MGM Resorts International (NYSE:MGM) Hits New 1-Year Low - Here's Why

MGM Resorts International (NYSE:MGM - Get Free Report)'s share price reached a new 52-week low during trading on Monday . The stock traded as low as $31.70 and last traded at $31.70, with a volume of 6965 shares changing hands. The stock had previously closed at $31.87.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on MGM shares. Mizuho dropped their price target on shares of MGM Resorts International from $57.00 to $56.00 and set an "outperform" rating on the stock in a research note on Thursday, October 31st. Barclays dropped their target price on MGM Resorts International from $50.00 to $46.00 and set an "overweight" rating on the stock in a research report on Friday, December 13th. Morgan Stanley lifted their price target on MGM Resorts International from $43.00 to $44.00 and gave the company an "equal weight" rating in a report on Tuesday, October 22nd. Deutsche Bank Aktiengesellschaft dropped their price objective on MGM Resorts International from $57.00 to $52.00 and set a "buy" rating on the stock in a report on Tuesday, October 1st. Finally, 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 research report on Wednesday, October 23rd. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $52.36.

MGM Resorts International Trading Up 1.3 %

The company has a market capitalization of $9.61 billion, a P/E ratio of 11.53, a P/E/G ratio of 3.10 and a beta of 2.21. The company has a 50-day simple moving average of $35.97 and a 200 day simple moving average of $38.44. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.21 and a current ratio of 1.24.

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

Insider Activity at MGM Resorts International

In other news, Director Keith A. Meister sold 51,000 shares of the firm's stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $36.57, for a total transaction of $1,865,070.00. Following the completion of the transaction, the director now directly owns 5,687,478 shares of the company's stock, valued at approximately $207,991,070.46. This trade represents a 0.89 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.13% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Acadian Asset Management LLC bought a new position in shares of MGM Resorts International during the 2nd quarter worth approximately $296,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of MGM Resorts International in the 2nd quarter valued at $49,000. Choreo LLC bought a new stake in shares of MGM Resorts International in the 2nd quarter worth about $337,000. Daiwa Securities Group Inc. increased its position in shares of MGM Resorts International by 2.9% during the 2nd quarter. Daiwa Securities Group Inc. now owns 28,007 shares of the company's stock worth $1,245,000 after purchasing an additional 797 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its holdings in MGM Resorts International by 3.8% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 57,345 shares of the company's stock valued at $2,479,000 after purchasing an additional 2,078 shares during the last quarter. 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.