MGM Resorts International (NYSE:MGM) Given New $56.00 Price Target at Mizuho

Key Points

• Mizuho has lowered the price target for MGM Resorts International from $58.00 to $56.00 while maintaining an "outperform" rating, indicating a potential upside of 56.29% from the current price.
• Multiple research firms have downgraded MGM's ratings recently, with Seaport Res Ptn changing their rating from "strong-buy" to "hold" and UBS Group reducing their price target to $39.00.
• MGM reported earnings of $0.79 per share, surpassing estimates, and had a revenue of $4.40 billion for the last quarter, reflecting a 1.8% year-over-year increase in revenue.

MGM Resorts International (NYSE:MGM - Free Report) had its price target lowered by Mizuho from $58.00 to $56.00 in a research note published on Monday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

Other equities research analysts have also issued research reports about the stock. Stifel Nicolaus increased their price objective on shares of MGM Resorts International from $48.00 to $50.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Citizens Jmp lowered shares of MGM Resorts International from an "outperform" rating to a "market perform" rating in a research note on Thursday, June 26th. The Goldman Sachs Group started coverage on shares of MGM Resorts International in a research note on Monday, July 7th. They issued a "sell" rating and a $34.00 target price on the stock. Seaport Res Ptn lowered shares of MGM Resorts International from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 21st. Finally, Barclays raised their target price on shares of MGM Resorts International from $43.00 to $44.00 and gave the company an "overweight" rating in a research note on Friday, July 18th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.56.

MGM Resorts International Price Performance

Shares of MGM stock traded down $1.25 during mid-day trading on Monday, reaching $34.55. The company's stock had a trading volume of 6,065,802 shares, compared to its average volume of 4,187,405. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $42.53. The company has a market cap of $9.40 billion, a P/E ratio of 18.98, a PEG ratio of 1.51 and a beta of 1.69. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.18 and a current ratio of 1.22. The firm's 50-day moving average is $36.77 and its two-hundred day moving average is $33.82.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $4.28 billion. During the same quarter in the prior year, the firm earned $0.86 EPS. The firm's quarterly revenue was up 1.8% compared to the same quarter last year. On average, research analysts predict that MGM Resorts International will post 2.21 earnings per share for the current year.

Insider Activity at MGM Resorts International

In other news, insider John Mcmanus sold 60,000 shares of MGM Resorts International stock in a transaction that occurred on 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Keith A. Meister sold 242,000 shares of MGM Resorts International stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $35.42, for a total transaction of $8,571,640.00. Following the completion of the sale, the director owned 5,385,478 shares in the company, valued at $190,753,630.76. This trade represents a 4.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 3.06% of the company's stock.

Institutional Trading of MGM Resorts International

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Davis Selected Advisers grew its stake in shares of MGM Resorts International by 14.4% in the second quarter. Davis Selected Advisers now owns 23,821,109 shares of the company's stock valued at $819,208,000 after buying an additional 3,006,052 shares in the last quarter. Helikon Investments Ltd grew its stake in shares of MGM Resorts International by 379.9% in the second quarter. Helikon Investments Ltd now owns 8,810,322 shares of the company's stock valued at $302,987,000 after buying an additional 6,974,347 shares in the last quarter. Invesco Ltd. grew its stake in shares of MGM Resorts International by 7.7% in the first quarter. Invesco Ltd. now owns 6,233,213 shares of the company's stock valued at $184,752,000 after buying an additional 447,870 shares in the last quarter. Goldentree Asset Management LP grew its stake in shares of MGM Resorts International by 20.7% in the second quarter. Goldentree Asset Management LP now owns 5,402,092 shares of the company's stock valued at $185,778,000 after buying an additional 924,810 shares in the last quarter. Finally, Kingstone Capital Partners Texas LLC bought a new position in shares of MGM Resorts International in the second quarter valued at $171,632,000. 68.11% of the stock is currently owned by institutional investors and hedge funds.

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.