UBS Group Cuts MGM Resorts International (NYSE:MGM) Price Target to $39.00

MGM Resorts International (NYSE:MGM) had its target price reduced by research analysts at UBS Group from $40.00 to $39.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. UBS Group’s price target would indicate a potential upside of 6.21% from the company’s previous close.

MGM has been the topic of several other reports. Wells Fargo & Company boosted their target price on MGM Resorts International from $29.00 to $31.00 and gave the stock an “underweight” rating in a report on Friday, January 16th. The Goldman Sachs Group reissued a “sell” rating and issued a $33.00 target price on shares of MGM Resorts International in a report on Monday, December 15th. Berenberg Bank reissued a “buy” rating on shares of MGM Resorts International in a report on Wednesday, February 11th. Zacks Research raised MGM Resorts International from a “strong sell” rating to a “hold” rating in a report on Monday, December 22nd. Finally, Barclays set a $37.00 target price on MGM Resorts International in a report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $42.00.

MGM Resorts International Price Performance

Shares of MGM traded down $0.21 on Friday, hitting $36.72. The company’s stock had a trading volume of 856,201 shares, compared to its average volume of 4,899,630. The company has a market capitalization of $9.39 billion, a PE ratio of 48.93 and a beta of 1.35. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.23 and a quick ratio of 1.20. MGM Resorts International has a fifty-two week low of $28.12 and a fifty-two week high of $40.16. The company has a 50 day moving average price of $36.21 and a 200 day moving average price of $34.90.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, February 4th. The company reported $1.60 EPS for the quarter, topping the consensus estimate of $0.64 by $0.96. The business had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.42 billion. MGM Resorts International had a return on equity of 26.04% and a net margin of 1.17%.During the same period in the previous year, the business earned $0.45 EPS. On average, research analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Insider Activity at MGM Resorts International

In related news, major shareholder Iac Inc. acquired 550,000 shares of the company’s stock in a transaction that occurred on Monday, March 23rd. The stock was purchased at an average price of $37.30 per share, for a total transaction of $20,515,000.00. Following the transaction, the insider directly owned 66,372,350 shares of the company’s stock, valued at approximately $2,475,688,655. This trade represents a 0.84% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Keith A. Meister sold 37,500 shares of the business’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $34.27, for a total transaction of $1,285,125.00. Following the completion of the transaction, the director owned 5,347,978 shares of the company’s stock, valued at $183,275,206.06. This trade represents a 0.70% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 3.38% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. CYBER HORNET ETFs LLC bought a new stake in shares of MGM Resorts International in the 2nd quarter valued at $25,000. Mendota Financial Group LLC bought a new stake in shares of MGM Resorts International in the 3rd quarter valued at $27,000. Global Retirement Partners LLC increased its position in shares of MGM Resorts International by 55.9% in the 4th quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock valued at $29,000 after buying an additional 281 shares in the last quarter. Mather Group LLC. bought a new stake in shares of MGM Resorts International in the 3rd quarter valued at $33,000. Finally, Elyxium Wealth LLC bought a new stake in shares of MGM Resorts International in the 4th quarter valued at $42,000. Institutional investors own 68.11% of the company’s stock.

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.