Jefferies Financial Group Has Lowered Expectations for MGM Resorts International (NYSE:MGM) Stock Price

MGM Resorts International (NYSE:MGM) had its price target dropped by Jefferies Financial Group from $52.00 to $50.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Jefferies Financial Group’s price target suggests a potential upside of 46.67% from the company’s current price.

A number of other brokerages have also weighed in on MGM. Barclays reduced their target price on shares of MGM Resorts International from $50.00 to $46.00 and set an “overweight” rating for the company in a research note on Friday, December 13th. Truist Financial dropped their target price on MGM Resorts International from $58.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, October 23rd. Morgan Stanley upped their price target on MGM Resorts International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 22nd. JMP Securities lowered their price objective on shares of MGM Resorts International from $54.00 to $50.00 and set a “market outperform” rating on the stock in a report on Monday, November 25th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of MGM Resorts International from $57.00 to $52.00 and set a “buy” rating for the company in a report on Tuesday, October 1st. Four investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $52.36.

MGM Resorts International Stock Performance

MGM stock opened at $34.09 on Friday. MGM Resorts International has a 1-year low of $33.28 and a 1-year high of $48.24. The company has a current ratio of 1.24, a quick ratio of 1.21 and a debt-to-equity ratio of 1.63. The firm has a market cap of $10.15 billion, a PE ratio of 12.18, a P/E/G ratio of 3.10 and a beta of 2.20. The business’s 50-day moving average price is $36.65 and its two-hundred day moving average price is $38.78.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. The business had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $4.21 billion. During the same period in the previous year, the company posted $0.64 earnings per share. MGM Resorts International’s revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, research analysts forecast that MGM Resorts International will post 2.48 earnings per share for the current year.

Insider Buying and Selling at MGM Resorts International

In other news, Director Keith A. Meister sold 51,000 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $36.57, for a total value of $1,865,070.00. Following the transaction, the director now owns 5,687,478 shares of the company’s stock, valued at approximately $207,991,070.46. This represents a 0.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.13% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. HG Vora Capital Management LLC acquired a new position in shares of MGM Resorts International in the third quarter valued at about $97,725,000. Goldentree Asset Management LP increased its holdings in shares of MGM Resorts International by 86.4% during the third quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock worth $117,270,000 after purchasing an additional 1,390,599 shares during the period. Marshall Wace LLP raised its position in shares of MGM Resorts International by 174.8% in the second quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock valued at $49,330,000 after buying an additional 706,159 shares in the last quarter. LSV Asset Management acquired a new stake in MGM Resorts International during the second quarter worth approximately $21,149,000. Finally, Jacobs Levy Equity Management Inc. bought a new position in MGM Resorts International during the 3rd quarter worth $17,622,000. 68.11% of the stock is 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.