Stifel Nicolaus Has Lowered Expectations for MGM Resorts International (NYSE:MGM) Stock Price

MGM Resorts International (NYSE:MGM) had its price objective decreased by equities researchers at Stifel Nicolaus from $50.00 to $48.00 in a research report issued to clients and investors on Tuesday,MarketScreener reports. The brokerage presently has a “buy” rating on the stock. Stifel Nicolaus’ target price points to a potential upside of 29.48% from the company’s current price.

Several other research analysts have also commented on the company. JPMorgan Chase & Co. lifted their price target on MGM Resorts International from $39.00 to $41.00 and gave the stock a “neutral” rating in a report on Friday, February 6th. Morgan Stanley lifted their price target on MGM Resorts International from $34.00 to $35.00 and gave the stock an “underweight” rating in a report on Wednesday. Wells Fargo & Company lifted their price target on MGM Resorts International from $29.00 to $31.00 and gave the stock an “underweight” rating in a report on Friday, January 16th. The Goldman Sachs Group reiterated a “sell” rating and set a $33.00 price target on shares of MGM Resorts International in a report on Monday, December 15th. Finally, Susquehanna reduced their price target on MGM Resorts International from $46.00 to $45.00 and set a “positive” rating on the stock in a report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have issued a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $41.88.

MGM Resorts International Stock Down 2.2%

NYSE MGM opened at $37.07 on Tuesday. MGM Resorts International has a 52 week low of $25.62 and a 52 week high of $40.16. The company has a quick ratio of 1.20, a current ratio of 1.23 and a debt-to-equity ratio of 1.91. The business’s fifty day simple moving average is $36.14 and its 200-day simple moving average is $34.89. The firm has a market cap of $9.48 billion, a PE ratio of 49.43 and a beta of 1.35.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, February 4th. The company reported $1.60 EPS for the quarter, topping the consensus estimate of $0.64 by $0.96. MGM Resorts International had a return on equity of 26.04% and a net margin of 1.17%.The business had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.42 billion. During the same quarter in the previous year, the firm earned $0.45 EPS. As a group, equities analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current year.

Insider Activity

In related news, Director Keith A. Meister sold 37,500 shares of the business’s stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $34.27, for a total value of $1,285,125.00. Following the sale, the director directly owned 5,347,978 shares in the company, valued at approximately $183,275,206.06. The trade was a 0.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Iac Inc. purchased 450,000 shares of the business’s stock in a transaction on Tuesday, March 24th. The shares were acquired at an average price of $37.13 per share, for a total transaction of $16,708,500.00. Following the completion of the purchase, the insider directly owned 66,822,350 shares of the company’s stock, valued at approximately $2,481,113,855.50. This trade represents a 0.68% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 3.06% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MGM Resorts International

Institutional investors and hedge funds have recently made changes to their positions in the stock. Corient Private Wealth LLC grew its position in shares of MGM Resorts International by 356.6% during the second quarter. Corient Private Wealth LLC now owns 528,526 shares of the company’s stock worth $18,176,000 after buying an additional 412,767 shares in the last quarter. Vanguard Group Inc. boosted its holdings in MGM Resorts International by 1.5% in the third quarter. Vanguard Group Inc. now owns 23,576,877 shares of the company’s stock valued at $817,175,000 after purchasing an additional 340,629 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in MGM Resorts International by 109.7% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 129,115 shares of the company’s stock valued at $4,276,000 after purchasing an additional 67,542 shares in the last quarter. TD Asset Management Inc boosted its holdings in MGM Resorts International by 146.9% in the third quarter. TD Asset Management Inc now owns 92,957 shares of the company’s stock valued at $3,222,000 after purchasing an additional 55,300 shares in the last quarter. Finally, Savant Capital LLC boosted its holdings in MGM Resorts International by 100.0% in the third quarter. Savant Capital LLC now owns 62,892 shares of the company’s stock valued at $2,180,000 after purchasing an additional 31,446 shares in the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

About MGM Resorts International

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.