Shares of MGM Resorts International (NYSE:MGM – Get Free Report) gapped down prior to trading on Wednesday after Barclays lowered their price target on the stock from $57.00 to $55.00. The stock had previously closed at $45.66, but opened at $44.10. Barclays currently has an overweight rating on the stock. MGM Resorts International shares last traded at $42.24, with a volume of 2,221,091 shares changing hands.
MGM has been the subject of a number of other reports. JMP Securities reissued a “market outperform” rating and issued a $57.00 price target on shares of MGM Resorts International in a report on Monday, January 29th. Morgan Stanley lowered their price objective on MGM Resorts International from $42.00 to $40.00 and set an “equal weight” rating for the company in a research report on Monday, November 13th. HSBC initiated coverage on MGM Resorts International in a research report on Monday, October 23rd. They set a “buy” rating and a $49.00 price target for the company. Truist Financial reaffirmed a “buy” rating and issued a $55.00 target price on shares of MGM Resorts International in a research report on Tuesday, December 5th. Finally, Wells Fargo & Company decreased their target price on MGM Resorts International from $58.00 to $54.00 and set an “overweight” rating for the company in a research report on Thursday, November 9th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $54.75.
Insider Activity at MGM Resorts International
In other MGM Resorts International news, COO Corey Ian Sanders sold 30,000 shares of the firm’s stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $44.82, for a total transaction of $1,344,600.00. Following the transaction, the chief operating officer now directly owns 227,674 shares in the company, valued at $10,204,348.68. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, insider John Mcmanus sold 10,000 shares of MGM Resorts International stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $45.00, for a total value of $450,000.00. Following the transaction, the insider now directly owns 63,695 shares in the company, valued at $2,866,275. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Corey Ian Sanders sold 30,000 shares of the business’s stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $44.82, for a total value of $1,344,600.00. Following the transaction, the chief operating officer now owns 227,674 shares in the company, valued at $10,204,348.68. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 50,000 shares of company stock valued at $2,229,100. Insiders own 2.39% of the company’s stock.
Institutional Investors Weigh In On MGM Resorts International
A number of institutional investors have recently added to or reduced their stakes in MGM. Tyler Stone Wealth Management acquired a new position in shares of MGM Resorts International in the 2nd quarter worth approximately $26,000. Mendota Financial Group LLC acquired a new position in MGM Resorts International during the 3rd quarter worth $27,000. International Assets Investment Management LLC acquired a new position in MGM Resorts International during the 3rd quarter worth $28,000. CVA Family Office LLC acquired a new position in MGM Resorts International during the 4th quarter worth $28,000. Finally, ICA Group Wealth Management LLC acquired a new position in MGM Resorts International during the 4th quarter worth $28,000. 66.46% of the stock is owned by institutional investors and hedge funds.
MGM Resorts International Stock Performance
The firm has a fifty day simple moving average of $43.90 and a 200-day simple moving average of $41.49. The company has a current ratio of 1.78, a quick ratio of 1.73 and a debt-to-equity ratio of 1.47. The stock has a market cap of $14.41 billion, a price-to-earnings ratio of 14.41 and a beta of 2.19.
MGM Resorts International (NYSE:MGM – Get Free Report) last issued its earnings results on Tuesday, February 13th. The company reported $1.06 EPS for the quarter, beating the consensus estimate of $0.67 by $0.39. The company had revenue of $4.38 billion during the quarter, compared to analysts’ expectations of $4.14 billion. MGM Resorts International had a net margin of 7.23% and a return on equity of 18.04%. The business’s revenue for the quarter was up 21.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.69 EPS. Analysts forecast that MGM Resorts International will post 2.28 EPS for the current fiscal year.
MGM Resorts International announced that its board has approved a share buyback plan on Wednesday, November 8th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to buy up to 14.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
About MGM Resorts International
MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and Macau. 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.