MGM Resorts International (NYSE:MGM) Hits New 52-Week Low – Time to Sell?

MGM Resorts International (NYSE:MGM)’s share price 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.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MGM. Wells Fargo & Company dropped their price objective on shares of MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Mizuho cut their price target on shares of MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. Morgan Stanley upped their price objective on MGM Resorts International from $43.00 to $44.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 22nd. JMP Securities cut their target price on MGM Resorts International from $54.00 to $50.00 and set a “market outperform” rating for the company in a research report on Monday, November 25th. Finally, Jefferies Financial Group lowered their price target on MGM Resorts International from $52.00 to $50.00 and set a “buy” rating on the stock in a research report on Friday. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $52.36.

MGM Resorts International Trading Down 1.5 %

The firm has a market cap of $9.95 billion, a price-to-earnings ratio of 11.94, a P/E/G ratio of 3.10 and a beta of 2.21. The business has a 50-day moving average of $36.49 and a 200-day moving average of $38.71. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.24 and a quick ratio of 1.21.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. The firm had revenue of $4.18 billion during the quarter, compared to the consensus estimate of $4.21 billion. During the same period last year, the business earned $0.64 EPS. The business’s revenue was up 5.3% on a year-over-year basis. Research analysts anticipate that MGM Resorts International will post 2.48 EPS for the current year.

Insider Activity

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 transaction of $1,865,070.00. Following the completion of the sale, the director now owns 5,687,478 shares of the company’s stock, valued at approximately $207,991,070.46. This trade represents a 0.89 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.13% of the stock is owned by company insiders.

Institutional Trading of MGM Resorts International

Several hedge funds and other institutional investors have recently bought and sold shares of MGM. MidAtlantic Capital Management Inc. acquired a new stake in shares of MGM Resorts International in the third quarter valued at approximately $28,000. Eastern Bank acquired a new position in MGM Resorts International in the 3rd quarter valued at $35,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of MGM Resorts International during the 2nd quarter worth $49,000. Brooklyn Investment Group bought a new position in shares of MGM Resorts International in the third quarter worth $44,000. Finally, Planning Capital Management Corp acquired a new position in MGM Resorts International in the third quarter valued at about $45,000. Institutional investors and hedge funds 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.