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

Shares of MGM Resorts International (NYSE:MGM) reached a new 52-week low during trading on Wednesday . The company traded as low as $30.68 and last traded at $30.81, with a volume of 1674514 shares traded. The stock had previously closed at $31.29.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on MGM shares. Mizuho boosted their price target on shares of MGM Resorts International from $56.00 to $60.00 and gave the stock an “outperform” rating in a research report on Thursday, February 13th. Macquarie reiterated an “outperform” rating and issued a $50.00 target price on shares of MGM Resorts International in a report on Thursday, February 13th. Argus upgraded shares of MGM Resorts International from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Friday, February 14th. BTIG Research lowered shares of MGM Resorts International from a “buy” rating to a “neutral” rating in a report on Monday, February 3rd. Finally, Wedbush reiterated an “outperform” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Six analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.29.

MGM Resorts International Price Performance

The stock has a market capitalization of $9.07 billion, a PE ratio of 13.24, a P/E/G ratio of 0.98 and a beta of 2.18. The stock’s 50-day moving average is $34.14 and its 200 day moving average is $36.30. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.08. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. As a group, equities analysts expect that MGM Resorts International will post 2.21 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Jonathan S. Halkyard bought 10,000 shares of MGM Resorts International stock in a transaction dated Thursday, March 6th. The stock was bought at an average price of $32.17 per share, for a total transaction of $321,700.00. Following the purchase, the chief financial officer now owns 75,648 shares of the company’s stock, valued at approximately $2,433,596.16. The trade was a 15.23 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Todd Meinert sold 6,000 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total transaction of $227,040.00. Following the completion of the sale, the chief accounting officer now owns 18,301 shares of the company’s stock, valued at $692,509.84. This trade represents a 24.69 % decrease in their position. The disclosure for this sale can be found here. 2.13% of the stock is owned by company insiders.

Hedge Funds Weigh In On MGM Resorts International

A number of large investors have recently made changes to their positions in MGM. MidAtlantic Capital Management Inc. purchased a new position in shares of MGM Resorts International in the 3rd quarter valued at about $28,000. Global Trust Asset Management LLC purchased a new position in shares of MGM Resorts International in the 4th quarter valued at about $28,000. Assetmark Inc. increased its holdings in MGM Resorts International by 104.1% during the 4th quarter. Assetmark Inc. now owns 806 shares of the company’s stock valued at $28,000 after acquiring an additional 411 shares in the last quarter. True Wealth Design LLC purchased a new position in MGM Resorts International during the 4th quarter valued at about $33,000. Finally, Global Retirement Partners LLC increased its holdings in MGM Resorts International by 47.8% during the 4th quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock valued at $43,000 after acquiring an additional 404 shares in the last quarter. Hedge funds and other institutional investors 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.