MGM Resorts International (NYSE:MGM) Price Target Cut to $42.00 by Analysts at JPMorgan Chase & Co.

MGM Resorts International (NYSE:MGM) had its price objective reduced by equities research analysts at JPMorgan Chase & Co. from $53.00 to $42.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 46.49% from the company’s previous close.

Other research analysts also recently issued reports about the company. Zacks Research downgraded MGM Resorts International from a “hold” rating to a “strong sell” rating in a report on Friday, October 2nd. Argus raised their price objective on shares of MGM Resorts International from $45.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, August 17th. Morgan Stanley dropped their price objective on shares of MGM Resorts International from $43.00 to $29.00 and set an “underweight” rating on the stock in a research note on Monday. Weiss Ratings raised MGM Resorts International from a “sell (d+)” rating to a “hold (c)” rating in a report on Thursday, July 30th. Finally, Stifel Nicolaus lowered their price target on MGM Resorts International from $49.00 to $40.00 and set a “hold” rating on the stock in a research report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $46.71.

MGM Resorts International Stock Performance

Shares of MGM stock traded up $0.20 on Tuesday, hitting $28.67. The company had a trading volume of 1,633,132 shares, compared to its average volume of 4,332,469. The firm has a market cap of $7.21 billion, a P/E ratio of 17.38, a price-to-earnings-growth ratio of 1.47 and a beta of 1.35. The company has a 50-day moving average price of $37.45 and a 200-day moving average price of $41.04. The company has a quick ratio of 1.30, a current ratio of 1.34 and a debt-to-equity ratio of 1.80. MGM Resorts International has a twelve month low of $27.93 and a twelve month high of $51.59.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, July 29th. The company reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.03. The firm had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.42 billion. MGM Resorts International had a return on equity of 23.30% and a net margin of 2.40%. The company’s revenue was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.79 earnings per share. As a group, equities research analysts predict that MGM Resorts International will post 1.95 earnings per share for the current fiscal year.

Institutional Trading of MGM Resorts International

Several institutional investors have recently modified their holdings of the stock. International Assets Investment Management LLC acquired a new position in shares of MGM Resorts International during the 1st quarter worth about $30,000. Optiver Holding B.V. purchased a new position in MGM Resorts International in the 1st quarter valued at about $35,000. Versant Capital Management Inc boosted its holdings in MGM Resorts International by 41.3% in the 3rd quarter. Versant Capital Management Inc now owns 1,437 shares of the company’s stock worth $45,000 after buying an additional 420 shares during the last quarter. Fiduciary Financial Advisors acquired a new stake in MGM Resorts International in the 2nd quarter worth about $48,000. Finally, Contravisory Investment Management Inc. purchased a new stake in MGM Resorts International during the 3rd quarter worth approximately $50,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

About MGM Resorts International

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.