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

MGM Resorts International (NYSE:MGM - Get Free Report) shares hit a new 52-week low during trading on Thursday . The stock traded as low as $33.28 and last traded at $33.44, with a volume of 2043049 shares changing hands. The stock had previously closed at $33.80.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. UBS Group upgraded MGM Resorts International to a "hold" rating in a research note on Friday, August 23rd. Truist Financial cut their price objective on shares of MGM Resorts International from $58.00 to $56.00 and set a "buy" rating on the stock in a report on Wednesday, October 23rd. Wells Fargo & Company lowered their target price on shares of MGM Resorts International from $53.00 to $47.00 and set an "overweight" rating for the company in a research note on Thursday, October 17th. Morgan Stanley upped their price target on shares of MGM Resorts International from $43.00 to $44.00 and gave the company an "equal weight" rating in a research note on Tuesday, October 22nd. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on shares of MGM Resorts International from $57.00 to $52.00 and set a "buy" rating for the company in a research note on Tuesday, October 1st. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $52.54.

MGM Resorts International Trading Down 1.1 %

The stock has a market cap of $9.96 billion, a PE ratio of 11.94, a price-to-earnings-growth ratio of 3.16 and a beta of 2.20. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.21 and a current ratio of 1.24. The company has a 50 day moving average of $38.03 and a two-hundred day moving average of $39.28.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.54 EPS for the quarter, missing analysts' consensus estimates of $0.58 by ($0.04). MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. The business had revenue of $4.18 billion during the quarter, compared to analysts' expectations of $4.21 billion. During the same quarter last year, the firm earned $0.64 earnings per share. The firm's quarterly revenue was up 5.3% compared to the same quarter last year. Sell-side analysts anticipate that MGM Resorts International will post 2.48 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other MGM Resorts International news, Director Keith A. Meister sold 51,000 shares of the business's stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $36.57, for a total transaction of $1,865,070.00. Following the completion of the sale, the director now directly owns 5,687,478 shares in the company, valued at approximately $207,991,070.46. The trade was a 0.89 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.13% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MGM Resorts International

Hedge funds and other institutional investors have recently made changes to their positions in the company. Marshall Wace LLP raised its stake in MGM Resorts International by 174.8% in the 2nd quarter. Marshall Wace LLP now owns 1,110,040 shares of the company's stock valued at $49,330,000 after purchasing an additional 706,159 shares during the last quarter. Empower Advisory Group LLC raised its position in shares of MGM Resorts International by 4.2% in the third quarter. Empower Advisory Group LLC now owns 1,571,492 shares of the company's stock valued at $61,430,000 after buying an additional 62,997 shares during the last quarter. Goldentree Asset Management LP lifted its stake in shares of MGM Resorts International by 86.4% in the third quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company's stock worth $117,270,000 after buying an additional 1,390,599 shares in the last quarter. Maverick Capital Ltd. acquired a new position in MGM Resorts International during the second quarter worth about $1,211,000. Finally, American Assets Capital Advisers LLC grew its stake in MGM Resorts International by 135.0% during the 3rd quarter. American Assets Capital Advisers LLC now owns 469,552 shares of the company's stock valued at $18,355,000 after acquiring an additional 269,761 shares in the last quarter. Hedge funds and other institutional investors 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.