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

Key Points

• Truist Financial cut MGM Resorts’ price target from $55 to $45 while maintaining a “buy” rating, implying 56.88% upside from the prior close.
• Analyst sentiment is mixed: Wells Fargo reduced its target to $29 with an “equal weight” rating, while the broader consensus remains “hold” with an average price target of $47.88.
• MGM shares rose 0.8% to $28.68, near their 12-month low of $27.93; institutional investors own approximately 68.11% of the company.

MGM Resorts International (NYSE:MGM - Get Free Report) had its price target decreased by equities researchers at Truist Financial from $55.00 to $45.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has a "buy" rating on the stock. Truist Financial's price objective suggests a potential upside of 56.88% from the stock's previous close.

Several other equities research analysts have also recently commented on the company. Wells Fargo & Company dropped their price objective on MGM Resorts International from $48.30 to $29.00 and set an "equal weight" rating on the stock in a research report on Monday. Zacks Research lowered shares of MGM Resorts International from a "hold" rating to a "strong sell" rating in a research report on Friday, October 2nd. Weiss Ratings raised MGM Resorts International from a "sell (d+)" rating to a "hold (c)" rating in a report on Thursday, July 30th. Susquehanna lowered their price target on shares of MGM Resorts International from $46.00 to $41.00 and set a "positive" rating on the stock in a report on Thursday, October 8th. Finally, HSBC raised MGM Resorts International to a "strong-buy" rating in a report on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $47.88.

MGM Resorts International Stock Up 0.8%

MGM stock traded up $0.21 during midday trading on Tuesday, hitting $28.68. The company's stock had a trading volume of 1,250,610 shares, compared to its average volume of 4,330,570. The company has a market cap of $7.22 billion, a PE ratio of 17.33, a P/E/G ratio of 1.47 and a beta of 1.35. MGM Resorts International has a 12 month low of $27.93 and a 12 month high of $51.59. 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's 50-day moving average is $37.45 and its 200-day moving average is $41.04.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its earnings results on Wednesday, July 29th. The company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.56 by $0.03. MGM Resorts International had a return on equity of 23.30% and a net margin of 2.40%. The business had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.42 billion. During the same period last year, the business posted $0.79 EPS. The company's revenue was up 2.2% compared to the same quarter last year. On average, equities research analysts forecast that MGM Resorts International will post 1.95 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MGM Resorts International

Several hedge funds and other institutional investors have recently made changes to their positions in the company. State Street Corp grew its stake in MGM Resorts International by 0.8% in the second quarter. State Street Corp now owns 7,047,768 shares of the company's stock valued at $336,954,000 after purchasing an additional 56,072 shares during 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 acquiring an additional 166,560 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of MGM Resorts International by 1.6% during the first quarter. Dimensional Fund Advisors LP now owns 2,379,727 shares of the company's stock worth $88,050,000 after acquiring an additional 36,649 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of MGM Resorts International by 3.0% during the second quarter. Bank of New York Mellon Corp now owns 1,598,531 shares of the company's stock worth $76,426,000 after acquiring an additional 46,268 shares during the last quarter. Finally, Allianz Asset Management GmbH increased its holdings in shares of MGM Resorts International by 5.0% during the second quarter. Allianz Asset Management GmbH now owns 1,037,941 shares of the company's stock valued at $49,624,000 after acquiring an additional 49,351 shares in the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.