MGM Resorts International (NYSE:MGM) Price Target Lowered to $47.00 at Wells Fargo & Company

MGM Resorts International (NYSE:MGM - Free Report) had its price target lowered by Wells Fargo & Company from $53.00 to $47.00 in a report released on Thursday, Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other analysts also recently issued reports on the stock. Morgan Stanley cut their price target on shares of MGM Resorts International from $44.00 to $43.00 and set an "equal weight" rating for the company in a report on Wednesday, September 4th. Deutsche Bank Aktiengesellschaft cut their price target on shares of MGM Resorts International from $57.00 to $52.00 and set a "buy" rating for the company in a report on Tuesday, October 1st. UBS Group upgraded shares of MGM Resorts International to a "hold" rating in a report on Friday, August 23rd. Susquehanna increased their price objective on shares of MGM Resorts International from $54.00 to $55.00 and gave the stock a "positive" rating in a research report on Thursday, August 1st. Finally, JMP Securities lowered their price objective on shares of MGM Resorts International from $57.00 to $56.00 and set a "market outperform" rating for the company in a research report on Monday. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, MGM Resorts International has an average rating of "Moderate Buy" and an average target price of $53.57.

MGM Resorts International Price Performance

MGM stock traded up $0.68 during mid-day trading on Thursday, reaching $40.58. The company's stock had a trading volume of 3,408,145 shares, compared to its average volume of 4,083,393. The stock has a market cap of $12.73 billion, a PE ratio of 15.61, a P/E/G 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 fifty-two week low of $33.44 and a fifty-two week high of $48.24. The company's 50 day moving average is $38.11 and its two-hundred day moving average is $40.59.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.86 EPS for the quarter, beating analysts' consensus estimates of $0.66 by $0.20. The company had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.21 billion. MGM Resorts International had a net margin of 5.15% and a return on equity of 26.36%. MGM Resorts International's quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.59 EPS. Equities research analysts expect that MGM Resorts International will post 2.55 EPS for the current year.

Insider Buying and Selling at MGM Resorts International

In other news, CEO William Hornbuckle acquired 58,900 shares of the firm's stock in a transaction dated Monday, August 5th. The stock was acquired at an average cost of $33.73 per share, with a total value of $1,986,697.00. Following the transaction, the chief executive officer now owns 377,112 shares in the company, valued at approximately $12,719,987.76. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CEO William Hornbuckle acquired 58,900 shares of the firm's stock in a transaction dated Monday, August 5th. The stock was acquired at an average cost of $33.73 per share, with a total value of $1,986,697.00. Following the transaction, the chief executive officer now owns 377,112 shares in the company, valued at approximately $12,719,987.76. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Paul J. Salem acquired 147,500 shares of the firm's stock in a transaction dated Monday, August 5th. The shares were purchased at an average cost of $33.80 per share, with a total value of $4,985,500.00. Following the completion of the transaction, the director now owns 1,702,500 shares in the company, valued at approximately $57,544,500. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired 216,400 shares of company stock valued at $7,312,197 in the last 90 days. Company insiders own 2.13% of the company's stock.

Institutional Investors Weigh In On MGM Resorts International

Institutional investors and hedge funds have recently bought and sold shares of the stock. Goldentree Asset Management LP purchased a new position in MGM Resorts International during the 1st quarter worth approximately $35,726,000. Marshall Wace LLP grew its stake in MGM Resorts International by 174.8% during the 2nd quarter. Marshall Wace LLP now owns 1,110,040 shares of the company's stock worth $49,330,000 after buying an additional 706,159 shares during the last quarter. Boston Partners grew its stake in MGM Resorts International by 12.6% during the 1st quarter. Boston Partners now owns 6,111,930 shares of the company's stock worth $286,933,000 after buying an additional 684,676 shares during the last quarter. LSV Asset Management purchased a new position in MGM Resorts International during the 2nd quarter worth approximately $21,149,000. Finally, Shellback Capital LP grew its stake in MGM Resorts International by 433.3% during the 2nd quarter. Shellback Capital LP now owns 400,000 shares of the company's stock worth $17,776,000 after buying an additional 325,000 shares during the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

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.