Truist Financial Cuts MGM Resorts International (NYSE:MGM) Price Target to $50.00

MGM Resorts International (NYSE:MGM) had its price objective lowered by Truist Financial from $54.00 to $50.00 in a report released on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

MGM has been the subject of a number of other reports. Jefferies Financial Group decreased their price objective on MGM Resorts International from $52.00 to $50.00 and set a “buy” rating for the company in a research report on Friday, January 3rd. Wells Fargo & Company decreased their price target on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Deutsche Bank Aktiengesellschaft dropped their price objective 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. Barclays reduced their target price on shares of MGM Resorts International from $50.00 to $46.00 and set an “overweight” rating for the company in a research note on Friday, December 13th. Finally, JMP Securities dropped their price target on shares of MGM Resorts International from $54.00 to $50.00 and set a “market outperform” rating on the stock in a research note on Monday, November 25th. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, MGM Resorts International has a consensus rating of “Moderate Buy” and an average target price of $51.93.

MGM Resorts International Stock Performance

Shares of MGM Resorts International stock opened at $33.13 on Tuesday. The stock has a market capitalization of $9.86 billion, a price-to-earnings ratio of 11.83, a PEG ratio of 3.04 and a beta of 2.21. The firm’s fifty day simple moving average is $35.65 and its 200-day simple moving average is $38.21. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.24 and a quick ratio of 1.21. MGM Resorts International has a 12 month low of $31.61 and a 12 month high of $48.24.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.54 EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $4.21 billion. During the same quarter in the prior year, the firm posted $0.64 earnings per share. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, equities analysts forecast that MGM Resorts International will post 2.43 earnings per share for the current year.

Insider Buying and Selling

In other MGM Resorts International news, Director Keith A. Meister sold 51,000 shares of the business’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $36.57, for a total transaction of $1,865,070.00. Following the sale, the director now directly owns 5,687,478 shares in the company, valued at approximately $207,991,070.46. The trade was a 0.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.83% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. MidAtlantic Capital Management Inc. purchased a new position in MGM Resorts International during the 3rd quarter valued at about $28,000. Eastern Bank acquired a new position in shares of MGM Resorts International during the 3rd quarter worth approximately $35,000. Brooklyn Investment Group purchased a new stake in MGM Resorts International in the 3rd quarter valued at approximately $44,000. Planning Capital Management Corp acquired a new stake in MGM Resorts International during the 3rd quarter valued at $45,000. Finally, Modus Advisors LLC acquired a new stake in MGM Resorts International during the 4th quarter valued at $46,000. Institutional investors and hedge funds 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.