MGM Resorts International (NYSE:MGM) Hits New 1-Year Low – Here’s What Happened

MGM Resorts International (NYSE:MGM)’s stock price hit a new 52-week low on Monday. The company 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.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Zacks Research lowered MGM Resorts International from a “hold” rating to a “strong sell” rating in a report on Friday, October 2nd. Morgan Stanley restated an “underweight” rating and set a $29.00 target price on shares of MGM Resorts International in a report on Monday. Citigroup reduced their price target on shares of MGM Resorts International from $48.00 to $32.00 and set a “neutral” rating for the company in a report on Monday, October 12th. Argus increased their price objective on shares of MGM Resorts International from $45.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, August 17th. Finally, HSBC raised shares of MGM Resorts International to a “strong-buy” rating in a research report on Thursday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $48.47.

MGM Resorts International Stock Down 1.3%

The stock has a market cap of $7.10 billion, a P/E ratio of 17.11, a price-to-earnings-growth ratio of 1.47 and a beta of 1.35. The firm has a 50 day simple moving average of $37.75 and a 200-day simple moving average of $41.10. 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 data on Wednesday, July 29th. The company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.56 by $0.03. The firm had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.42 billion. MGM Resorts International had a net margin of 2.40% and a return on equity of 23.30%. The company’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.79 earnings per share. On average, equities research analysts forecast that MGM Resorts International will post 1.95 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MGM Resorts International

Hedge funds have recently bought and sold shares of the stock. State Street Corp boosted its stake in MGM Resorts International by 0.8% in the 2nd quarter. State Street Corp now owns 7,047,768 shares of the company’s stock valued at $336,954,000 after purchasing an additional 56,072 shares during the period. Montanova Capital LLC lifted its holdings in shares of MGM Resorts International by 7.7% during the second quarter. Montanova Capital LLC now owns 2,325,360 shares of the company’s stock worth $111,175,000 after buying an additional 166,560 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of MGM Resorts International by 1.6% in the first quarter. Dimensional Fund Advisors LP now owns 2,379,727 shares of the company’s stock valued at $88,050,000 after acquiring an additional 36,649 shares during the period. Bank of New York Mellon Corp boosted its position in shares of MGM Resorts International by 3.0% in the second quarter. Bank of New York Mellon Corp now owns 1,598,531 shares of the company’s stock valued at $76,426,000 after acquiring an additional 46,268 shares during the period. Finally, Allianz Asset Management GmbH grew its stake in shares of MGM Resorts International by 5.0% in the second quarter. Allianz Asset Management GmbH now owns 1,037,941 shares of the company’s stock valued at $49,624,000 after acquiring an additional 49,351 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

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.