MGM Resorts International (NYSE:MGM) Price Target Cut to $40.00 by Analysts at Argus

MGM Resorts International (NYSE:MGM) had its price objective decreased by Argus from $55.00 to $40.00 in a research note released on Thursday,Benzinga reports. Argus currently has a buy rating on the stock.

Other equities analysts have also recently issued research reports about the stock. The Goldman Sachs Group restated a “sell” rating and issued a $26.00 price objective on shares of MGM Resorts International in a research report on Thursday, October 29th. Mizuho set a $50.00 target price on MGM Resorts International in a research note on Thursday, October 29th. Morgan Stanley cut their target price on MGM Resorts International from $43.00 to $29.00 and set an “underweight” rating on the stock in a research note on Monday, October 19th. Capital One Financial boosted their price target on MGM Resorts International from $53.00 to $57.00 and gave the company an “overweight” rating in a report on Monday, September 21st. Finally, Wall Street Zen lowered MGM Resorts International from a “hold” rating to a “sell” rating in a research report on Saturday, October 31st. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $44.29.

MGM Resorts International Stock Performance

Shares of MGM stock opened at $32.50 on Thursday. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.20 and a current ratio of 1.24. MGM Resorts International has a fifty-two week low of $26.71 and a fifty-two week high of $51.59. The company has a market capitalization of $8.22 billion, a P/E ratio of 12.36, a PEG ratio of 1.95 and a beta of 1.34. The stock has a 50 day moving average price of $33.84 and a two-hundred day moving average price of $38.94.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, October 28th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.15). MGM Resorts International had a return on equity of 20.58% and a net margin of 3.92%. The firm had revenue of $4.21 billion during the quarter, compared to analysts’ expectations of $4.21 billion. During the same period in the previous year, the firm earned $0.24 earnings per share. The firm’s quarterly revenue was down .9% compared to the same quarter last year. Analysts expect that MGM Resorts International will post 1.68 earnings per share for the current year.

Insider Activity at MGM Resorts International

In related news, Director Keith Meister bought 7,518 shares of the company’s stock in a transaction dated Monday, November 2nd. The stock was purchased at an average cost of $30.24 per share, with a total value of $227,344.32. Following the transaction, the director owned 7,093,570 shares in the company, valued at approximately $214,509,556.80. This trade represents a 0.11% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 3.38% of the company’s stock.

Hedge Funds Weigh In On MGM Resorts International

Institutional investors have recently bought and sold shares of the stock. State Street Corp grew its holdings in MGM Resorts International by 0.8% in the second quarter. State Street Corp now owns 7,047,768 shares of the company’s stock worth $336,954,000 after purchasing an additional 56,072 shares during the period. Montanova Capital LLC lifted its holdings in shares of MGM Resorts International by 7.7% during the second quarter. Montanova Capital LLC now owns 2,325,360 shares of the company’s stock valued at $111,175,000 after purchasing an additional 166,560 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of MGM Resorts International by 1.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,379,727 shares of the company’s stock worth $88,050,000 after purchasing an additional 36,649 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of MGM Resorts International by 3.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,598,531 shares of the company’s stock worth $76,426,000 after purchasing an additional 46,268 shares in the last quarter. Finally, Allianz Asset Management GmbH boosted its position in shares of MGM Resorts International by 5.0% in the 2nd quarter. Allianz Asset Management GmbH now owns 1,037,941 shares of the company’s stock worth $49,624,000 after purchasing an additional 49,351 shares in the last quarter. 68.11% of the stock is owned by institutional investors.

MGM Resorts International Company Profile

MGM Resorts International is a global hospitality and entertainment company that develops, owns, and operates destination resorts featuring casinos, hotels, restaurants, entertainment venues, convention facilities, retail spaces, and nightlife offerings. Its portfolio includes well-known properties such as MGM Grand, Bellagio, ARIA, Mandalay Bay, and The Cosmopolitan of Las Vegas.

The company serves customers through properties in Las Vegas and other U.S. markets, including regional destinations in Michigan, Maryland, Massachusetts, Mississippi, New Jersey, New York, and Ohio.