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

MGM Resorts International (NYSE:MGM)’s stock price reached a new 52-week low during trading on Thursday . The stock traded as low as $33.28 and last traded at $33.44, with a volume of 2043049 shares traded. The stock had previously closed at $33.80.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on MGM shares. JMP Securities reduced their target price on shares of MGM Resorts International from $54.00 to $50.00 and set a “market outperform” rating on the stock in a report on Monday, November 25th. 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. 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 report on Tuesday, October 1st. Truist Financial lowered their price objective on MGM Resorts International from $58.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, October 23rd. Finally, Mizuho cut 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. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.54.

MGM Resorts International Stock Performance

The company has a 50 day moving average price of $38.16 and a 200 day moving average price of $39.31. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.21 and a current ratio of 1.24. The company has a market capitalization of $9.97 billion, a price-to-earnings ratio of 11.95, a P/E/G ratio of 3.16 and a beta of 2.20.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. The firm had revenue of $4.18 billion for the quarter, compared to analyst estimates of $4.21 billion. During the same period in the previous year, the company earned $0.64 earnings per share. MGM Resorts International’s revenue for the quarter was up 5.3% compared to the same quarter last year. Equities 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 the stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $36.57, for a total value of $1,865,070.00. Following the completion of the sale, the director now owns 5,687,478 shares in the company, valued at $207,991,070.46. This represents a 0.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.13% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MGM Resorts International

Institutional investors have recently added to or reduced their stakes in the stock. Oddo BHF Asset Management Sas bought a new stake in shares of MGM Resorts International in the third quarter valued at $1,886,000. Synovus Financial Corp bought a new stake in MGM Resorts International in the 3rd quarter valued at about $309,000. Tidal Investments LLC lifted its holdings in MGM Resorts International by 269.7% during the third quarter. Tidal Investments LLC now owns 33,050 shares of the company’s stock valued at $1,292,000 after purchasing an additional 24,111 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in MGM Resorts International during the third quarter worth about $55,000. Finally, Sanctuary Advisors LLC increased its stake in shares of MGM Resorts International by 60.3% in the third quarter. Sanctuary Advisors LLC now owns 51,687 shares of the company’s stock worth $1,954,000 after purchasing an additional 19,444 shares in the last quarter. 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.