with a total value of $1,986,697.00. Following the completion of the acquisition, the chief executive officer now owns 377,112 shares in the company, valued at approximately $12,719,987.76. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 216,400 shares of company stock worth $7,312,197 over the last ninety days. Company insiders own 2.13% of the company’s stock.

Hedge Funds Weigh In On MGM Resorts International

A number of hedge funds have recently modified their holdings of MGM. Gateway Investment Advisers LLC lifted its stake in MGM Resorts International by 41.2% in the first quarter. Gateway Investment Advisers LLC now owns 9,841 shares of the company’s stock worth $465,000 after acquiring an additional 2,872 shares during the period. ACR Alpine Capital Research LLC bought a new stake in shares of MGM Resorts International during the 1st quarter valued at $3,922,000. Marshall Wace LLP grew its position in shares of MGM Resorts International by 174.8% in the 2nd quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock worth $49,330,000 after buying an additional 706,159 shares during the period. Maverick Capital Ltd. bought a new position in shares of MGM Resorts International during the second quarter valued at approximately $1,211,000. Finally, Texas Permanent School Fund Corp raised its stake in MGM Resorts International by 0.4% during the first quarter. Texas Permanent School Fund Corp now owns 56,487 shares of the company’s stock valued at $2,667,000 after buying an additional 245 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

About MGM Resorts International

(Get Free Report)

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.

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