MGM Resorts International (NYSE:MGM) PT Set at $38.00 by Morgan Stanley

MGM Resorts International (NYSE:MGM) has been assigned a $38.00 price target by stock analysts at Morgan Stanley in a research note issued to investors on Friday, MarketBeat Ratings reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s target price would suggest a potential downside of 0.37% from the company’s previous close.

MGM has been the topic of several other research reports. The Goldman Sachs Group initiated coverage on MGM Resorts International in a research report on Monday, July 7th. They set a “sell” rating and a $34.00 target price on the stock. Macquarie cut their target price on MGM Resorts International from $50.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, May 2nd. Wall Street Zen raised MGM Resorts International from a “sell” rating to a “hold” rating in a research report on Thursday, May 22nd. Barclays raised their price target on MGM Resorts International from $41.00 to $43.00 and gave the stock an “overweight” rating in a research note on Thursday, May 1st. Finally, JMP Securities restated a “market perform” rating on shares of MGM Resorts International in a research note on Thursday, June 26th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, MGM Resorts International has a consensus rating of “Moderate Buy” and a consensus target price of $47.67.

MGM Resorts International Price Performance

MGM stock opened at $38.14 on Friday. The company has a debt-to-equity ratio of 1.79, a current ratio of 1.31 and a quick ratio of 1.26. The firm has a market capitalization of $10.38 billion, a P/E ratio of 17.03, a P/E/G ratio of 2.58 and a beta of 1.76. The business’s 50-day moving average is $33.73 and its two-hundred day moving average is $32.97. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $47.26.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.19. The company had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.29 billion. MGM Resorts International had a return on equity of 20.64% and a net margin of 3.95%. MGM Resorts International’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.74 EPS. Analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International announced that its board has approved a stock repurchase plan on Wednesday, April 30th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to repurchase up to 22.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, Director Daniel J. Taylor sold 5,261 shares of the firm’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total value of $183,766.73. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, COO Corey Ian Sanders sold 40,000 shares of the firm’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $34.43, for a total value of $1,377,200.00. Following the completion of the sale, the chief operating officer directly owned 281,530 shares of the company’s stock, valued at $9,693,077.90. This represents a 12.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 105,261 shares of company stock valued at $3,486,367 in the last three months. 3.06% of the stock is currently owned by company insiders.

Institutional Trading of MGM Resorts International

Hedge funds have recently modified their holdings of the business. Assetmark Inc. lifted its holdings in shares of MGM Resorts International by 104.1% in the 4th quarter. Assetmark Inc. now owns 806 shares of the company’s stock valued at $28,000 after buying an additional 411 shares during the period. Mascagni Wealth Management Inc. acquired a new position in MGM Resorts International during the fourth quarter worth $28,000. Golden State Wealth Management LLC boosted its position in MGM Resorts International by 83.5% during the first quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company’s stock worth $30,000 after purchasing an additional 455 shares in the last quarter. True Wealth Design LLC purchased a new stake in MGM Resorts International during the fourth quarter worth $33,000. Finally, CX Institutional purchased a new stake in MGM Resorts International during the first quarter worth $36,000. 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.