MGM Resorts International (NYSE:MGM) Price Target Cut to $45.00 by Analysts at Truist Financial

MGM Resorts International (NYSE:MGM) had its target price dropped by stock analysts at Truist Financial from $55.00 to $45.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price objective points to a potential upside of 56.88% from the company’s current price.

MGM has been the subject of a number of other research reports. Bank of America started coverage on MGM Resorts International in a research report on Thursday, September 24th. They set a “neutral” rating and a $40.00 price target for the company. Mizuho reduced their price objective on MGM Resorts International from $60.00 to $55.00 and set an “outperform” rating for the company in a research note on Thursday, September 24th. HSBC upgraded MGM Resorts International to a “strong-buy” rating in a research note on Thursday, July 30th. Citigroup decreased their target price on MGM Resorts International from $48.00 to $32.00 and set a “neutral” rating for the company in a report on Monday, October 12th. Finally, Zacks Research lowered MGM Resorts International from a “hold” rating to a “strong sell” rating in a research report on Friday, October 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, MGM Resorts International presently has an average rating of “Hold” and a consensus price target of $47.88.

MGM Resorts International Stock Performance

Shares of NYSE:MGM traded up $0.21 on Tuesday, hitting $28.68. 1,250,610 shares of the company were exchanged, compared to its average volume of 4,330,570. MGM Resorts International has a 1-year low of $27.93 and a 1-year high of $51.59. The stock’s 50 day moving average price is $37.45 and its 200 day moving average price is $41.04. The company has a current ratio of 1.34, a quick ratio of 1.30 and a debt-to-equity ratio of 1.80. The firm has a market capitalization of $7.22 billion, a P/E ratio of 17.33, a price-to-earnings-growth ratio of 1.47 and a beta of 1.35.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.03. MGM Resorts International had a net margin of 2.40% and a return on equity of 23.30%. The firm had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.42 billion. During the same period in the previous year, the company earned $0.79 earnings per share. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. Sell-side analysts predict that MGM Resorts International will post 1.95 EPS for the current year.

Hedge Funds Weigh In On MGM Resorts International

A number of institutional investors have recently modified their holdings of MGM. Man Group plc purchased a new stake in shares of MGM Resorts International in the second quarter worth about $25,771,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in MGM Resorts International during the second quarter worth about $22,681,000. Clough Capital Partners L P purchased a new position in MGM Resorts International during the first quarter valued at approximately $15,857,000. Legal & General Group Plc purchased a new position in MGM Resorts International during the second quarter valued at approximately $16,570,000. Finally, Jefferies Financial Group Inc. purchased a new position in MGM Resorts International during the second quarter valued at approximately $15,864,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Company Profile

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.