Wells Fargo & Company Trims MGM Resorts International (NYSE:MGM) Target Price to $56.00

MGM Resorts International (NYSE:MGMGet Rating) had its price objective dropped by investment analysts at Wells Fargo & Company from $60.00 to $56.00 in a note issued to investors on Wednesday, MarketBeat reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 34.62% from the company’s current price.

MGM has been the subject of a number of other research reports. Citigroup started coverage on shares of MGM Resorts International in a report on Thursday, February 10th. They issued a “buy” rating and a $57.00 price objective for the company. Susquehanna Bancshares raised shares of MGM Resorts International from a “negative” rating to a “neutral” rating and upped their price target for the stock from $36.00 to $45.00 in a report on Friday, March 18th. StockNews.com started coverage on shares of MGM Resorts International in a report on Thursday, March 31st. They set a “hold” rating for the company. Susquehanna raised shares of MGM Resorts International from a “negative” rating to a “neutral” rating and upped their price target for the stock from $36.00 to $45.00 in a report on Friday, March 18th. Finally, Morgan Stanley upped their price target on shares of MGM Resorts International from $52.00 to $56.00 and gave the stock an “equal weight” rating in a report on Thursday, February 10th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $54.78.

NYSE MGM opened at $41.60 on Wednesday. The company has a quick ratio of 1.84, a current ratio of 1.86 and a debt-to-equity ratio of 1.07. The company has a market capitalization of $18.11 billion, a P/E ratio of 16.98 and a beta of 2.32. MGM Resorts International has a 12-month low of $35.72 and a 12-month high of $51.17. The firm has a 50-day moving average price of $42.38 and a two-hundred day moving average price of $43.72.

MGM Resorts International (NYSE:MGMGet Rating) last posted its quarterly earnings data on Wednesday, February 9th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.10. The firm had revenue of $3.06 billion during the quarter, compared to the consensus estimate of $2.77 billion. MGM Resorts International had a net margin of 12.96% and a negative return on equity of 2.23%. During the same quarter in the previous year, the firm posted ($0.90) EPS. Equities analysts expect that MGM Resorts International will post 0.46 EPS for the current year.

In other MGM Resorts International news, Director Janet Swartz purchased 5,628 shares of the firm’s stock in a transaction on Thursday, February 17th. The stock was purchased at an average cost of $44.13 per share, for a total transaction of $248,363.64. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Alexis Herman sold 3,250 shares of the company’s stock in a transaction that occurred on Wednesday, February 23rd. The shares were sold at an average price of $43.62, for a total transaction of $141,765.00. The disclosure for this sale can be found here. 2.13% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in MGM. Northstar Advisory Group LLC increased its position in shares of MGM Resorts International by 29.0% during the first quarter. Northstar Advisory Group LLC now owns 32,256 shares of the company’s stock worth $1,353,000 after buying an additional 7,258 shares during the period. XR Securities LLC acquired a new stake in shares of MGM Resorts International during the first quarter worth $251,000. Seelaus Asset Management LLC acquired a new stake in shares of MGM Resorts International during the first quarter worth $213,000. Karp Capital Management Corp acquired a new stake in shares of MGM Resorts International during the first quarter worth $218,000. Finally, RB Capital Management LLC increased its position in shares of MGM Resorts International by 29.1% during the first quarter. RB Capital Management LLC now owns 7,796 shares of the company’s stock worth $327,000 after buying an additional 1,756 shares during the period. Hedge funds and other institutional investors own 64.50% of the company’s stock.

About MGM Resorts International (Get Rating)

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and Macau. 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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