MGM Resorts International (NYSE:MGM) Sets New 12-Month Low Following Analyst Downgrade

MGM Resorts International (NYSE:MGM) reached a new 52-week low during mid-day trading on Monday after Macquarie lowered their price target on the stock from $58.00 to $55.00. Macquarie currently has an outperform rating on the stock. MGM Resorts International traded as low as $33.72 and last traded at $33.72, with a volume of 46697 shares traded. The stock had previously closed at $35.48.

MGM has been the topic of a number of other research reports. StockNews.com cut MGM Resorts International from a “buy” rating to a “hold” rating in a report on Friday, May 10th. Wells Fargo & Company lowered their target price on MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. Susquehanna raised their price target on MGM Resorts International from $54.00 to $55.00 and gave the company a “positive” rating in a research report on Thursday, August 1st. BTIG Research initiated coverage on shares of MGM Resorts International in a research report on Wednesday, July 3rd. They issued a “buy” rating and a $52.00 price objective on the stock. Finally, Barclays raised their target price on shares of MGM Resorts International from $55.00 to $56.00 and gave the company an “overweight” rating in a report on Thursday, May 2nd. Three research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, MGM Resorts International currently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Insider Buying and Selling

In other MGM Resorts International news, Director Daniel J. Taylor sold 4,344 shares of the business’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $41.02, for a total value of $178,190.88. Following the completion of the transaction, the director now directly owns 5,250 shares in the company, valued at approximately $215,355. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other MGM Resorts International news, Director Daniel J. Taylor sold 4,344 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $41.02, for a total value of $178,190.88. Following the sale, the director now directly owns 5,250 shares of the company’s stock, valued at approximately $215,355. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Paul J. Salem acquired 147,500 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were bought at an average cost of $33.80 per share, with a total value of $4,985,500.00. Following the purchase, the director now owns 1,702,500 shares in the company, valued at $57,544,500. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 216,400 shares of company stock worth $7,312,197 and have sold 147,988 shares worth $5,991,759. 2.13% of the stock is owned by company insiders.

Hedge Funds Weigh In On MGM Resorts International

A number of large investors have recently bought and sold shares of MGM. International Assets Investment Management LLC acquired a new stake in shares of MGM Resorts International during the 2nd quarter worth $28,000. EverSource Wealth Advisors LLC increased its stake in MGM Resorts International by 60.7% during the first quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock worth $41,000 after acquiring an additional 329 shares during the last quarter. UMB Bank n.a. raised its holdings in shares of MGM Resorts International by 33.3% in the 2nd quarter. UMB Bank n.a. now owns 949 shares of the company’s stock worth $42,000 after purchasing an additional 237 shares during the period. Accent Capital Management LLC acquired a new position in shares of MGM Resorts International in the 4th quarter valued at about $45,000. Finally, Mendota Financial Group LLC lifted its stake in shares of MGM Resorts International by 36.0% in the 1st quarter. Mendota Financial Group LLC now owns 1,004 shares of the company’s stock valued at $47,000 after purchasing an additional 266 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Stock Up 3.9 %

The stock has a fifty day moving average price of $41.85 and a 200-day moving average price of $42.63. The firm has a market cap of $11.11 billion, a PE ratio of 13.62, a PEG ratio of 0.77 and a beta of 2.24. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.46 and a current ratio of 1.47.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.20. MGM Resorts International had a net margin of 5.15% and a return on equity of 26.36%. The company had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.21 billion. During the same period in the previous year, the firm earned $0.59 earnings per share. MGM Resorts International’s revenue for the quarter was up 9.8% on a year-over-year basis. Research analysts expect that MGM Resorts International will post 3 EPS for the current year.

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.