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

MGM Resorts International (NYSE:MGM)’s share price reached a new 52-week low during mid-day trading on Monday . The company traded as low as $28.63 and last traded at $29.25, with a volume of 738686 shares changing hands. The stock had previously closed at $30.36.

Analyst Upgrades and Downgrades

Several brokerages recently commented on MGM. Macquarie reaffirmed an “outperform” rating and set a $50.00 price target on shares of MGM Resorts International in a research note on Thursday, February 13th. Morgan Stanley increased their target price on MGM Resorts International from $39.00 to $41.00 and gave the stock an “equal weight” rating in a research report on Monday, February 24th. Truist Financial reduced their target price on MGM Resorts International from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Canaccord Genuity Group restated a “buy” rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Finally, Barclays reaffirmed an “equal weight” rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Six equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.29.

MGM Resorts International Price Performance

The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73. The stock has a market cap of $8.55 billion, a PE ratio of 12.47, a P/E/G ratio of 0.98 and a beta of 2.18. The company’s 50 day moving average is $33.77 and its 200-day moving average is $35.85.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.08. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. As a group, sell-side analysts predict that MGM Resorts International will post 2.21 earnings per share for the current year.

Insider Buying and Selling at MGM Resorts International

In related news, CAO Todd Meinert sold 6,000 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total transaction of $227,040.00. Following the transaction, the chief accounting officer now directly owns 18,301 shares in the company, valued at $692,509.84. This trade represents a 24.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Jonathan S. Halkyard purchased 10,000 shares of the firm’s stock in a transaction dated Thursday, March 6th. The stock was acquired at an average cost of $32.17 per share, with a total value of $321,700.00. Following the completion of the acquisition, the chief financial officer now directly owns 75,648 shares in the company, valued at approximately $2,433,596.16. This trade represents a 15.23 % increase in their position. The disclosure for this purchase can be found here. 2.13% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On MGM Resorts International

Several institutional investors and hedge funds have recently bought and sold shares of MGM. Global Trust Asset Management LLC bought a new position in shares of MGM Resorts International during the fourth quarter valued at approximately $28,000. Assetmark Inc. grew its stake in MGM Resorts International by 104.1% during the 4th quarter. Assetmark Inc. now owns 806 shares of the company’s stock worth $28,000 after buying an additional 411 shares during the last quarter. Mascagni Wealth Management Inc. acquired a new stake in MGM Resorts International in the fourth quarter worth $28,000. True Wealth Design LLC bought a new stake in MGM Resorts International in the fourth quarter valued at $33,000. Finally, Global Retirement Partners LLC boosted its holdings in shares of MGM Resorts International by 47.8% during the fourth quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock valued at $43,000 after acquiring an additional 404 shares during the period. Institutional investors and hedge funds 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.