MGM Resorts International (NYSE:MGM) Reaches New 52-Week Low - Here's Why

MGM Resorts International (NYSE:MGM - Get Free Report)'s share price hit a new 52-week low on Tuesday . The stock traded as low as $33.25 and last traded at $33.45, with a volume of 918734 shares. The stock had previously closed at $33.94.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Barclays dropped their price objective on shares of MGM Resorts International from $50.00 to $46.00 and set an "overweight" rating for the company in a research note on Friday, December 13th. Truist Financial decreased their target price 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 price objective on shares of MGM Resorts International from $53.00 to $47.00 and set an "overweight" rating for the company in a research report on Thursday, October 17th. Mizuho decreased their price target on shares of MGM Resorts International from $57.00 to $56.00 and set an "outperform" rating for the company in a research report on Thursday, October 31st. Finally, JMP Securities decreased their price target on shares of MGM Resorts International from $54.00 to $50.00 and set a "market outperform" rating for the company in a research report on Monday, November 25th. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat.com, MGM Resorts International has an average rating of "Moderate Buy" and an average target price of $52.36.

MGM Resorts International Price Performance

The stock has a market capitalization of $9.89 billion, a P/E ratio of 11.86, a price-to-earnings-growth ratio of 3.10 and a beta of 2.21. The business's 50 day simple moving average is $36.49 and its two-hundred day simple moving average is $38.71. The company has a quick ratio of 1.21, a current ratio of 1.24 and a debt-to-equity ratio of 1.63.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.54 earnings per share 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 the consensus estimate of $4.21 billion. During the same period last year, the business posted $0.64 earnings per share. The firm's quarterly revenue was up 5.3% on a year-over-year basis. As a group, sell-side analysts forecast that MGM Resorts International will post 2.48 earnings per share for the current fiscal year.

Insider Activity

In related 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 sale, the director now owns 5,687,478 shares in the company, valued at approximately $207,991,070.46. This trade represents a 0.89 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 2.13% of the stock is currently owned by corporate insiders.

Institutional Trading of MGM Resorts International

A number of large investors have recently added to or reduced their stakes in MGM. Fisher Asset Management LLC increased its stake in shares of MGM Resorts International by 2.0% in the third quarter. Fisher Asset Management LLC now owns 4,547,883 shares of the company's stock worth $177,777,000 after purchasing an additional 90,645 shares in the last quarter. Goldentree Asset Management LP increased 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 purchasing an additional 1,390,599 shares in the last quarter. HG Vora Capital Management LLC bought a new position in shares of MGM Resorts International in the third quarter valued at approximately $97,725,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of MGM Resorts International by 5.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,298,094 shares of the company's stock valued at $89,832,000 after acquiring an additional 123,124 shares during the period. Finally, FMR LLC boosted its position in shares of MGM Resorts International by 5.0% in the third quarter. FMR LLC now owns 1,681,699 shares of the company's stock valued at $65,738,000 after acquiring an additional 79,486 shares during the period. 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.