Macquarie Lowers MGM Resorts International (NYSE:MGM) Price Target to $46.00

Key Points

• Macquarie has reduced its price target for MGM Resorts International from $48.00 to $46.00, while maintaining an "outperform" rating, suggesting a potential upside of 35.57% from the last closing price.
• Other brokerages have also made adjustments to their ratings, with Deutsche Bank lowering its target to $53.00 and Stifel Nicolaus increasing it to $50.00, reflecting a mixed sentiment towards the stock.
• MGM Resorts reported a net revenue of $4.40 billion for its latest quarter, exceeding analyst estimates, with earnings per share (EPS) coming in at $0.79, which was above the consensus estimate of $0.58.

MGM Resorts International (NYSE:MGM - Get Free Report) had its price target lowered by equities researchers at Macquarie from $48.00 to $46.00 in a note issued to investors on Thursday,MarketScreener reports. The firm presently has an "outperform" rating on the stock. Macquarie's price target would suggest a potential upside of 35.57% from the company's previous close.

A number of other brokerages also recently issued reports on MGM. Deutsche Bank Aktiengesellschaft lowered their price target on shares of MGM Resorts International from $54.00 to $53.00 in a report on Monday, September 22nd. Seaport Res Ptn downgraded MGM Resorts International from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 21st. Stifel Nicolaus raised their target price on shares of MGM Resorts International from $48.00 to $50.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. The Goldman Sachs Group assumed coverage on shares of MGM Resorts International in a research report on Monday, July 7th. They set a "sell" rating and a $34.00 price target for the company. Finally, Mizuho decreased their price objective on MGM Resorts International from $58.00 to $56.00 and set an "outperform" rating for the company in a research note on Monday, September 22nd. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.50.

MGM Resorts International Stock Performance

NYSE:MGM opened at $33.93 on Thursday. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.18 and a current ratio of 1.22. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $42.53. The stock has a 50-day simple moving average of $36.26 and a two-hundred day simple moving average of $34.00. The firm has a market capitalization of $9.24 billion, a PE ratio of 18.64, a P/E/G ratio of 1.48 and a beta of 1.67.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $0.79 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.58 by $0.21. MGM Resorts International had a net margin of 3.13% and a return on equity of 19.39%. The business had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.28 billion. During the same period last year, the firm posted $0.86 EPS. The company's revenue was up 1.8% on a year-over-year basis. Analysts forecast that MGM Resorts International will post 2.21 EPS for the current year.

Insider Transactions at MGM Resorts International

In related news, insider John Mcmanus sold 60,000 shares of MGM Resorts International stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $36.12, for a total value of $2,167,200.00. Following the sale, the insider directly owned 31,521 shares in the company, valued at $1,138,538.52. This trade represents a 65.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Keith A. Meister sold 242,000 shares of the business's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $35.42, for a total value of $8,571,640.00. Following the transaction, the director owned 5,385,478 shares of the company's stock, valued at approximately $190,753,630.76. This represents a 4.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.06% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in MGM. XML Financial LLC lifted its holdings in shares of MGM Resorts International by 0.9% during the 2nd quarter. XML Financial LLC now owns 30,884 shares of the company's stock valued at $1,062,000 after purchasing an additional 287 shares in the last quarter. Concurrent Investment Advisors LLC raised its holdings in shares of MGM Resorts International by 4.1% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 7,975 shares of the company's stock valued at $274,000 after purchasing an additional 315 shares during the period. Amalgamated Bank increased its holdings in shares of MGM Resorts International by 0.8% during the 1st quarter. Amalgamated Bank now owns 43,933 shares of the company's stock worth $1,302,000 after acquiring an additional 329 shares during the last quarter. Quarry LP boosted its holdings in shares of MGM Resorts International by 24.1% during the 1st quarter. Quarry LP now owns 1,795 shares of the company's stock worth $53,000 after buying an additional 349 shares during the period. Finally, DekaBank Deutsche Girozentrale increased its stake in shares of MGM Resorts International by 0.7% during the second quarter. DekaBank Deutsche Girozentrale now owns 55,666 shares of the company's stock worth $1,917,000 after purchasing an additional 399 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, 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.

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