Stifel Nicolaus Cuts MGM Resorts International (NYSE:MGM) Price Target to $48.00

MGM Resorts International (NYSE:MGM) had its price target dropped by Stifel Nicolaus from $50.00 to $48.00 in a research note issued on Tuesday,MarketScreener reports. The brokerage presently has a “buy” rating on the stock. Stifel Nicolaus’ target price indicates a potential upside of 24.40% from the company’s previous close.

Several other equities research analysts have also commented on MGM. Berenberg Bank restated a “buy” rating on shares of MGM Resorts International in a research report on Wednesday, February 11th. Zacks Research upgraded MGM Resorts International from a “strong sell” rating to a “hold” rating in a research report on Monday, December 22nd. Deutsche Bank Aktiengesellschaft upped their target price on MGM Resorts International from $43.00 to $44.00 and gave the company a “buy” rating in a research report on Thursday, February 12th. Citigroup upped their target price on MGM Resorts International from $35.00 to $41.00 and gave the company a “neutral” rating in a research report on Friday, February 6th. Finally, The Goldman Sachs Group restated a “sell” rating and issued a $33.00 price target on shares of MGM Resorts International in a report on Monday, December 15th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have issued a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $41.88.

MGM Resorts International Trading Up 1.8%

Shares of NYSE MGM traded up $0.69 during midday trading on Tuesday, reaching $38.58. The stock had a trading volume of 208,811 shares, compared to its average volume of 4,904,806. The firm has a market cap of $9.87 billion, a price-to-earnings ratio of 51.35 and a beta of 1.35. MGM Resorts International has a twelve month low of $25.62 and a twelve month high of $40.16. The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.20 and a current ratio of 1.23. The company’s 50 day moving average price is $36.05 and its 200 day moving average price is $34.87.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, February 4th. The company reported $1.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.96. MGM Resorts International had a net margin of 1.17% and a return on equity of 26.04%. The firm had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.42 billion. During the same quarter in the previous year, the company earned $0.45 EPS. As a group, sell-side analysts expect that MGM Resorts International will post 2.21 EPS for the current year.

Insider Buying and Selling at MGM Resorts International

In related news, major shareholder Iac Inc. purchased 450,000 shares of MGM Resorts International stock in a transaction dated Tuesday, March 24th. The stock was bought at an average cost of $37.13 per share, for a total transaction of $16,708,500.00. Following the completion of the transaction, the insider owned 66,822,350 shares in the company, valued at $2,481,113,855.50. This trade represents a 0.68% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Keith A. Meister sold 37,500 shares of the company’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $34.27, for a total transaction of $1,285,125.00. Following the sale, the director directly owned 5,347,978 shares in the company, valued at $183,275,206.06. This trade represents a 0.70% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 3.38% of the company’s stock.

Institutional Trading of MGM Resorts International

A number of hedge funds have recently made changes to their positions in MGM. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in MGM Resorts International by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,652 shares of the company’s stock worth $582,000 after buying an additional 951 shares in the last quarter. NewEdge Advisors LLC raised its position in MGM Resorts International by 12.1% during the 1st quarter. NewEdge Advisors LLC now owns 3,893 shares of the company’s stock valued at $115,000 after purchasing an additional 421 shares during the last quarter. Woodline Partners LP raised its position in MGM Resorts International by 39.1% during the 1st quarter. Woodline Partners LP now owns 18,901 shares of the company’s stock valued at $560,000 after purchasing an additional 5,312 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in MGM Resorts International by 57.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,248 shares of the company’s stock valued at $112,000 after purchasing an additional 1,182 shares during the last quarter. Finally, Amundi raised its position in MGM Resorts International by 125.4% during the 2nd quarter. Amundi now owns 747,294 shares of the company’s stock valued at $28,151,000 after purchasing an additional 415,806 shares during the last quarter. 68.11% of the stock is owned by institutional investors.

MGM Resorts International Company Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.