MGM Resorts International (NYSE:MGM) had its target price cut by analysts at JPMorgan Chase & Co. from $37.00 to $36.00 in a report issued on Friday, BenzingaRatingsTable reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 27.21% from the stock’s current price.
Several other research firms have also commented on MGM. ValuEngine lowered MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Thursday, August 15th. Susquehanna Bancshares initiated coverage on MGM Resorts International in a research report on Wednesday, July 24th. They issued a “negative” rating and a $23.00 price target for the company. Nomura lifted their price target on MGM Resorts International from $36.00 to $37.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Citigroup initiated coverage on MGM Resorts International in a research report on Wednesday, July 24th. They issued a $23.00 price target for the company. Finally, Deutsche Bank set a $32.00 price target on MGM Resorts International and gave the stock a “hold” rating in a research report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company. MGM Resorts International presently has an average rating of “Hold” and an average price target of $30.91.
Shares of MGM Resorts International stock traded up $0.32 during trading on Friday, reaching $28.30. 5,704,144 shares of the stock traded hands, compared to its average volume of 4,334,378. The company has a market capitalization of $14.33 billion, a price-to-earnings ratio of 28.59, a P/E/G ratio of 4.03 and a beta of 1.49. MGM Resorts International has a 52-week low of $21.61 and a 52-week high of $31.68. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.73 and a quick ratio of 0.69. The business has a fifty day simple moving average of $28.66 and a two-hundred day simple moving average of $27.42.
MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Thursday, July 25th. The company reported $0.23 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.25 by ($0.02). The company had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.21 billion. MGM Resorts International had a return on equity of 3.77% and a net margin of 1.56%. The company’s revenue was up 12.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.26 EPS. On average, research analysts predict that MGM Resorts International will post 0.85 earnings per share for the current fiscal year.
In other news, Director Keith A. Meister acquired 264,889 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was acquired at an average price of $27.58 per share, with a total value of $7,305,638.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Atif Rafiq acquired 8,761 shares of the firm’s stock in a transaction on Thursday, August 22nd. The stock was purchased at an average cost of $28.55 per share, with a total value of $250,126.55. Following the purchase, the insider now owns 8,761 shares of the company’s stock, valued at $250,126.55. The disclosure for this purchase can be found here. In the last three months, insiders acquired 1,312,405 shares of company stock valued at $36,461,232. 3.47% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in MGM. Patriot Financial Group Insurance Agency LLC raised its stake in shares of MGM Resorts International by 3,000.0% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 930 shares of the company’s stock valued at $27,000 after acquiring an additional 900 shares in the last quarter. Quadrant Capital Group LLC raised its stake in shares of MGM Resorts International by 94.3% during the first quarter. Quadrant Capital Group LLC now owns 1,259 shares of the company’s stock valued at $29,000 after acquiring an additional 611 shares in the last quarter. Rational Advisors LLC raised its stake in shares of MGM Resorts International by 1,113.8% during the first quarter. Rational Advisors LLC now owns 1,323 shares of the company’s stock valued at $34,000 after acquiring an additional 1,214 shares in the last quarter. Thor Advisors LLC bought a new stake in shares of MGM Resorts International during the first quarter valued at approximately $35,000. Finally, Trust Co. of Vermont bought a new stake in shares of MGM Resorts International during the second quarter valued at approximately $43,000. 81.27% of the stock is owned by institutional investors and hedge funds.
MGM Resorts International Company Profile
MGM Resorts International, through its subsidiaries, owns and operates integrated 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.
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