MGM Resorts International (NYSE:MGM) Reaches New 1-Year Low – Here’s What Happened

MGM Resorts International (NYSE:MGM) hit a new 52-week low on Tuesday . The stock traded as low as $33.25 and last traded at $33.45, with a volume of 918734 shares trading hands. The stock had previously closed at $33.94.

Wall Street Analyst Weigh In

MGM has been the subject of a number of recent research reports. Barclays decreased their price objective on MGM Resorts International from $50.00 to $46.00 and set an “overweight” rating for the company in a report on Friday, December 13th. Jefferies Financial Group dropped their price objective on MGM Resorts International from $52.00 to $50.00 and set a “buy” rating on the stock in a research note on Friday, January 3rd. Wells Fargo & Company lowered their target price on shares of MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Truist Financial decreased their price objective on shares of MGM Resorts International from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft cut their target price on MGM Resorts International from $57.00 to $52.00 and set a “buy” rating on the stock in a research note 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. According to data from MarketBeat, MGM Resorts International has a consensus rating of “Moderate Buy” and an average target price of $52.36.

MGM Resorts International Stock Performance

The company’s fifty day simple moving average is $36.14 and its 200 day simple moving average is $38.60. The stock has a market capitalization of $9.73 billion, a P/E ratio of 11.67, a P/E/G ratio of 3.10 and a beta of 2.21. The company has a current ratio of 1.24, a quick ratio of 1.21 and a debt-to-equity ratio of 1.63.

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

Insider Buying and Selling

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

Institutional Trading of MGM Resorts International

Hedge funds and other institutional investors have recently bought and sold shares of the company. MidAtlantic Capital Management Inc. bought a new stake in shares of MGM Resorts International in the 3rd quarter valued at about $28,000. Eastern Bank bought a new stake in MGM Resorts International in the third quarter valued at approximately $35,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of MGM Resorts International during the second quarter valued at approximately $49,000. Brooklyn Investment Group purchased a new stake in MGM Resorts International during the 3rd quarter valued at $44,000. Finally, Planning Capital Management Corp bought a new stake in MGM Resorts International in the 3rd quarter worth $45,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.

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.