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

MGM Resorts International (NYSE:MGM) had its price objective trimmed by Barclays from $50.00 to $46.00 in a research report sent to investors on Friday,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other analysts have also issued reports on MGM. Deutsche Bank Aktiengesellschaft dropped their price objective on MGM Resorts International from $57.00 to $52.00 and set a “buy” rating on the stock in a research note on Tuesday, October 1st. Mizuho reduced their price objective on shares of MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. UBS Group raised shares of MGM Resorts International to a “hold” rating in a research report on Friday, August 23rd. Morgan Stanley increased their price target on shares of MGM Resorts International from $43.00 to $44.00 and gave the company an “equal weight” rating in a report on Tuesday, October 22nd. Finally, JMP Securities reduced their price objective on MGM Resorts International from $54.00 to $50.00 and set a “market outperform” rating for the company in a report on Monday, November 25th. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, MGM Resorts International currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.54.

MGM Resorts International Stock Down 1.5 %

MGM stock opened at $36.25 on Friday. MGM Resorts International has a twelve month low of $33.44 and a twelve month high of $48.24. The company has a market cap of $10.79 billion, a price-to-earnings ratio of 12.95, a P/E/G ratio of 3.16 and a beta of 2.20. The company has a quick ratio of 1.21, a current ratio of 1.24 and a debt-to-equity ratio of 1.63. The business has a 50 day moving average price of $38.37 and a two-hundred day moving average price of $39.37.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). The firm had revenue of $4.18 billion for the quarter, compared to analyst estimates of $4.21 billion. MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. MGM Resorts International’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.64 earnings per share. Analysts anticipate that MGM Resorts International will post 2.48 EPS for the current fiscal year.

Insiders Place Their Bets

In other MGM Resorts International news, Director Keith A. Meister sold 51,000 shares of the company’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $36.57, for a total transaction of $1,865,070.00. Following the completion of the sale, the director now directly owns 5,687,478 shares in the company, valued at $207,991,070.46. This represents a 0.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.13% of the company’s stock.

Institutional Trading of MGM Resorts International

Several institutional investors and hedge funds have recently modified their holdings of MGM. HG Vora Capital Management LLC acquired a new position in MGM Resorts International during the third quarter worth about $97,725,000. Goldentree Asset Management LP increased its position in MGM Resorts International by 86.4% during the 3rd quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock worth $117,270,000 after purchasing an additional 1,390,599 shares in the last quarter. Marshall Wace LLP lifted its stake in MGM Resorts International by 174.8% in the 2nd quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock valued at $49,330,000 after purchasing an additional 706,159 shares during the last quarter. LSV Asset Management acquired a new stake in MGM Resorts International in the second quarter valued at approximately $21,149,000. Finally, Jacobs Levy Equity Management Inc. bought a new stake in shares of MGM Resorts International during the third quarter worth $17,622,000. 68.11% of the stock is currently owned by institutional investors.

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.