MGM Resorts International (NYSE:MGM) Downgraded to “Equal Weight” Rating by Barclays

MGM Resorts International (NYSE:MGM) was downgraded by equities research analysts at Barclays from an “overweight” rating to an “equal weight” rating in a research report issued on Wednesday, MarketBeat reports. They currently have a $38.00 price objective on the stock. Barclays‘s target price suggests a potential upside of 4.96% from the company’s previous close.

Other research analysts have also issued reports about the company. Truist Financial decreased their price objective on MGM Resorts International from $48.00 to $47.00 and set a “buy” rating on the stock in a research report on Thursday, October 30th. Wells Fargo & Company initiated coverage on MGM Resorts International in a research note on Tuesday, November 18th. They set an “underweight” rating and a $29.00 price target on the stock. Deutsche Bank Aktiengesellschaft lowered their price objective on MGM Resorts International from $54.00 to $53.00 in a research report on Monday, September 22nd. Morgan Stanley boosted their price objective on MGM Resorts International from $41.00 to $43.00 and gave the stock an “equal weight” rating in a report on Thursday, September 11th. Finally, Argus reduced 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 research note on Friday, November 14th. Twelve investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and four have given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $45.31.

MGM Resorts International Trading Down 1.7%

Shares of NYSE MGM opened at $36.20 on Wednesday. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $41.32. The company has a market cap of $9.90 billion, a PE ratio of 226.27, a P/E/G ratio of 2.73 and a beta of 1.48. 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 company has a 50-day moving average of $33.40 and a two-hundred day moving average of $34.92.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, October 29th. The company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.13). The company had revenue of $4.25 billion for the quarter, compared to the consensus estimate of $4.24 billion. MGM Resorts International had a net margin of 0.40% and a return on equity of 17.23%. MGM Resorts International’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period last year, the company earned $0.54 earnings per share. As a group, equities analysts expect that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Insider Buying and Selling at MGM Resorts International

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Allworth Financial LP increased its holdings in shares of MGM Resorts International by 50.9% in the third quarter. Allworth Financial LP now owns 10,919 shares of the company’s stock worth $378,000 after acquiring an additional 3,681 shares in the last quarter. CIBC Bancorp USA Inc. acquired a new position in shares of MGM Resorts International in the 3rd quarter valued at approximately $722,000. Caerus Investment Advisors LLC bought a new stake in MGM Resorts International during the 3rd quarter worth approximately $558,000. Captrust Financial Advisors raised its holdings in MGM Resorts International by 146.5% during the 3rd quarter. Captrust Financial Advisors now owns 50,757 shares of the company’s stock worth $1,759,000 after buying an additional 30,162 shares during the period. Finally, Mizuho Markets Cayman LP acquired a new stake in MGM Resorts International during the 3rd quarter worth approximately $7,297,000. 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.