MGM Resorts International (NYSE:MGM) Hits New 1-Year Low Following Analyst Downgrade

Shares of MGM Resorts International (NYSE:MGM) hit a new 52-week low on Monday after Citigroup lowered their price target on the stock from $48.00 to $32.00. Citigroup currently has a neutral rating on the stock. MGM Resorts International traded as low as $28.80 and last traded at $28.8440, with a volume of 231,619 shares changing hands. The stock had previously closed at $29.27.

Several other equities research analysts have also commented on MGM. Capital One Financial upped their price objective on MGM Resorts International from $53.00 to $57.00 and gave the stock an “overweight” rating in a research report on Monday, September 21st. Weiss Ratings raised shares of MGM Resorts International from a “sell (d+)” rating to a “hold (c)” rating in a report on Thursday, July 30th. UBS Group decreased their target price on shares of MGM Resorts International from $50.00 to $46.00 and set a “neutral” rating for the company in a research note on Friday, September 11th. Argus increased their price target on shares of MGM Resorts International from $45.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, August 17th. Finally, Bank of America initiated coverage on shares of MGM Resorts International in a report on Thursday, September 24th. They set a “neutral” rating and a $40.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, MGM Resorts International presently has a consensus rating of “Hold” and an average price target of $49.96.

Institutional Investors Weigh In On MGM Resorts International

A number of institutional investors have recently added to or reduced their stakes in MGM. International Assets Investment Management LLC acquired a new stake in shares of MGM Resorts International during the 1st quarter worth approximately $30,000. Optiver Holding B.V. purchased a new stake in shares of MGM Resorts International during the 1st quarter valued at approximately $35,000. Fiduciary Financial Advisors acquired a new position in MGM Resorts International in the second quarter valued at approximately $48,000. Global Retirement Partners LLC acquired a new position in MGM Resorts International in the second quarter valued at approximately $53,000. Finally, Freestone Grove Partners LP purchased a new position in MGM Resorts International in the second quarter worth approximately $62,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Stock Up 0.2%

The firm has a 50-day moving average of $38.68 and a two-hundred day moving average of $41.26. The company has a quick ratio of 1.30, a current ratio of 1.34 and a debt-to-equity ratio of 1.80. The company has a market capitalization of $7.39 billion, a PE ratio of 17.81, a price-to-earnings-growth ratio of 1.50 and a beta of 1.35.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, July 29th. The company reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.03. MGM Resorts International had a return on equity of 23.30% and a net margin of 2.40%. The company had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.42 billion. During the same quarter in the previous year, the business earned $0.79 earnings per share. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. Equities research analysts predict that MGM Resorts International will post 1.95 earnings per share for the current fiscal year.

About MGM Resorts International

MGM Resorts International is a global hospitality and entertainment company that develops, owns and operates destination resorts with casinos, hotels, restaurants, retail, entertainment venues, meeting facilities and other leisure offerings. Its properties operate under brands including MGM Grand, Bellagio, ARIA, Mandalay Bay, The Cosmopolitan of Las Vegas, Park MGM, New York-New York and MGM National Harbor.

The company serves customers in Las Vegas and other U.S. markets, including regional destinations in Maryland, Massachusetts, Michigan, Mississippi, New Jersey, New York and Ohio.