MGM Resorts International (NYSE:MGM) Price Target Cut to $40.00

MGM Resorts International (NYSE:MGM) had its price objective decreased by Morgan Stanley from $42.00 to $40.00 in a report released on Monday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

A number of other analysts have also commented on MGM. StockNews.com lowered MGM Resorts International from a buy rating to a hold rating in a research note on Friday, October 13th. Citigroup lifted their price target on MGM Resorts International from $63.00 to $66.50 in a research note on Friday, August 4th. Barclays cut their price objective on MGM Resorts International from $64.00 to $62.00 and set an overweight rating on the stock in a research note on Thursday, August 3rd. Susquehanna cut their price objective on MGM Resorts International from $51.00 to $48.00 and set a neutral rating on the stock in a research note on Thursday, August 3rd. Finally, JMP Securities reaffirmed a market outperform rating and issued a $60.00 price objective on shares of MGM Resorts International in a research note on Tuesday, July 18th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, MGM Resorts International presently has a consensus rating of Moderate Buy and an average price target of $56.35.

MGM Resorts International Stock Performance

NYSE:MGM opened at $40.21 on Monday. The stock’s 50-day simple moving average is $37.62 and its 200 day simple moving average is $41.84. MGM Resorts International has a twelve month low of $32.43 and a twelve month high of $51.35. The firm has a market capitalization of $13.73 billion, a PE ratio of 13.68 and a beta of 2.17. The company has a quick ratio of 1.73, a current ratio of 1.78 and a debt-to-equity ratio of 1.47.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, November 8th. The company reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.12. MGM Resorts International had a return on equity of 18.04% and a net margin of 7.23%. The firm had revenue of $3.97 billion for the quarter, compared to analyst estimates of $3.86 billion. During the same period last year, the firm posted ($1.39) earnings per share. The business’s revenue for the quarter was up 16.3% on a year-over-year basis. On average, analysts anticipate that MGM Resorts International will post 2.29 EPS for the current fiscal year.

MGM Resorts International announced that its Board of Directors has authorized a share buyback program on Wednesday, November 8th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to repurchase up to 14.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On MGM Resorts International

Hedge funds have recently added to or reduced their stakes in the business. Signaturefd LLC increased its holdings in shares of MGM Resorts International by 1.9% during the first quarter. Signaturefd LLC now owns 13,730 shares of the company’s stock valued at $610,000 after acquiring an additional 251 shares in the last quarter. Independent Advisor Alliance increased its holdings in shares of MGM Resorts International by 24.5% during the second quarter. Independent Advisor Alliance now owns 14,304 shares of the company’s stock valued at $628,000 after acquiring an additional 2,817 shares in the last quarter. Symmetry Partners LLC bought a new stake in shares of MGM Resorts International during the second quarter valued at approximately $368,000. Janney Montgomery Scott LLC increased its holdings in shares of MGM Resorts International by 270.3% during the second quarter. Janney Montgomery Scott LLC now owns 118,473 shares of the company’s stock valued at $5,203,000 after acquiring an additional 86,477 shares in the last quarter. Finally, Pitcairn Co. increased its holdings in shares of MGM Resorts International by 48.1% during the first quarter. Pitcairn Co. now owns 12,596 shares of the company’s stock valued at $560,000 after acquiring an additional 4,092 shares in the last quarter. 66.46% of the stock is currently owned by institutional investors.

About MGM Resorts International

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and Macau. 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.