MGM Resorts International (NYSE:MGM) Given New $45.00 Price Target at Truist Financial

MGM Resorts International (NYSE:MGM) had its price target cut by equities researchers at Truist Financial from $47.00 to $45.00 in a research note issued to investors on Friday,MarketScreener reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price target would indicate a potential upside of 23.38% from the stock’s previous close.

MGM has been the subject of a number of other research reports. Morgan Stanley raised their price objective on shares of MGM Resorts International from $41.00 to $43.00 and gave the company an “equal weight” rating in a research report on Thursday, September 11th. Barclays set a $38.00 target price on MGM Resorts International and gave the stock an “equal weight” rating in a research note on Wednesday, December 17th. Deutsche Bank Aktiengesellschaft dropped their price objective on MGM Resorts International from $54.00 to $53.00 in a report on Monday, September 22nd. Argus reduced their target price on MGM Resorts International from $45.00 to $40.00 and set a “buy” rating for the company in a report on Friday, November 14th. Finally, Macquarie decreased their target price on shares of MGM Resorts International from $48.00 to $46.00 and set an “outperform” rating on the stock in a research report on Thursday, October 2nd. Twelve analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $45.19.

MGM Resorts International Trading Down 0.0%

NYSE:MGM opened at $36.47 on Friday. MGM Resorts International has a 12-month low of $25.30 and a 12-month high of $41.32. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 1.80. The stock’s 50 day simple moving average is $34.47 and its 200-day simple moving average is $35.27. The firm has a market cap of $9.98 billion, a P/E ratio of 227.96, a PEG ratio of 2.41 and a beta of 1.46.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, October 29th. The company reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.13). The firm had revenue of $4.25 billion during the quarter, compared to analysts’ expectations of $4.24 billion. MGM Resorts International had a net margin of 0.40% and a return on equity of 17.23%. The business’s quarterly revenue was up 1.6% on a year-over-year basis. During the same quarter last year, the business earned $0.54 earnings per share. Equities analysts anticipate that MGM Resorts International will post 2.21 EPS for the current year.

Insider Buying and Selling at MGM Resorts International

In other news, major shareholder Iac Inc. purchased 1,098,748 shares of the business’s stock in a transaction dated Friday, December 5th. The stock was acquired at an average price of $36.30 per share, with a total value of $39,884,552.40. Following the purchase, the insider directly owned 65,822,350 shares of the company’s stock, valued at $2,389,351,305. This represents a 1.70% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 3.06% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in MGM. Quarry LP raised its stake in MGM Resorts International by 24.1% during the first quarter. Quarry LP now owns 1,795 shares of the company’s stock worth $53,000 after acquiring an additional 349 shares during the period. Ancora Advisors LLC grew its holdings in shares of MGM Resorts International by 42.4% during the first quarter. Ancora Advisors LLC now owns 12,369 shares of the company’s stock valued at $367,000 after purchasing an additional 3,681 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of MGM Resorts International by 104.2% during the first quarter. AQR Capital Management LLC now owns 2,611,278 shares of the company’s stock valued at $75,962,000 after purchasing an additional 1,332,313 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of MGM Resorts International by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,652 shares of the company’s stock worth $582,000 after purchasing an additional 951 shares during the period. Finally, NewEdge Advisors LLC lifted its holdings in shares of MGM Resorts International by 12.1% in the 1st quarter. NewEdge Advisors LLC now owns 3,893 shares of the company’s stock worth $115,000 after purchasing an additional 421 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 is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.