MGM Resorts International (NYSE:MGM) Stock Price Target Lowered at Barclays

by · The Cerbat Gem

MGM Resorts International (NYSE:MGM – Get Free Report) had its target price lowered by analysts at Barclays from $48.00 to $37.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s price objective points to a potential upside of 23.65% from the stock’s current price.

MGM has been the topic of a number of other reports. HSBC upgraded shares of MGM Resorts International to a “strong-buy” rating in a research note on Thursday, July 30th. Morgan Stanley reiterated an “underweight” rating on shares of MGM Resorts International in a research report on Wednesday, July 22nd. Weiss Ratings upgraded shares of MGM Resorts International from a “sell (d+)” rating to a “hold (c)” rating in a report on Thursday, July 30th. The Goldman Sachs Group reaffirmed a “sell” rating and set a $43.00 price objective on shares of MGM Resorts International in a research report on Wednesday, July 15th. Finally, Mizuho decreased their target price on MGM Resorts International from $60.00 to $55.00 and set an “outperform” rating on the stock in a report on Thursday, September 24th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $51.66.

Check Out Our Latest Stock Report on MGM Resorts International

MGM Resorts International Stock Performance

MGM traded down $0.09 during trading hours on Friday, reaching $29.92. The company’s stock had a trading volume of 800,649 shares, compared to its average volume of 4,311,626. The company’s 50-day moving average is $39.62 and its 200-day moving average is $41.43. The firm has a market cap of $7.53 billion, a PE ratio of 18.14, a price-to-earnings-growth ratio of 1.54 and a beta of 1.35. MGM Resorts International has a 52 week low of $29.18 and a 52 week high of $51.59. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.30 and a current ratio of 1.34.

MGM Resorts International (NYSE:MGM – Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.03. MGM Resorts International had a net margin of 2.40% and a return on equity of 23.30%. The company had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.42 billion. During the same period in the previous year, the firm posted $0.79 EPS. The firm’s revenue was up 2.2% on a year-over-year basis. On average, equities analysts forecast that MGM Resorts International will post 1.95 EPS for the current year.

Institutional Investors Weigh In On MGM Resorts International

Several hedge funds and other institutional investors have recently bought and sold shares of MGM. State Street Corp raised its stake in MGM Resorts International by 0.8% during the 2nd quarter. State Street Corp now owns 7,047,768 shares of the company’s stock valued at $336,954,000 after acquiring an additional 56,072 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of MGM Resorts International by 1.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,379,727 shares of the company’s stock valued at $88,050,000 after purchasing an additional 36,649 shares in the last quarter. Montanova Capital LLC lifted its position in MGM Resorts International by 7.7% during the 2nd quarter. Montanova Capital LLC now owns 2,325,360 shares of the company’s stock worth $111,175,000 after acquiring an additional 166,560 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of MGM Resorts International by 3.0% during the second quarter. Bank of New York Mellon Corp now owns 1,598,531 shares of the company’s stock worth $76,426,000 after buying an additional 46,268 shares in the last quarter. Finally, Royal Bank of Canada increased its holdings in shares of MGM Resorts International by 2.2% in the 1st quarter. Royal Bank of Canada now owns 1,110,977 shares of the company’s stock valued at $41,117,000 after acquiring an additional 23,951 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Company Profile

(Get Free Report)

MGM Resorts International is a global hospitality and entertainment company that develops, owns and operates destination resorts with casinos, hotels, restaurants, retail, entertainment venues, meeting facilities and other leisure offerings. Its properties operate under brands including MGM Grand, Bellagio, ARIA, Mandalay Bay, The Cosmopolitan of Las Vegas, Park MGM, New York-New York and MGM National Harbor.

The company serves customers in Las Vegas and other U.S. markets, including regional destinations in Maryland, Massachusetts, Michigan, Mississippi, New Jersey, New York and Ohio.

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