MGM Resorts International (NYSE:MGM) Reaches New 1-Year Low – What’s Next?

MGM Resorts International (NYSE:MGM)’s stock price hit a new 52-week low during mid-day trading on Monday. The stock traded as low as $28.09 and last traded at $28.2620, with a volume of 182,312 shares trading hands. The stock had previously closed at $28.60.

Analyst Ratings Changes

Several analysts recently weighed in on MGM shares. Zacks Research downgraded MGM Resorts International from a “hold” rating to a “strong sell” rating in a research note on Friday, October 2nd. Weiss Ratings raised MGM Resorts International from a “sell (d+)” rating to a “hold (c)” rating in a research report on Thursday, July 30th. HSBC upgraded MGM Resorts International to a “strong-buy” rating in a report on Thursday, July 30th. Citigroup reduced their price objective on MGM Resorts International from $48.00 to $32.00 and set a “neutral” rating for the company in a research report on Monday, October 12th. Finally, Wells Fargo & Company lowered their price objective on shares of MGM Resorts International from $48.30 to $29.00 and set an “equal weight” rating on the stock in a research note on Monday. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $46.71.

MGM Resorts International Stock Up 1.6%

The business has a 50-day simple moving average of $37.15 and a two-hundred day simple moving average of $40.99. The stock has a market capitalization of $7.27 billion, a P/E ratio of 17.52, a PEG ratio of 1.47 and a beta of 1.35. The company has a quick ratio of 1.30, a current ratio of 1.34 and a debt-to-equity ratio of 1.80.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.59 earnings per share 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 firm had revenue of $4.45 billion during the quarter, compared to analysts’ expectations of $4.42 billion. During the same period last year, the firm posted $0.79 EPS. The business’s revenue was up 2.2% on a year-over-year basis. Equities research analysts forecast that MGM Resorts International will post 1.94 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MGM Resorts International

Institutional investors and hedge funds have recently modified their holdings of the business. International Assets Investment Management LLC bought a new stake in MGM Resorts International in the first quarter valued at about $30,000. Optiver Holding B.V. acquired a new position in MGM Resorts International in the first quarter valued at about $35,000. Versant Capital Management Inc lifted its stake in MGM Resorts International by 41.3% in the third quarter. Versant Capital Management Inc now owns 1,437 shares of the company’s stock valued at $45,000 after buying an additional 420 shares during the period. Fiduciary Financial Advisors bought a new position in MGM Resorts International during the second quarter worth about $48,000. Finally, Contravisory Investment Management Inc. bought a new position in MGM Resorts International during the third quarter worth about $50,000. 68.11% of the stock is owned by institutional investors.

MGM Resorts International Company Profile

MGM Resorts International is a global hospitality and entertainment company that develops, owns, and operates destination resorts featuring casinos, hotels, restaurants, entertainment venues, convention facilities, retail spaces, and nightlife offerings. Its portfolio includes well-known properties such as MGM Grand, Bellagio, ARIA, Mandalay Bay, and The Cosmopolitan of Las Vegas.

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