JMP Securities Has Lowered Expectations for MGM Resorts International (NYSE:MGM) Stock Price

MGM Resorts International (NYSE:MGM) had its price objective lowered by research analysts at JMP Securities from $54.00 to $50.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. JMP Securities’ price target points to a potential upside of 33.16% from the stock’s current price.

A number of other research analysts have also commented on MGM. Deutsche Bank Aktiengesellschaft decreased their price target on shares of MGM Resorts International from $57.00 to $52.00 and set a “buy” rating on the stock in a research note on Tuesday, October 1st. Truist Financial decreased their target price on MGM Resorts International from $58.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, October 23rd. Macquarie dropped their price target on MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Morgan Stanley boosted their price target on MGM Resorts International from $43.00 to $44.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 22nd. Finally, Mizuho lowered their price objective on MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating on the stock in a research report on Thursday, October 31st. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $52.85.

MGM Resorts International Stock Performance

Shares of NYSE MGM opened at $37.55 on Monday. The company has a current ratio of 1.24, a quick ratio of 1.21 and a debt-to-equity ratio of 1.63. The company has a market capitalization of $11.18 billion, a P/E ratio of 13.37, a P/E/G ratio of 2.70 and a beta of 2.23. MGM Resorts International has a 12 month low of $33.44 and a 12 month high of $48.24. The stock has a 50 day moving average of $38.68 and a 200-day moving average of $39.69.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.04). MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. The business had revenue of $4.18 billion for the quarter, compared to analyst estimates of $4.21 billion. During the same period in the prior year, the business earned $0.64 EPS. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, equities research analysts predict that MGM Resorts International will post 2.5 EPS for the current year.

Insider Buying and Selling

In related news, Director Keith A. Meister sold 121,000 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $36.72, for a total value of $4,443,120.00. Following the completion of the transaction, the director now owns 5,738,478 shares in the company, valued at $210,716,912.16. This trade represents a 2.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.83% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On MGM Resorts International

Several institutional investors and hedge funds have recently added to or reduced their stakes in MGM. Boston Partners grew its stake in shares of MGM Resorts International by 12.6% in the first quarter. Boston Partners now owns 6,111,930 shares of the company’s stock worth $286,933,000 after purchasing an additional 684,676 shares during the last quarter. Fisher Asset Management LLC lifted its holdings in MGM Resorts International by 2.0% during the 3rd quarter. Fisher Asset Management LLC now owns 4,547,883 shares of the company’s stock worth $177,777,000 after buying an additional 90,645 shares during the period. Goldentree Asset Management LP grew its position in shares of MGM Resorts International by 86.4% in the 3rd quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock valued at $117,270,000 after buying an additional 1,390,599 shares during the last quarter. HG Vora Capital Management LLC acquired a new stake in shares of MGM Resorts International in the third quarter valued at about $97,725,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of MGM Resorts International by 5.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,298,094 shares of the company’s stock worth $89,832,000 after acquiring an additional 123,124 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

About MGM Resorts International

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.