Stifel Nicolaus Cuts MGM Resorts International (NYSE:MGM) Price Target to $47.00

MGM Resorts International (NYSE:MGM) had its price target decreased by Stifel Nicolaus from $50.00 to $47.00 in a report published on Wednesday, MarketBeat.com reports. Stifel Nicolaus currently has a buy rating on the stock.

Other equities research analysts have also issued reports about the stock. Susquehanna raised their price objective on shares of MGM Resorts International from $50.00 to $60.00 and gave the company a “positive” rating in a report on Tuesday, July 29th. JPMorgan Chase & Co. cut their price target on shares of MGM Resorts International from $43.00 to $41.00 and set a “neutral” rating on the stock in a research note on Thursday, October 16th. Deutsche Bank Aktiengesellschaft cut their price target on shares of MGM Resorts International from $54.00 to $53.00 in a research note on Monday, September 22nd. UBS Group cut their price target on shares of MGM Resorts International from $44.00 to $39.00 and set a “neutral” rating on the stock in a research note on Thursday, September 11th. Finally, Mizuho lifted their price target on shares of MGM Resorts International from $56.00 to $58.00 and gave the stock an “outperform” rating in a research note on Monday, October 13th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, MGM Resorts International has a consensus rating of “Moderate Buy” and a consensus price target of $48.50.

MGM Resorts International Stock Performance

Shares of MGM stock opened at $32.83 on Wednesday. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $42.53. The stock has a market capitalization of $8.93 billion, a PE ratio of 18.04, a P/E/G ratio of 1.49 and a beta of 1.67. The firm has a 50 day moving average of $35.20 and a two-hundred day moving average of $34.23.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.21. MGM Resorts International had a net margin of 3.13% and a return on equity of 19.39%. The business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.28 billion. During the same period last year, the business earned $0.86 EPS. The company’s revenue was up 1.8% on a year-over-year basis. On average, research analysts predict that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Insider Activity

In other news, insider John Mcmanus sold 60,000 shares of the business’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $36.12, for a total value of $2,167,200.00. Following the completion of the transaction, the insider owned 31,521 shares of the company’s stock, valued at $1,138,538.52. The trade was a 65.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Keith A. Meister sold 242,000 shares of the business’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $35.42, for a total transaction of $8,571,640.00. Following the completion of the transaction, the director directly owned 5,385,478 shares of the company’s stock, valued at approximately $190,753,630.76. This represents a 4.30% decrease in their position. The disclosure for this sale can be found here. 3.06% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On MGM Resorts International

Several institutional investors and hedge funds have recently bought and sold shares of MGM. Helikon Investments Ltd increased its position in shares of MGM Resorts International by 379.9% in the second quarter. Helikon Investments Ltd now owns 8,810,322 shares of the company’s stock worth $302,987,000 after acquiring an additional 6,974,347 shares in the last quarter. Kingstone Capital Partners Texas LLC acquired a new stake in shares of MGM Resorts International in the second quarter worth $171,632,000. Davis Selected Advisers increased its position in shares of MGM Resorts International by 14.4% in the second quarter. Davis Selected Advisers now owns 23,821,109 shares of the company’s stock worth $819,208,000 after acquiring an additional 3,006,052 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of MGM Resorts International by 119.6% in the second quarter. Arrowstreet Capital Limited Partnership now owns 4,212,114 shares of the company’s stock worth $144,855,000 after acquiring an additional 2,293,797 shares in the last quarter. Finally, Norges Bank acquired a new stake in MGM Resorts International during the 2nd quarter valued at $60,570,000. 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.