Macquarie Cuts MGM Resorts International (NYSE:MGM) Price Target to $46.00

MGM Resorts International (NYSE:MGM) had its price objective trimmed by Macquarie from $48.00 to $46.00 in a report released on Thursday morning,MarketScreener reports. The firm currently has an outperform rating on the stock.

MGM has been the subject of several other reports. Stifel Nicolaus increased their price target on MGM Resorts International from $48.00 to $50.00 and gave the company a “buy” rating in a report on Thursday, July 31st. Morgan Stanley increased their price target on MGM Resorts International from $41.00 to $43.00 and gave the company an “equal weight” rating in a report on Thursday, September 11th. Truist Financial increased their price target on MGM Resorts International from $45.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, July 16th. UBS Group lowered their price target on MGM Resorts International from $44.00 to $39.00 and set a “neutral” rating for the company in a report on Thursday, September 11th. Finally, Barclays increased their price target on MGM Resorts International from $43.00 to $44.00 and gave the company an “overweight” rating in a report on Friday, July 18th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.50.

MGM Resorts International Trading Down 2.4%

MGM stock opened at $33.93 on Thursday. The company has a market cap of $9.24 billion, a price-to-earnings ratio of 18.64, a PEG ratio of 1.44 and a beta of 1.67. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67. The business has a fifty day simple moving average of $36.26 and a 200-day simple moving average of $34.01. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $42.53.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, July 30th. The company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.21. The business had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.28 billion. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%.The business’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.86 EPS. On average, equities research analysts expect that MGM Resorts International will post 2.21 EPS for the current year.

Insider Activity

In other news, Director Keith A. Meister sold 242,000 shares of the stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $35.42, for a total transaction of $8,571,640.00. Following the transaction, the director owned 5,385,478 shares of the company’s stock, valued at approximately $190,753,630.76. This trade represents a 4.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider John Mcmanus sold 60,000 shares of the stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $36.12, for a total transaction of $2,167,200.00. Following the transaction, the insider directly owned 31,521 shares in the company, valued at $1,138,538.52. The trade was a 65.56% decrease in their position. The disclosure for this sale can be found here. Company insiders own 3.06% of the company’s stock.

Hedge Funds Weigh In On MGM Resorts International

Large investors have recently modified their holdings of the stock. CYBER HORNET ETFs LLC bought a new position in shares of MGM Resorts International during the second quarter worth about $25,000. Golden State Wealth Management LLC lifted its position in shares of 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 during the last quarter. CX Institutional bought a new position in shares of MGM Resorts International during the first quarter worth about $36,000. Employees Retirement System of Texas bought a new position in shares of MGM Resorts International during the second quarter worth about $45,000. Finally, MassMutual Private Wealth & Trust FSB lifted its holdings in MGM Resorts International by 66.9% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the company’s stock worth $45,000 after acquiring an additional 529 shares during the last quarter. Institutional investors own 68.11% of the company’s stock.

MGM Resorts International Company Profile

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.