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

MGM Resorts International (NYSE:MGM) had its price objective cut by JMP Securities from $57.00 to $56.00 in a report released on Monday morning, Benzinga reports. They currently have a market outperform rating on the stock.

Other equities analysts also recently issued research reports about the stock. UBS Group upgraded shares of MGM Resorts International to a “hold” rating in a research report on Friday, August 23rd. Deutsche Bank Aktiengesellschaft cut their price objective on shares of MGM Resorts International from $57.00 to $52.00 and set a “buy” rating for the company in a research report on Tuesday, October 1st. Stifel Nicolaus upped their price objective on shares of MGM Resorts International from $60.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Wells Fargo & Company cut their price objective on shares of MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. Finally, BTIG Research began coverage on shares of MGM Resorts International in a research report on Wednesday, July 3rd. They set a “buy” rating and a $52.00 price objective for the company. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, MGM Resorts International presently has an average rating of “Moderate Buy” and an average price target of $54.14.

MGM Resorts International Stock Up 1.3 %

MGM stock opened at $39.90 on Monday. The company has a fifty day moving average price of $38.04 and a 200 day moving average price of $40.59. MGM Resorts International has a 12 month low of $33.44 and a 12 month high of $48.24. The company has a market cap of $12.52 billion, a price-to-earnings ratio of 15.35, a price-to-earnings-growth ratio of 0.92 and a beta of 2.23. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.47 and a quick ratio of 1.42.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.66 by $0.20. The firm had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.21 billion. MGM Resorts International had a net margin of 5.15% and a return on equity of 26.36%. MGM Resorts International’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.59 EPS. Sell-side analysts expect that MGM Resorts International will post 2.55 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO William Hornbuckle purchased 58,900 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were bought at an average cost of $33.73 per share, with a total value of $1,986,697.00. Following the purchase, the chief executive officer now directly owns 377,112 shares of the company’s stock, valued at approximately $12,719,987.76. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Jonathan S. Halkyard acquired 10,000 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were acquired at an average cost of $34.00 per share, for a total transaction of $340,000.00. Following the acquisition, the chief financial officer now directly owns 38,299 shares in the company, valued at approximately $1,302,166. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO William Hornbuckle acquired 58,900 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were bought at an average price of $33.73 per share, for a total transaction of $1,986,697.00. Following the completion of the acquisition, the chief executive officer now owns 377,112 shares in the company, valued at approximately $12,719,987.76. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 216,400 shares of company stock valued at $7,312,197 in the last ninety days. Insiders own 2.13% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Boston Partners raised its holdings in MGM Resorts International by 12.6% in the first quarter. Boston Partners now owns 6,111,930 shares of the company’s stock valued at $286,933,000 after buying an additional 684,676 shares during the period. Bamco Inc. NY raised its holdings in MGM Resorts International by 3.6% in the first quarter. Bamco Inc. NY now owns 2,101,065 shares of the company’s stock valued at $99,191,000 after buying an additional 73,515 shares during the period. Marshall Wace LLP raised its holdings in MGM Resorts International by 174.8% in the second quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock valued at $49,330,000 after buying an additional 706,159 shares during the period. Key Colony Management LLC raised its holdings in MGM Resorts International by 11.1% in the third quarter. Key Colony Management LLC now owns 883,000 shares of the company’s stock valued at $34,516,000 after buying an additional 88,000 shares during the period. Finally, Goldentree Asset Management LP acquired a new stake in MGM Resorts International in the first quarter valued at approximately $35,726,000. Hedge funds and other institutional investors 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.