UBS Group Issues Pessimistic Forecast for MGM Resorts International (NYSE:MGM) Stock Price

MGM Resorts International (NYSE:MGM) had its price target cut by stock analysts at UBS Group from $40.00 to $39.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. UBS Group’s price target would suggest a potential upside of 4.56% from the stock’s current price.

Several other equities research analysts have also recently weighed in on MGM. The Goldman Sachs Group reiterated a “sell” rating and issued a $33.00 price objective on shares of MGM Resorts International in a report on Monday, December 15th. Barclays set a $37.00 price objective on shares of MGM Resorts International in a report on Friday, February 6th. Weiss Ratings restated a “sell (d)” rating on shares of MGM Resorts International in a report on Monday, December 29th. Wells Fargo & Company upped their price objective on shares of MGM Resorts International from $29.00 to $31.00 and gave the stock an “underweight” rating in a report on Friday, January 16th. Finally, Berenberg Bank restated a “buy” rating on shares of MGM Resorts International in a report on Wednesday, February 11th. One investment 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 given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $42.00.

MGM Resorts International Price Performance

Shares of MGM Resorts International stock opened at $37.30 on Friday. MGM Resorts International has a 12-month low of $28.12 and a 12-month 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 company’s fifty day simple moving average is $36.28 and its two-hundred day simple moving average is $34.92. The firm has a market cap of $9.54 billion, a PE ratio of 49.73 and a beta of 1.35.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, February 4th. The company reported $1.60 earnings per share 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 during the quarter, compared to analysts’ expectations of $4.42 billion. During the same quarter last year, the business posted $0.45 EPS. As a group, equities analysts expect that MGM Resorts International will post 2.21 EPS for the current year.

Insiders Place Their Bets

In other MGM Resorts International news, major shareholder Iac Inc. bought 450,000 shares of the company’s stock in a transaction dated Tuesday, March 24th. The shares were purchased at an average price of $37.13 per share, for a total transaction of $16,708,500.00. Following the acquisition, the insider owned 66,822,350 shares in the company, valued at approximately $2,481,113,855.50. This represents a 0.68% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Keith A. Meister sold 37,500 shares of the business’s stock in a transaction on Monday, March 9th. The shares were sold at an average price of $34.27, for a total transaction of $1,285,125.00. Following the sale, the director owned 5,347,978 shares in the company, valued at approximately $183,275,206.06. This trade represents a 0.70% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 3.38% of the company’s stock.

Hedge Funds Weigh In On MGM Resorts International

Several large investors have recently made changes to their positions in MGM. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of MGM Resorts International by 5.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,652 shares of the company’s stock valued at $582,000 after purchasing an additional 951 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in shares of MGM Resorts International by 12.1% during the first quarter. NewEdge Advisors LLC now owns 3,893 shares of the company’s stock valued at $115,000 after purchasing an additional 421 shares during the last quarter. Woodline Partners LP lifted its holdings in shares of MGM Resorts International by 39.1% during the first quarter. Woodline Partners LP now owns 18,901 shares of the company’s stock valued at $560,000 after purchasing an additional 5,312 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of MGM Resorts International by 57.2% during the second quarter. EverSource Wealth Advisors LLC now owns 3,248 shares of the company’s stock valued at $112,000 after acquiring an additional 1,182 shares in the last quarter. Finally, Jump Financial LLC increased its holdings in shares of MGM Resorts International by 221.9% during the second quarter. Jump Financial LLC now owns 26,782 shares of the company’s stock valued at $921,000 after acquiring an additional 18,463 shares in the last quarter. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

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.