MGM Resorts International (NYSE:MGM) Price Target Cut to $37.00 by Analysts at Barclays

Key Points

• Barclays cut MGM Resorts’ price target from $48 to $37 while maintaining an “equal weight” rating. The revised target implies approximately 23.65% upside from the stock’s $29.92 trading price.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $51.66; recent firms have issued both upgrades and target-price reductions.
• MGM reported quarterly EPS of $0.59, beating estimates of $0.56, while revenue reached $4.45 billion. Institutional investors own 68.11% of the company’s shares.

MGM Resorts International (NYSE:MGM - Get Free Report) had its target price dropped by analysts at Barclays from $48.00 to $37.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Barclays's target price points to a potential upside of 23.65% from the stock's current price.

MGM has been the subject of a number of other research reports. Capital One Financial boosted their price objective on shares of MGM Resorts International from $53.00 to $57.00 and gave the company an "overweight" rating in a report on Monday, September 21st. Argus upped their target price on MGM Resorts International from $45.00 to $55.00 and gave the company a "buy" rating in a research report on Monday, August 17th. HSBC upgraded MGM Resorts International to a "strong-buy" rating in a research note on Thursday, July 30th. Weiss Ratings upgraded MGM Resorts International from a "sell (d+)" rating to a "hold (c)" rating in a research report on Thursday, July 30th. Finally, Susquehanna decreased their price objective on MGM Resorts International from $46.00 to $41.00 and set a "positive" rating for the company in a report on Thursday. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $51.66.

MGM Resorts International Stock Performance

MGM stock traded down $0.09 during trading on Friday, hitting $29.92. 800,649 shares of the company's stock traded hands, compared to its average volume of 4,311,626. MGM Resorts International has a 52 week low of $29.18 and a 52 week high of $51.59. The company has a quick ratio of 1.30, a current ratio of 1.34 and a debt-to-equity ratio of 1.80. The stock has a market capitalization of $7.53 billion, a price-to-earnings ratio of 18.14, a price-to-earnings-growth ratio of 1.54 and a beta of 1.35. The stock has a fifty day moving average price of $39.62 and a two-hundred day moving average price of $41.43.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its earnings results on Wednesday, July 29th. The company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.56 by $0.03. The firm had revenue of $4.45 billion for the quarter, compared to analysts' expectations of $4.42 billion. MGM Resorts International had a return on equity of 23.30% and a net margin of 2.40%.The firm's quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.79 earnings per share. As a group, equities analysts anticipate that MGM Resorts International will post 1.95 EPS for the current fiscal year.

Institutional Trading of MGM Resorts International

Hedge funds and other institutional investors have recently bought and sold shares of the business. State Street Corp lifted its position in MGM Resorts International by 0.8% during the 2nd quarter. State Street Corp now owns 7,047,768 shares of the company's stock worth $336,954,000 after acquiring an additional 56,072 shares during the period. Dimensional Fund Advisors LP grew its stake in MGM Resorts International by 1.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,379,727 shares of the company's stock valued at $88,050,000 after purchasing an additional 36,649 shares in the last quarter. Montanova Capital LLC boosted its holdings in MGM Resorts International by 7.7% in the second quarter. Montanova Capital LLC now owns 2,325,360 shares of the company's stock worth $111,175,000 after purchasing an additional 166,560 shares during the period. Bank of New York Mellon Corp lifted its position in MGM Resorts International by 3.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,598,531 shares of the company's stock valued at $76,426,000 after purchasing an additional 46,268 shares during the last quarter. Finally, Royal Bank of Canada increased its stake in MGM Resorts International by 2.2% during the 1st quarter. Royal Bank of Canada now owns 1,110,977 shares of the company's stock valued at $41,117,000 after buying an additional 23,951 shares during the period. 68.11% of the stock is currently owned by institutional investors and hedge funds.

About MGM Resorts International

MGM Resorts International is a global hospitality and entertainment company that develops, owns and operates destination resorts with casinos, hotels, restaurants, retail, entertainment venues, meeting facilities and other leisure offerings. Its properties operate under brands including MGM Grand, Bellagio, ARIA, Mandalay Bay, The Cosmopolitan of Las Vegas, Park MGM, New York-New York and MGM National Harbor.

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

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