Argus Has Lowered Expectations for MGM Resorts International (NYSE:MGM) Stock Price

MGM Resorts International (NYSE:MGM) had its target price reduced by analysts at Argus from $55.00 to $40.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Argus‘s price target indicates a potential upside of 23.91% from the company’s previous close.

A number of other equities research analysts also recently issued reports on the company. Mizuho set a $50.00 price target on MGM Resorts International in a research report on Thursday, October 29th. HSBC upgraded shares of MGM Resorts International to a “strong-buy” rating in a research report on Thursday, July 30th. Zacks Research downgraded MGM Resorts International from a “hold” rating to a “strong sell” rating in a research report on Friday, October 2nd. Truist Financial dropped their target price on shares of MGM Resorts International from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Thursday, October 29th. Finally, Morgan Stanley decreased their target price on shares of MGM Resorts International from $43.00 to $29.00 and set an “underweight” rating for the company in a research note on Monday, October 19th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $44.29.

MGM Resorts International Stock Down 0.8%

MGM traded down $0.26 on Thursday, reaching $32.28. The company’s stock had a trading volume of 4,741,805 shares, compared to its average volume of 5,662,068. MGM Resorts International has a fifty-two week low of $26.71 and a fifty-two week high of $51.59. The company has a quick ratio of 1.20, a current ratio of 1.24 and a debt-to-equity ratio of 1.68. The company has a market capitalization of $8.17 billion, a price-to-earnings ratio of 12.27, a P/E/G ratio of 1.82 and a beta of 1.34. The stock has a 50 day moving average of $33.63 and a two-hundred day moving average of $38.93.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, October 28th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.15). The company had revenue of $4.21 billion for the quarter, compared to analysts’ expectations of $4.21 billion. MGM Resorts International had a return on equity of 20.58% and a net margin of 3.92%. The business’s quarterly revenue was down .9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.24 EPS. As a group, analysts forecast that MGM Resorts International will post 1.68 EPS for the current fiscal year.

Insider Transactions at MGM Resorts International

In other news, Director Keith Meister purchased 1,738,074 shares of MGM Resorts International stock in a transaction on Friday, October 30th. The stock was purchased at an average price of $29.64 per share, with a total value of $51,516,513.36. Following the transaction, the director directly owned 7,086,052 shares in the company, valued at $210,030,581.28. The trade was a 32.50% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 3.38% of the company’s stock.

Institutional Trading of MGM Resorts International

Several institutional investors have recently added to or reduced their stakes in the company. International Assets Investment Management LLC acquired a new stake in shares of MGM Resorts International in the 1st quarter valued at approximately $30,000. Latitude Advisors LLC bought a new stake in MGM Resorts International in the 3rd quarter valued at about $27,000. Optiver Holding B.V. bought a new position in shares of MGM Resorts International in the first quarter valued at $35,000. Fiduciary Financial Advisors bought a new stake in MGM Resorts International during the second quarter worth $48,000. Finally, Global Retirement Partners LLC purchased a new position in MGM Resorts International in the second quarter worth $53,000. 68.11% of the stock is currently owned by institutional investors.

About MGM Resorts International

MGM Resorts International is a global hospitality and entertainment company that develops, owns, and operates destination resorts featuring casinos, hotels, restaurants, entertainment venues, convention facilities, retail spaces, and nightlife offerings. Its portfolio includes well-known properties such as MGM Grand, Bellagio, ARIA, Mandalay Bay, and The Cosmopolitan of Las Vegas.

The company serves customers through properties in Las Vegas and other U.S. markets, including regional destinations in Michigan, Maryland, Massachusetts, Mississippi, New Jersey, New York, and Ohio.