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

MGM Resorts International (NYSE:MGM) shares reached a new 52-week low during 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 changing hands. The stock had previously closed at $35.48.

MGM has been the topic of several other research reports. Barclays raised their price target on MGM Resorts International from $55.00 to $56.00 and gave the company an “overweight” rating in a report on Thursday, May 2nd. Stifel Nicolaus raised their price objective on shares of MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. StockNews.com downgraded MGM Resorts International from a “buy” rating to a “hold” rating in a report on Friday, May 10th. BTIG Research started coverage on shares of MGM Resorts International in a research note on Wednesday, July 3rd. They issued a “buy” rating and a $52.00 target price for the company. Finally, JPMorgan Chase & Co. raised their target price on shares of MGM Resorts International from $54.00 to $57.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. Three equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, MGM Resorts International presently has a consensus rating of “Moderate Buy” and an average price target of $54.00.

Insider Buying and Selling

In other MGM Resorts International news, CEO William Hornbuckle acquired 58,900 shares of MGM Resorts International stock in a transaction dated Monday, August 5th. The stock was bought at an average cost of $33.73 per share, for a total transaction of $1,986,697.00. Following the purchase, the chief executive officer now directly owns 377,112 shares in the company, valued at approximately $12,719,987.76. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Paul J. Salem bought 147,500 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was acquired at an average cost of $33.80 per share, with a total value of $4,985,500.00. Following the completion of the purchase, the director now owns 1,702,500 shares of the company’s stock, valued at $57,544,500. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO William Hornbuckle purchased 58,900 shares of the company’s stock in a transaction on Monday, August 5th. The shares were purchased at an average cost of $33.73 per share, for a total transaction of $1,986,697.00. Following the completion of the transaction, the chief executive officer now directly owns 377,112 shares of the company’s stock, valued at approximately $12,719,987.76. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 216,400 shares of company stock worth $7,312,197 and sold 147,988 shares worth $5,991,759. 2.13% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank acquired a new stake in MGM Resorts International in the 4th quarter valued at about $139,599,000. Boston Partners lifted its position in shares of MGM Resorts International by 36.3% in the fourth quarter. Boston Partners now owns 5,427,254 shares of the company’s stock valued at $242,002,000 after buying an additional 1,446,362 shares during the last quarter. Capital World Investors lifted its position in shares of MGM Resorts International by 17.7% in the fourth quarter. Capital World Investors now owns 6,551,310 shares of the company’s stock valued at $292,713,000 after buying an additional 984,617 shares during the last quarter. Hsbc Holdings PLC boosted its stake in shares of MGM Resorts International by 112.1% during the 4th quarter. Hsbc Holdings PLC now owns 1,505,982 shares of the company’s stock worth $67,466,000 after acquiring an additional 795,920 shares during the period. Finally, Goldentree Asset Management LP acquired a new position in shares of MGM Resorts International during the 1st quarter worth approximately $35,726,000. Institutional investors own 68.11% of the company’s stock.

MGM Resorts International Trading Up 3.9 %

The firm has a market cap of $11.11 billion, a P/E ratio of 13.62, a PEG ratio of 0.77 and a beta of 2.24. The business has a 50 day moving average of $41.85 and a two-hundred day moving average of $42.63. The company has a current ratio of 1.47, a quick ratio of 1.46 and a debt-to-equity ratio of 1.65.

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

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.