MGM Resorts International (NYSE:MGM) Given New $31.00 Price Target at Wells Fargo & Company

MGM Resorts International (NYSE:MGM) had its price target lifted by investment analysts at Wells Fargo & Company from $29.00 to $31.00 in a note issued to investors on Friday,MarketScreener reports. The firm presently has an “underweight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential downside of 11.43% from the company’s current price.

Several other research analysts also recently issued reports on the company. Deutsche Bank Aktiengesellschaft reduced their price objective on MGM Resorts International from $54.00 to $53.00 in a report on Monday, September 22nd. Stifel Nicolaus set a $45.00 target price on MGM Resorts International in a research report on Thursday, October 30th. Argus cut their price target on shares of MGM Resorts International from $45.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, November 14th. Zacks Research raised shares of MGM Resorts International from a “strong sell” rating to a “hold” rating in a research note on Monday, December 22nd. Finally, Citigroup lowered their target price on shares of MGM Resorts International from $51.00 to $47.50 and set a “buy” rating for the company in a research note on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, eleven have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $44.68.

MGM Resorts International Stock Down 1.2%

Shares of NYSE:MGM opened at $35.00 on Friday. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 1.80. The firm has a market cap of $9.57 billion, a P/E ratio of 218.75, a P/E/G ratio of 2.71 and a beta of 1.46. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $41.32. The company’s 50-day moving average price is $35.15 and its two-hundred day moving average price is $35.35.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, October 29th. The company reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.13). MGM Resorts International had a return on equity of 17.23% and a net margin of 0.40%.The company had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same quarter in the previous year, the company posted $0.54 earnings per share. MGM Resorts International’s revenue for the quarter was up 1.6% on a year-over-year basis. As a group, research analysts forecast that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Iac Inc. purchased 1,098,748 shares of the business’s stock in a transaction on Friday, December 5th. The stock was purchased at an average price of $36.30 per share, for a total transaction of $39,884,552.40. Following the completion of the purchase, the insider directly owned 65,822,350 shares in the company, valued at $2,389,351,305. The trade was a 1.70% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.06% of the company’s stock.

Hedge Funds Weigh In On MGM Resorts International

Institutional investors and hedge funds have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in MGM Resorts International by 5.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,652 shares of the company’s stock valued at $582,000 after buying an additional 951 shares in the last quarter. NewEdge Advisors LLC boosted its position in shares of MGM Resorts International by 12.1% in the first quarter. NewEdge Advisors LLC now owns 3,893 shares of the company’s stock valued at $115,000 after acquiring an additional 421 shares during the period. Woodline Partners LP grew its stake in shares of MGM Resorts International by 39.1% in the first quarter. Woodline Partners LP now owns 18,901 shares of the company’s stock valued at $560,000 after acquiring an additional 5,312 shares in the last quarter. Parallel Advisors LLC increased its position in MGM Resorts International by 7.7% during the second quarter. Parallel Advisors LLC now owns 6,748 shares of the company’s stock worth $232,000 after acquiring an additional 482 shares during the period. Finally, MassMutual Private Wealth & Trust FSB raised its stake in MGM Resorts International by 66.9% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the company’s stock worth $45,000 after purchasing an additional 529 shares in the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Company Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.