JMP Securities Lowers MGM Resorts International (NYSE:MGM) Price Target to $56.00

MGM Resorts International (NYSE:MGM) had its price target decreased by analysts at JMP Securities from $57.00 to $56.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “market outperform” rating on the stock. JMP Securities’ price target would indicate a potential upside of 42.17% from the stock’s current price.

Other research analysts also recently issued reports about the stock. UBS Group raised shares of MGM Resorts International to a “hold” rating in a research report on Friday, August 23rd. Deutsche Bank Aktiengesellschaft reduced their target price on shares of MGM Resorts International from $57.00 to $52.00 and set a “buy” rating for the company in a research note on Tuesday, October 1st. Susquehanna raised their target price on shares of MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a research note on Thursday, August 1st. Macquarie reduced their target price on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Finally, Wells Fargo & Company reduced their target price on shares of MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $54.14.

MGM Resorts International Trading Down 2.1 %

Shares of MGM Resorts International stock opened at $39.39 on Monday. MGM Resorts International has a 1 year low of $33.44 and a 1 year high of $48.24. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.42 and a current ratio of 1.47. The company has a market capitalization of $12.36 billion, a P/E ratio of 15.15, a PEG ratio of 0.92 and a beta of 2.23. The company’s fifty day moving average is $37.98 and its two-hundred day moving average is $40.59.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.20. MGM Resorts International had a net margin of 5.15% and a return on equity of 26.36%. The company had revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.21 billion. During the same period last year, the firm posted $0.59 EPS. MGM Resorts International’s revenue for the quarter was up 9.8% on a year-over-year basis. Analysts forecast that MGM Resorts International will post 2.55 earnings per share for the current year.

Insider Activity at MGM Resorts International

In related news, CFO Jonathan S. Halkyard acquired 10,000 shares of MGM Resorts International stock in a transaction that occurred on Monday, August 5th. The stock was purchased at an average price of $34.00 per share, for a total transaction of $340,000.00. Following the completion of the purchase, the chief financial officer now directly owns 38,299 shares of the company’s stock, valued at approximately $1,302,166. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other MGM Resorts International news, CFO Jonathan S. Halkyard bought 10,000 shares of the business’s stock in a transaction on Monday, August 5th. The stock was bought at an average price of $34.00 per share, for a total transaction of $340,000.00. Following the completion of the transaction, the chief financial officer now owns 38,299 shares in the company, valued at approximately $1,302,166. The trade was a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Paul J. Salem bought 147,500 shares of the business’s stock in a transaction on Monday, August 5th. The shares were acquired at an average price of $33.80 per share, with a total value of $4,985,500.00. Following the transaction, the director now owns 1,702,500 shares of the company’s stock, valued at $57,544,500. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased 216,400 shares of company stock worth $7,312,197 over the last 90 days. Company insiders own 2.13% of the company’s stock.

Hedge Funds Weigh In On MGM Resorts International

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Gateway Investment Advisers LLC raised its position in MGM Resorts International by 41.2% during the first quarter. Gateway Investment Advisers LLC now owns 9,841 shares of the company’s stock worth $465,000 after acquiring an additional 2,872 shares during the last quarter. ACR Alpine Capital Research LLC purchased a new stake in MGM Resorts International in the first quarter valued at approximately $3,922,000. Maverick Capital Ltd. purchased a new stake in MGM Resorts International in the second quarter valued at approximately $1,211,000. Texas Permanent School Fund Corp grew its stake in MGM Resorts International by 0.4% during the first quarter. Texas Permanent School Fund Corp now owns 56,487 shares of the company’s stock worth $2,667,000 after buying an additional 245 shares during the period. Finally, Wedge Capital Management L L P NC purchased a new stake in MGM Resorts International during the second quarter worth approximately $3,314,000. Institutional investors and hedge funds 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.