MGM Resorts International (NYSE:MGM) Hits New 12-Month Low – What’s Next?

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

Analysts Set New Price Targets

Several research firms recently weighed in on MGM. Mizuho reduced their price objective on MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating on the stock in a research note on Thursday, October 31st. Jefferies Financial Group decreased their price target on shares of MGM Resorts International from $52.00 to $50.00 and set a “buy” rating on the stock in a report on Friday. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of MGM Resorts International from $57.00 to $52.00 and set a “buy” rating for the company in a research note on Tuesday, October 1st. Wells Fargo & Company decreased their target price on shares of MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Finally, Barclays dropped their price target on 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. Four investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $52.36.

MGM Resorts International Price Performance

The company has a debt-to-equity ratio of 1.63, a current ratio of 1.24 and a quick ratio of 1.21. The firm has a market cap of $9.95 billion, a PE ratio of 11.94, a P/E/G ratio of 3.10 and a beta of 2.21. The business’s fifty day moving average is $36.49 and its 200-day moving average is $38.71.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.04). The firm had revenue of $4.18 billion during the quarter, compared to analysts’ expectations of $4.21 billion. MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. The company’s revenue was up 5.3% compared to the same quarter last year. During the same period last year, the business posted $0.64 EPS. On average, research analysts predict 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 MGM Resorts International stock in a transaction 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 completion of the transaction, the director now directly owns 5,687,478 shares in the company, valued at approximately $207,991,070.46. The trade was a 0.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.13% of the stock is owned by insiders.

Institutional Investors Weigh In On MGM Resorts International

Institutional investors and hedge funds have recently made changes to their positions in the business. Modus Advisors LLC bought a new position in shares of MGM Resorts International during the 4th quarter valued at about $46,000. Oddo BHF Asset Management Sas bought a new position in MGM Resorts International during the third quarter valued at approximately $1,886,000. Synovus Financial Corp purchased a new position in shares of MGM Resorts International during the third quarter worth approximately $309,000. Tidal Investments LLC lifted its holdings in shares of MGM Resorts International by 269.7% in the 3rd quarter. Tidal Investments LLC now owns 33,050 shares of the company’s stock worth $1,292,000 after acquiring an additional 24,111 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB purchased a new stake in shares of MGM Resorts International in the 3rd quarter valued at $55,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.

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.