MGM Resorts International (NYSE:MGM) Sets New 52-Week Low After Analyst Downgrade

MGM Resorts International (NYSE:MGM) shares reached a new 52-week low during trading on Monday after Citigroup lowered their price target on the stock from $48.00 to $32.00. Citigroup currently has a neutral rating on the stock. MGM Resorts International traded as low as $28.80 and last traded at $28.8440, with a volume of 231,619 shares traded. The stock had previously closed at $29.27.

A number of other research firms also recently weighed in on MGM. Mizuho cut their price target on MGM Resorts International from $60.00 to $55.00 and set an “outperform” rating on the stock in a research note on Thursday, September 24th. HSBC raised MGM Resorts International to a “strong-buy” rating in a research note on Thursday, July 30th. Stifel Nicolaus reaffirmed a “hold” rating and set a $49.00 price objective (up from $48.00) on shares of MGM Resorts International in a research note on Monday, June 15th. The Goldman Sachs Group reiterated a “sell” rating and issued a $43.00 price objective on shares of MGM Resorts International in a report on Wednesday, July 15th. Finally, Susquehanna cut their target price on MGM Resorts International from $46.00 to $41.00 and set a “positive” rating on the stock 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 given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $50.72.

Hedge Funds Weigh In On MGM Resorts International

Several institutional investors and hedge funds have recently made changes to their positions in MGM. International Assets Investment Management LLC bought a new position in shares of MGM Resorts International in the 1st quarter valued at about $30,000. Optiver Holding B.V. bought a new stake in MGM Resorts International during the first quarter worth about $35,000. Fiduciary Financial Advisors bought a new stake in MGM Resorts International during the second quarter worth about $48,000. Global Retirement Partners LLC bought a new stake in MGM Resorts International during the second quarter worth about $53,000. Finally, Freestone Grove Partners LP acquired a new position in MGM Resorts International during the second quarter valued at approximately $62,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Stock Up 0.2%

The firm has a 50-day moving average of $39.01 and a 200 day moving average of $41.32. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.34 and a quick ratio of 1.30. The stock has a market capitalization of $7.38 billion, a price-to-earnings ratio of 17.77, a PEG ratio of 1.50 and a beta of 1.35.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.03. The firm had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.42 billion. MGM Resorts International had a return on equity of 23.30% and a net margin of 2.40%. The business’s revenue was up 2.2% compared to the same quarter last year. During the same period last year, the company earned $0.79 earnings per share. As a group, sell-side analysts forecast that MGM Resorts International will post 1.95 earnings per share for the current fiscal year.

MGM Resorts International Company Profile

MGM Resorts International is a global hospitality and entertainment company that develops, owns and operates destination resorts with casinos, hotels, restaurants, retail, entertainment venues, meeting facilities and other leisure offerings. Its properties operate under brands including MGM Grand, Bellagio, ARIA, Mandalay Bay, The Cosmopolitan of Las Vegas, Park MGM, New York-New York and MGM National Harbor.

The company serves customers in Las Vegas and other U.S. markets, including regional destinations in Maryland, Massachusetts, Michigan, Mississippi, New Jersey, New York and Ohio.