MGM Resorts International (NYSE:MGM – Get Free Report) shares gapped down before the market opened on Thursday after JMP Securities lowered their price target on the stock from $59.00 to $57.00. The stock had previously closed at $42.97, but opened at $40.05. JMP Securities currently has a market outperform rating on the stock. MGM Resorts International shares last traded at $38.80, with a volume of 1,545,888 shares traded.
Other research analysts also recently issued research reports about the stock. Morgan Stanley decreased their price target on shares of MGM Resorts International from $47.00 to $44.00 and set an “equal weight” rating for the company in a research note on Friday, July 12th. BTIG Research initiated coverage on shares of MGM Resorts International in a report on Wednesday, July 3rd. They set a “buy” rating and a $52.00 price objective on the stock. Stifel Nicolaus increased their target price on shares of MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday. Barclays boosted their price target on shares of MGM Resorts International from $55.00 to $56.00 and gave the company an “overweight” rating in a research report on Thursday, May 2nd. Finally, Susquehanna raised their price target on MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a research note on Thursday. Three equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, MGM Resorts International presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.97.
Insiders Place Their Bets
In other news, Director Keith A. Meister sold 139,300 shares of MGM Resorts International stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $40.44, for a total transaction of $5,633,292.00. Following the completion of the transaction, the director now owns 5,859,478 shares of the company’s stock, valued at approximately $236,957,290.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other MGM Resorts International news, Director Keith A. Meister sold 139,300 shares of the firm’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $40.44, for a total transaction of $5,633,292.00. Following the completion of the transaction, the director now directly owns 5,859,478 shares in the company, valued at approximately $236,957,290.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Alexis Herman sold 4,344 shares of the company’s stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $41.50, for a total transaction of $180,276.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 147,988 shares of company stock worth $5,991,759. 2.13% of the stock is owned by corporate insiders.
Institutional Trading of MGM Resorts International
Several institutional investors and hedge funds have recently made changes to their positions in the stock. UMB Bank n.a. raised its stake in MGM Resorts International by 33.3% in the 2nd quarter. UMB Bank n.a. now owns 949 shares of the company’s stock valued at $42,000 after purchasing an additional 237 shares during the last quarter. Texas Permanent School Fund Corp increased its stake in MGM Resorts International by 0.4% in the first quarter. Texas Permanent School Fund Corp now owns 56,487 shares of the company’s stock valued at $2,667,000 after purchasing an additional 245 shares during the last quarter. Mendota Financial Group LLC boosted its stake in MGM Resorts International by 36.0% in the 1st quarter. Mendota Financial Group LLC now owns 1,004 shares of the company’s stock worth $47,000 after buying an additional 266 shares during the last quarter. Lindbrook Capital LLC grew its holdings in MGM Resorts International by 8.2% in the 1st quarter. Lindbrook Capital LLC now owns 3,550 shares of the company’s stock valued at $168,000 after buying an additional 268 shares during the period. Finally, Envestnet Portfolio Solutions Inc. lifted its holdings in shares of MGM Resorts International by 1.2% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 22,900 shares of the company’s stock worth $1,018,000 after acquiring an additional 278 shares during the period. 68.11% of the stock is currently owned by hedge funds and other institutional investors.
MGM Resorts International Price Performance
The company has a debt-to-equity ratio of 1.56, a current ratio of 1.51 and a quick ratio of 1.46. The company’s 50-day moving average is $42.15 and its 200-day moving average is $42.83. The firm has a market capitalization of $11.70 billion, a price-to-earnings ratio of 14.37, a PEG ratio of 0.89 and a beta of 2.24.
MGM Resorts International (NYSE:MGM – Get Free Report) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.20. MGM Resorts International had a return on equity of 23.62% and a net margin of 5.35%. The business had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.21 billion. During the same period in the prior year, the firm posted $0.59 EPS. The business’s revenue for the quarter was up 9.8% on a year-over-year basis. On average, research analysts expect that MGM Resorts International will post 3 earnings per share for the current year.
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.