MGM Resorts International (NYSE:MGM) Hits New 12-Month Low – Time to Sell?

Shares of MGM Resorts International (NYSE:MGM) hit a new 52-week low during mid-day trading on Monday . The company traded as low as $31.70 and last traded at $31.70, with a volume of 6965 shares changing hands. The stock had previously closed at $31.87.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on MGM shares. Truist Financial lowered their target price on shares of MGM Resorts International from $58.00 to $56.00 and set a “buy” rating on the stock in a report on Wednesday, October 23rd. Mizuho reduced 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 report on Thursday, October 31st. Jefferies Financial Group reduced their price target on shares of MGM Resorts International from $52.00 to $50.00 and set a “buy” rating for the company in a research report on Friday, January 3rd. JMP Securities reduced their price target on shares of 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, Morgan Stanley boosted their price target on shares of MGM Resorts International from $43.00 to $44.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 22nd. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price 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 capitalization of $9.55 billion, a P/E ratio of 11.45, a P/E/G ratio of 3.10 and a beta of 2.21. The firm’s 50 day simple moving average is $35.97 and its two-hundred day simple moving average is $38.44.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results 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 business had revenue of $4.18 billion during the quarter, compared to the consensus estimate of $4.21 billion. MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.64 earnings per share. As a group, analysts predict that MGM Resorts International will post 2.48 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Keith A. Meister sold 51,000 shares of the company’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $36.57, for a total transaction of $1,865,070.00. Following the completion of the transaction, the director now directly owns 5,687,478 shares of the company’s stock, valued at approximately $207,991,070.46. This represents a 0.89 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.13% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MGM Resorts International

Several hedge funds and other institutional investors have recently modified their holdings of the company. HG Vora Capital Management LLC bought a new position in MGM Resorts International in the third quarter worth about $97,725,000. Goldentree Asset Management LP raised its stake in MGM Resorts International by 86.4% in the third quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock worth $117,270,000 after buying an additional 1,390,599 shares in the last quarter. Marshall Wace LLP grew its holdings in MGM Resorts International by 174.8% in the second quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock worth $49,330,000 after purchasing an additional 706,159 shares during the period. Jacobs Levy Equity Management Inc. bought a new stake in shares of MGM Resorts International during the third quarter valued at approximately $17,622,000. Finally, ArrowMark Colorado Holdings LLC increased its position in shares of MGM Resorts International by 207.5% during the third quarter. ArrowMark Colorado Holdings LLC now owns 656,475 shares of the company’s stock valued at $25,662,000 after acquiring an additional 442,975 shares in the last quarter. 68.11% of the stock is owned by institutional investors.

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.