MGM Resorts International (NYSE:MGM) Reaches 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 Monday . The company traded as low as $28.63 and last traded at $29.25, with a volume of 738686 shares traded. The stock had previously closed at $30.36.

Analyst Ratings Changes

Several equities analysts recently issued reports on MGM shares. Needham & Company LLC reiterated a “buy” rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Jefferies Financial Group decreased their price objective on shares of MGM Resorts International from $52.00 to $50.00 and set a “buy” rating for the company in a report on Friday, January 3rd. Wedbush reissued an “outperform” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Macquarie reaffirmed an “outperform” rating and set a $50.00 price target on shares of MGM Resorts International in a report on Thursday, February 13th. Finally, Barclays reiterated an “equal weight” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Six equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, MGM Resorts International currently has an average rating of “Moderate Buy” and a consensus target price of $51.29.

MGM Resorts International Stock Down 2.7 %

The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73. The business has a 50-day moving average price of $33.90 and a 200-day moving average price of $35.94. The firm has a market cap of $8.44 billion, a P/E ratio of 12.31, a P/E/G 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 for the quarter, beating the consensus estimate of $0.37 by $0.08. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. On average, equities analysts forecast that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, CAO Todd Meinert sold 6,000 shares of the business’s stock in a transaction that occurred 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Jonathan S. Halkyard acquired 10,000 shares of the stock in a transaction dated Thursday, March 6th. The shares were bought at an average price of $32.17 per share, with a total value of $321,700.00. Following the completion of the purchase, the chief financial officer now directly owns 75,648 shares of the company’s stock, valued at approximately $2,433,596.16. This trade represents a 15.23 % increase in their position. The disclosure for this purchase can be found here. 2.13% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On MGM Resorts International

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Global Trust Asset Management LLC purchased a new stake in MGM Resorts International in the fourth quarter valued at approximately $28,000. Assetmark Inc. lifted its stake in MGM Resorts International by 104.1% in the 4th quarter. Assetmark Inc. now owns 806 shares of the company’s stock valued at $28,000 after buying an additional 411 shares in the last quarter. Mascagni Wealth Management Inc. acquired a new position in shares of MGM Resorts International during the fourth quarter valued at approximately $28,000. True Wealth Design LLC purchased a new position in MGM Resorts International in the 4th quarter valued at $33,000. Finally, Global Retirement Partners LLC lifted its stake in MGM Resorts International by 47.8% in the 4th quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock worth $43,000 after purchasing 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.