MGM Resorts International (NYSE:MGM) Shares Break Above 50-Day Moving Average – Here’s Why

MGM Resorts International (NYSE:MGM) passed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $33.13 and traded as high as $33.50. MGM Resorts International shares last traded at $33.4120, with a volume of 4,108,860 shares.

Analyst Upgrades and Downgrades

MGM has been the topic of a number of recent analyst reports. Wall Street Zen cut shares of MGM Resorts International from a “hold” rating to a “sell” rating in a report on Saturday, October 31st. Stifel Nicolaus decreased their price objective on shares of MGM Resorts International from $40.00 to $35.00 and set a “hold” rating for the company in a report on Thursday, October 29th. Mizuho set a $50.00 price objective on shares of MGM Resorts International in a report on Thursday, October 29th. Zacks Research cut MGM Resorts International from a “hold” rating to a “strong sell” rating in a research report on Friday, October 2nd. Finally, JPMorgan Chase & Co. cut their target price on MGM Resorts International from $42.00 to $39.00 and set an “overweight” rating on the stock in a research note on Thursday, October 29th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $44.29.

MGM Resorts International Stock Performance

The company has a market cap of $8.45 billion, a PE ratio of 12.70, a PEG ratio of 2.05 and a beta of 1.34. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.24 and a quick ratio of 1.20. The business has a 50-day moving average of $33.13 and a 200 day moving average of $38.92.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, October 28th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.15). The firm had revenue of $4.21 billion during the quarter, compared to the consensus estimate of $4.21 billion. MGM Resorts International had a net margin of 3.92% and a return on equity of 20.58%. The firm’s revenue was down .9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.24 EPS. Equities research analysts anticipate that MGM Resorts International will post 1.62 EPS for the current fiscal year.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, Director Keith Meister purchased 7,518 shares of MGM Resorts International stock in a transaction dated Monday, November 2nd. The stock was purchased at an average price of $30.24 per share, with a total value of $227,344.32. Following the transaction, the director directly owned 7,093,570 shares of the company’s stock, valued at $214,509,556.80. This trade represents a 0.11% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 3.38% of the stock is owned by insiders.

Hedge Funds Weigh In On MGM Resorts International

A number of institutional investors and hedge funds have recently made changes to their positions in MGM. Private Advisor Group LLC raised its position in MGM Resorts International by 58.8% in the third quarter. Private Advisor Group LLC now owns 9,083 shares of the company’s stock worth $282,000 after acquiring an additional 3,364 shares during the period. Public Sector Pension Investment Board boosted its stake in shares of MGM Resorts International by 86.1% during the 3rd quarter. Public Sector Pension Investment Board now owns 102,058 shares of the company’s stock worth $3,005,000 after acquiring an additional 47,228 shares during the last quarter. Rothschild Investment LLC grew its position in shares of MGM Resorts International by 13.4% during the 3rd quarter. Rothschild Investment LLC now owns 10,478 shares of the company’s stock valued at $325,000 after acquiring an additional 1,240 shares during the period. Cibc World Market Inc. grew its position in shares of MGM Resorts International by 659.3% during the 3rd quarter. Cibc World Market Inc. now owns 68,525 shares of the company’s stock valued at $2,128,000 after acquiring an additional 59,500 shares during the period. Finally, Edgestream Partners L.P. bought a new stake in shares of MGM Resorts International during the 3rd quarter valued at $705,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.

About MGM Resorts International

MGM Resorts International is a global hospitality and entertainment company that develops, owns and operates resorts featuring casinos, hotels, restaurants, live entertainment, meeting spaces and other leisure amenities. Its portfolio includes well-known Las Vegas properties as well as resorts in other U.S. markets. The company also has a presence in Macau through its MGM China subsidiary, which operates integrated resorts including MGM Macau and MGM Cotai. MGM Resorts offers online sports betting and gaming through BetMGM, its digital gaming brand.