Truist Financial Lowers MGM Resorts International (NYSE:MGM) Price Target to $56.00

MGM Resorts International (NYSE:MGM) had its target price decreased by equities researchers at Truist Financial from $58.00 to $56.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price objective suggests a potential upside of 39.65% from the company’s previous close.

A number of other research analysts also recently issued reports on the company. UBS Group upgraded MGM Resorts International to a “hold” rating in a report on Friday, August 23rd. BTIG Research assumed coverage on shares of MGM Resorts International in a report on Wednesday, July 3rd. They issued a “buy” rating and a $52.00 price target on the stock. Macquarie decreased their target price on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Morgan Stanley lifted their price target on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a report on Tuesday. Finally, Wells Fargo & Company decreased their price objective 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. Four equities research analysts have rated the stock with a hold rating and eleven 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 $54.08.

MGM Resorts International Price Performance

MGM opened at $40.10 on Wednesday. The company has a market capitalization of $12.58 billion, a price-to-earnings ratio of 15.42, a PEG ratio of 0.92 and a beta of 2.23. The company has a current ratio of 1.47, a quick ratio of 1.42 and a debt-to-equity ratio of 1.65. MGM Resorts International has a 12-month low of $33.44 and a 12-month high of $48.24. The business’s fifty day simple moving average is $38.35 and its 200-day simple moving average is $40.37.

MGM Resorts International (NYSE:MGM) last posted 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. MGM Resorts International had a net margin of 5.15% and a return on equity of 26.36%. The business had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.21 billion. During the same quarter in the previous year, the business posted $0.59 EPS. The company’s quarterly revenue was up 9.8% compared to the same quarter last year. On average, equities research analysts anticipate that MGM Resorts International will post 2.55 earnings per share for the current fiscal year.

Insider Activity

In other MGM Resorts International news, Director Paul J. Salem bought 147,500 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was bought at an average cost of $33.80 per share, for a total transaction of $4,985,500.00. Following the completion of the transaction, the director now directly owns 1,702,500 shares of the company’s stock, valued at approximately $57,544,500. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CEO William Hornbuckle bought 58,900 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was purchased at an average cost of $33.73 per share, with a total value of $1,986,697.00. Following the acquisition, the chief executive officer now directly owns 377,112 shares in the company, valued at $12,719,987.76. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Paul J. Salem purchased 147,500 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were purchased at an average cost of $33.80 per share, for a total transaction of $4,985,500.00. Following the completion of the acquisition, the director now directly owns 1,702,500 shares of the company’s stock, valued at $57,544,500. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 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

Large investors have recently modified their holdings of the company. Goldentree Asset Management LP purchased a new position in shares of MGM Resorts International in the 1st quarter valued at about $35,726,000. Marshall Wace LLP increased its position in shares of 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 in the last quarter. Boston Partners lifted its position in shares of MGM Resorts International by 12.6% during the 1st 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 in the last quarter. LSV Asset Management acquired a new stake in MGM Resorts International in the 2nd quarter valued at $21,149,000. Finally, Shellback Capital LP increased its holdings in MGM Resorts International by 433.3% in the 2nd quarter. Shellback Capital LP now owns 400,000 shares of the company’s stock worth $17,776,000 after acquiring an additional 325,000 shares in the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

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.