MGM Resorts International (NYSE:MGM) Trading Down 3.2% After Analyst Downgrade

Shares of MGM Resorts International (NYSE:MGM) dropped 3.2% on Friday after The Goldman Sachs Group lowered their price target on the stock from $37.00 to $34.00. The Goldman Sachs Group currently has a sell rating on the stock. MGM Resorts International traded as low as $34.00 and last traded at $33.62. Approximately 804,188 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 5,190,603 shares. The stock had previously closed at $34.75.

A number of other research analysts have also recently weighed in on MGM. Morgan Stanley raised their price target on MGM Resorts International from $41.00 to $43.00 and gave the company an “equal weight” rating in a research report on Thursday, September 11th. Mizuho dropped their price objective on MGM Resorts International from $58.00 to $56.00 and set an “outperform” rating for the company in a research report on Monday, September 22nd. Susquehanna boosted their target price on shares of MGM Resorts International from $50.00 to $60.00 and gave the company a “positive” rating in a research note on Tuesday, July 29th. Citizens Jmp downgraded shares of MGM Resorts International from an “outperform” rating to a “market perform” rating in a research note on Thursday, June 26th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of MGM Resorts International from $54.00 to $53.00 in a research note on Monday, September 22nd. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.50.

Insider Activity

In other news, Director Keith A. Meister sold 242,000 shares of the company’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $35.42, for a total transaction of $8,571,640.00. Following the completion of the transaction, the director owned 5,385,478 shares of the company’s stock, valued at $190,753,630.76. This represents a 4.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider John Mcmanus sold 60,000 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $36.12, for a total transaction of $2,167,200.00. Following the completion of the sale, the insider directly owned 31,521 shares in the company, valued at $1,138,538.52. This represents a 65.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.06% of the stock is owned by insiders.

Institutional Trading of MGM Resorts International

A number of institutional investors and hedge funds have recently made changes to their positions in MGM. CYBER HORNET ETFs LLC purchased a new position in shares of MGM Resorts International in the 2nd quarter worth $25,000. Golden State Wealth Management LLC raised its position in shares of MGM Resorts International by 83.5% in the 1st quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company’s stock worth $30,000 after buying an additional 455 shares during the period. CX Institutional purchased a new position in shares of MGM Resorts International in the 1st quarter worth $36,000. Bayforest Capital Ltd purchased a new position in shares of MGM Resorts International in the 1st quarter worth $43,000. Finally, MassMutual Private Wealth & Trust FSB raised its position in shares of MGM Resorts International by 66.9% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the company’s stock worth $45,000 after buying an additional 529 shares during the period. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Stock Down 2.4%

The company has a current ratio of 1.22, a quick ratio of 1.18 and a debt-to-equity ratio of 1.67. The firm has a market capitalization of $9.24 billion, a PE ratio of 18.64, a price-to-earnings-growth ratio of 1.44 and a beta of 1.67. The firm has a 50-day moving average of $36.26 and a two-hundred day moving average of $34.01.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.21. The business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.28 billion. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%.The business’s quarterly revenue was up 1.8% on a year-over-year basis. During the same period last year, the company posted $0.86 EPS. On average, equities research analysts forecast that MGM Resorts International will post 2.21 EPS for the current year.

About MGM Resorts International

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.