MGM Resorts International (NYSE:MGM) Hits New 52-Week Low – Should You Sell?

21 Dec 2024, 18:51 by Michael Walen · The Markets Daily

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

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Wells Fargo & Company reduced their price target on shares of MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Morgan Stanley boosted their target price on MGM Resorts International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 22nd. Deutsche Bank Aktiengesellschaft dropped their price target on MGM Resorts International from $57.00 to $52.00 and set a “buy” rating for the company in a report on Tuesday, October 1st. Mizuho reduced their price objective on 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. Finally, Barclays lowered their target price on 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. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $52.54.

View Our Latest Stock Report on MGM

MGM Resorts International Stock Performance

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 market cap of $10.17 billion, a price-to-earnings ratio of 12.20, a PEG ratio of 3.16 and a beta of 2.20. The firm’s 50-day moving average price is $37.80 and its 200 day moving average price is $39.19.

MGM Resorts International (NYSE:MGM – Get Free Report) last released its earnings results on Wednesday, October 30th. The company reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). The business had revenue of $4.18 billion for the quarter, compared to analyst estimates of $4.21 billion. MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. MGM Resorts International’s revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.64 EPS. On average, sell-side analysts anticipate that MGM Resorts International will post 2.48 EPS for the current year.

Insider Buying and Selling at MGM Resorts International

In related news, Director Keith A. Meister sold 51,000 shares of the company’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $36.57, for a total value of $1,865,070.00. Following the completion of the sale, the director now owns 5,687,478 shares in the company, valued at $207,991,070.46. This represents a 0.89 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 2.13% of the company’s stock.

Institutional Investors Weigh In On MGM Resorts International

Large investors have recently modified their holdings of the business. HG Vora Capital Management LLC acquired a new position in shares of MGM Resorts International during the third quarter worth about $97,725,000. Goldentree Asset Management LP boosted its position in MGM Resorts International by 86.4% during the 3rd quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock worth $117,270,000 after acquiring an additional 1,390,599 shares during the last quarter. Marshall Wace LLP boosted its position in MGM Resorts International by 174.8% during the 2nd quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock worth $49,330,000 after acquiring an additional 706,159 shares during the last quarter. LSV Asset Management acquired a new stake in shares of MGM Resorts International in the second quarter valued at approximately $21,149,000. Finally, Jacobs Levy Equity Management Inc. bought a new stake in shares of MGM Resorts International in the third quarter worth $17,622,000. 68.11% of the stock is currently owned by institutional investors.

About MGM Resorts International

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