MGM Resorts International (NYSE:MGM) Reaches New 52-Week Low – Here’s What Happened

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

Wall Street Analyst Weigh In

MGM has been the subject of several research reports. Wedbush reissued an “outperform” rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Needham & Company LLC reissued a “buy” rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Leerink Partners downgraded MGM Resorts International to a “market perform” rating in a report on Thursday, February 13th. Citigroup boosted their target price on MGM Resorts International from $48.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Finally, Wells Fargo & Company increased their target price on shares of MGM Resorts International from $44.00 to $46.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Six analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, MGM Resorts International has an average rating of “Moderate Buy” and an average price target of $51.29.

MGM Resorts International Price Performance

The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30. The business’s fifty day simple moving average is $34.28 and its 200 day simple moving average is $36.38. The stock has a market cap of $8.85 billion, a price-to-earnings ratio of 12.97, a price-to-earnings-growth ratio of 0.98 and a beta of 2.18.

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

Insider Buying and Selling at MGM Resorts International

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

Institutional Investors Weigh In On MGM Resorts International

Several institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank bought a new stake in shares of MGM Resorts International in the 4th quarter worth approximately $88,033,000. HG Vora Capital Management LLC acquired a new stake in MGM Resorts International in the third quarter worth $97,725,000. Eminence Capital LP bought a new stake in MGM Resorts International in the fourth quarter valued at $72,408,000. Goldentree Asset Management LP boosted its holdings in shares of MGM Resorts International by 86.4% during the third quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock valued at $117,270,000 after acquiring an additional 1,390,599 shares during the period. Finally, AQR Capital Management LLC grew its position in shares of MGM Resorts International by 12,726.8% during the fourth quarter. AQR Capital Management LLC now owns 1,278,965 shares of the company’s stock worth $44,316,000 after acquiring an additional 1,268,994 shares during the last quarter. Institutional investors and hedge funds 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.