Jefferies Financial Group Lowers MGM Resorts International (NYSE:MGM) Price Target to $50.00

MGM Resorts International (NYSE:MGM) had its price target reduced by equities research analysts at Jefferies Financial Group from $52.00 to $50.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Jefferies Financial Group’s price objective would indicate a potential upside of 46.67% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. JMP Securities decreased their target price on MGM Resorts International from $54.00 to $50.00 and set a “market outperform” rating on the stock in a research report on Monday, November 25th. Mizuho lowered their price objective on shares of MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Barclays dropped their price objective 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. Truist Financial decreased their target price on shares of MGM Resorts International from $58.00 to $56.00 and set a “buy” rating on the stock in a research note on Wednesday, October 23rd. Finally, Wells Fargo & Company dropped their price target on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $52.36.

MGM Resorts International Stock Performance

NYSE MGM opened at $34.09 on Friday. The firm’s 50 day simple moving average is $36.65 and its 200 day simple moving average is $38.78. The firm has a market capitalization of $10.15 billion, a price-to-earnings ratio of 12.18, a P/E/G ratio of 3.10 and a beta of 2.20. The company has a current ratio of 1.24, a quick ratio of 1.21 and a debt-to-equity ratio of 1.63. MGM Resorts International has a 1 year low of $33.28 and a 1 year high of $48.24.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share 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 period in the prior year, the business posted $0.64 EPS. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, research analysts expect that MGM Resorts International will post 2.48 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Keith A. Meister sold 51,000 shares of MGM Resorts International stock in a transaction on Friday, December 13th. The shares were sold at an average price of $36.57, for a total transaction of $1,865,070.00. Following the completion of the transaction, the director now owns 5,687,478 shares of the company’s stock, valued at $207,991,070.46. This trade represents a 0.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.13% of the stock is owned by insiders.

Institutional Trading of MGM Resorts International

A number of large investors have recently bought and sold shares of MGM. International Assets Investment Management LLC acquired a new stake in MGM Resorts International during the second quarter worth approximately $28,000. MidAtlantic Capital Management Inc. bought a new position in shares of MGM Resorts International during the 3rd quarter worth approximately $28,000. Eastern Bank acquired a new stake in shares of MGM Resorts International during the 3rd quarter worth approximately $35,000. Brooklyn Investment Group acquired a new position in shares of MGM Resorts International during the 3rd quarter valued at $44,000. Finally, Planning Capital Management Corp bought a new position in MGM Resorts International during the third quarter worth $45,000. 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.