MGM Resorts International (NYSE:MGM) Cut to “Sell” at Wall Street Zen

Wall Street Zen lowered shares of MGM Resorts International (NYSE:MGM) from a hold rating to a sell rating in a report released on Saturday morning,Wall Street Zen reports.

Several other research firms have also issued reports on MGM. Zacks Research lowered MGM Resorts International from a “hold” rating to a “strong sell” rating in a research note on Friday, October 2nd. JPMorgan Chase & Co. cut their target price on MGM Resorts International from $42.00 to $39.00 and set an “overweight” rating on the stock in a research report on Thursday, October 29th. Morgan Stanley decreased their price target on MGM Resorts International from $43.00 to $29.00 and set an “underweight” rating on the stock in a report on Monday, October 19th. HSBC upgraded MGM Resorts International to a “strong-buy” rating in a research report on Thursday, July 30th. Finally, Barclays dropped their price objective on shares of MGM Resorts International from $37.00 to $34.00 and set an “equal weight” rating for the company in a research note on Thursday. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, MGM Resorts International has a consensus rating of “Hold” and a consensus price target of $45.18.

MGM Resorts International Stock Up 1.7%

Shares of MGM stock opened at $30.47 on Friday. The company’s fifty day simple moving average is $34.53 and its two-hundred day simple moving average is $38.98. MGM Resorts International has a 52 week low of $26.71 and a 52 week high of $51.59. The stock has a market cap of $7.67 billion, a P/E ratio of 11.58, a PEG ratio of 1.52 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 posted its earnings results on Wednesday, October 28th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.15). MGM Resorts International had a net margin of 3.92% and a return on equity of 20.67%. The business had revenue of $4.21 billion during the quarter, compared to analysts’ expectations of $4.21 billion. During the same period last year, the business posted $0.24 earnings per share. The company’s revenue for the quarter was down .9% compared to the same quarter last year. Analysts predict that MGM Resorts International will post 1.71 EPS for the current fiscal year.

Institutional Investors Weigh In On MGM Resorts International

Several hedge funds and other institutional investors have recently modified their holdings of MGM. Man Group plc acquired a new stake in MGM Resorts International in the second quarter valued at approximately $25,771,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of MGM Resorts International during the 2nd quarter worth approximately $22,681,000. Clough Capital Partners L P acquired a new position in shares of MGM Resorts International during the 1st quarter worth approximately $15,857,000. Legal & General Group Plc acquired a new position in shares of MGM Resorts International during the 2nd quarter worth approximately $16,570,000. Finally, Jefferies Financial Group Inc. purchased a new position in shares of MGM Resorts International during the 2nd quarter valued at approximately $15,864,000. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

About MGM Resorts International

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.