Truist Financial Lowers MGM Resorts International (NYSE:MGM) Price Target to $56.00

MGM Resorts International (NYSE:MGM - Get Free Report) had its target price dropped by equities research analysts at Truist Financial from $58.00 to $56.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Truist Financial's price objective points to a potential upside of 41.27% from the company's current price.

Several other research firms have also commented on MGM. Susquehanna boosted their price target on MGM Resorts International from $54.00 to $55.00 and gave the stock a "positive" rating in a research report on Thursday, August 1st. Macquarie reduced their price target on MGM Resorts International from $58.00 to $55.00 and set an "outperform" rating on the stock in a research report on Friday, August 2nd. Barclays reduced their price target on MGM Resorts International from $56.00 to $54.00 and set an "overweight" rating on the stock in a research report on Thursday, October 17th. Deutsche Bank Aktiengesellschaft reduced their price target on MGM Resorts International from $57.00 to $52.00 and set a "buy" rating on the stock in a research report on Tuesday, October 1st. Finally, Wells Fargo & Company reduced their price target on MGM Resorts International from $53.00 to $47.00 and set an "overweight" rating on the stock in a research report on Thursday, October 17th. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $53.71.

MGM Resorts International Trading Down 2.2 %

MGM traded down $0.88 during midday trading on Wednesday, hitting $39.64. The company's stock had a trading volume of 2,989,535 shares, compared to its average volume of 4,063,055. The company has a current ratio of 1.47, a quick ratio of 1.42 and a debt-to-equity ratio of 1.65. The firm has a market cap of $12.43 billion, a P/E ratio of 15.25, a PEG ratio of 0.92 and a beta of 2.23. The firm has a 50-day moving average price of $38.30 and a two-hundred day moving average price of $40.38. MGM Resorts International has a 52-week low of $33.44 and a 52-week high of $48.24.

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

Insider Activity

In other news, CFO Jonathan S. Halkyard purchased 10,000 shares of the stock in a transaction dated Monday, August 5th. The stock was acquired at an average cost of $34.00 per share, for a total transaction of $340,000.00. Following the acquisition, the chief financial officer now owns 38,299 shares of the company's stock, valued at $1,302,166. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. In related news, CFO Jonathan S. Halkyard acquired 10,000 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was purchased at an average cost of $34.00 per share, for a total transaction of $340,000.00. Following the purchase, the chief financial officer now directly owns 38,299 shares in the company, valued at $1,302,166. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Paul J. Salem acquired 147,500 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were bought at an average price of $33.80 per share, with a total value of $4,985,500.00. Following the completion of the purchase, the director now owns 1,702,500 shares in the company, valued at $57,544,500. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 216,400 shares of company stock worth $7,312,197. 2.13% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Goldentree Asset Management LP bought a new position in shares of MGM Resorts International in the first quarter worth $35,726,000. Marshall Wace LLP grew its stake in shares of MGM Resorts International by 174.8% in the second quarter. Marshall Wace LLP now owns 1,110,040 shares of the company's stock worth $49,330,000 after purchasing an additional 706,159 shares in the last quarter. Boston Partners grew its stake in shares of MGM Resorts International by 12.6% in the first quarter. Boston Partners now owns 6,111,930 shares of the company's stock worth $286,933,000 after purchasing an additional 684,676 shares in the last quarter. LSV Asset Management bought a new position in shares of MGM Resorts International in the second quarter worth $21,149,000. Finally, Shellback Capital LP grew its stake in shares of MGM Resorts International by 433.3% in the second quarter. Shellback Capital LP now owns 400,000 shares of the company's stock worth $17,776,000 after purchasing an additional 325,000 shares in the last quarter. 68.11% of the stock is currently owned by 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.