Truist Financial Issues Pessimistic Forecast for MGM Resorts International (NYSE:MGM) Stock Price

MGM Resorts International (NYSE:MGM) had its price objective cut by equities researchers at Truist Financial from $48.00 to $47.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s target price points to a potential upside of 46.76% from the company’s current price.

A number of other research firms also recently issued reports on MGM. JPMorgan Chase & Co. lowered their target price on shares of MGM Resorts International from $43.00 to $41.00 and set a “neutral” rating for the company in a report on Thursday, October 16th. UBS Group lowered their target price on shares of MGM Resorts International from $44.00 to $39.00 and set a “neutral” rating for the company in a report on Thursday, September 11th. Macquarie lowered their target price on shares of MGM Resorts International from $48.00 to $46.00 and set an “outperform” rating for the company in a report on Thursday, October 2nd. Morgan Stanley boosted their target price on shares of MGM Resorts International from $41.00 to $43.00 and gave the company an “equal weight” rating in a report on Thursday, September 11th. Finally, Barclays boosted their target price on shares of MGM Resorts International from $43.00 to $44.00 and gave the company an “overweight” rating in a report on Friday, July 18th. Fourteen research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $47.58.

MGM Resorts International Stock Up 4.2%

Shares of NYSE MGM opened at $32.03 on Thursday. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $41.32. The firm’s 50 day moving average price is $34.71 and its 200 day moving average price is $34.37. The firm has a market cap of $8.72 billion, a P/E ratio of 200.16, a price-to-earnings-growth ratio of 1.40 and a beta of 1.67. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.18 and a current ratio of 1.22.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, October 29th. The company reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.13). MGM Resorts International had a return on equity of 16.95% and a net margin of 0.40%.The firm had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same quarter last year, the business posted $0.54 EPS. The firm’s revenue was up 1.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider John Mcmanus sold 60,000 shares of the firm’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $36.12, for a total value of $2,167,200.00. Following the transaction, the insider owned 31,521 shares of the company’s stock, valued at approximately $1,138,538.52. This trade represents a 65.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Keith A. Meister sold 242,000 shares of the firm’s stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $35.42, for a total transaction of $8,571,640.00. Following the completion of the transaction, the director directly owned 5,385,478 shares in the company, valued at approximately $190,753,630.76. This represents a 4.30% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 3.06% of the company’s stock.

Hedge Funds Weigh In On MGM Resorts International

A number of hedge funds have recently made changes to their positions in MGM. GAMMA Investing LLC raised its stake in shares of MGM Resorts International by 10.6% in the 1st quarter. GAMMA Investing LLC now owns 6,477 shares of the company’s stock valued at $192,000 after acquiring an additional 619 shares during the period. Golden State Wealth Management LLC lifted its position in shares of MGM Resorts International by 83.5% during the first quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company’s stock worth $30,000 after purchasing an additional 455 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of MGM Resorts International by 18.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 29,280 shares of the company’s stock worth $889,000 after purchasing an additional 4,655 shares in the last quarter. Amalgamated Bank lifted its position in shares of MGM Resorts International by 0.8% during the first quarter. Amalgamated Bank now owns 43,933 shares of the company’s stock worth $1,302,000 after purchasing an additional 329 shares in the last quarter. Finally, Ameritas Advisory Services LLC lifted its position in shares of MGM Resorts International by 12.8% during the first quarter. Ameritas Advisory Services LLC now owns 30,145 shares of the company’s stock worth $897,000 after purchasing an additional 3,430 shares in the last quarter. 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.