MGM Resorts International (NYSE:MGM) Stock Now Rated “Hold” by Wall Street Brokerages

MGM Resorts International (NYSE:MGM) has been assigned an average recommendation of “Hold” from the twenty-two brokerages that are covering the company, MarketBeat Ratings reports. Four research analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation, nine have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $44.29.

A number of research firms recently weighed in on MGM. The Goldman Sachs Group reissued a “sell” rating and issued a $26.00 target price on shares of MGM Resorts International in a report on Thursday, October 29th. Argus lowered their price objective on shares of MGM Resorts International from $55.00 to $40.00 and set a “buy” rating for the company in a research report on Thursday, November 5th. Bank of America began coverage on shares of MGM Resorts International in a research report on Thursday, September 24th. They set a “neutral” rating and a $40.00 price objective for the company. Zacks Research cut shares of MGM Resorts International from a “hold” rating to a “strong sell” rating in a research note on Friday, October 2nd. Finally, Wall Street Zen downgraded shares of MGM Resorts International from a “hold” rating to a “sell” rating in a report on Saturday, October 31st.

MGM Resorts International Stock Performance

NYSE MGM opened at $33.41 on Friday. The stock has a market capitalization of $8.45 billion, a PE ratio of 12.70, a P/E/G ratio of 2.05 and a beta of 1.34. The business has a 50 day simple moving average of $33.13 and a two-hundred day simple moving average of $38.92. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.24 and a quick ratio of 1.20. MGM Resorts International has a 1-year low of $26.71 and a 1-year high of $51.59.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, October 28th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.15). The firm had revenue of $4.21 billion for the quarter, compared to analysts’ expectations of $4.21 billion. MGM Resorts International had a return on equity of 20.58% and a net margin of 3.92%. The firm’s revenue was down .9% on a year-over-year basis. During the same period last year, the company earned $0.24 earnings per share. On average, research analysts predict that MGM Resorts International will post 1.62 EPS for the current fiscal year.

Insider Activity at MGM Resorts International

In related news, Director Keith Meister purchased 1,738,074 shares of the company’s stock in a transaction that occurred on Friday, October 30th. The stock was bought at an average price of $29.64 per share, for a total transaction of $51,516,513.36. Following the completion of the transaction, the director owned 7,086,052 shares in the company, valued at approximately $210,030,581.28. The trade was a 32.50% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 3.38% of the company’s stock.

Institutional Investors Weigh In On MGM Resorts International

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MGM. Man Group plc bought a new stake in shares of MGM Resorts International in the 2nd quarter valued at approximately $25,771,000. Aberdeen Group plc increased its position in shares of MGM Resorts International by 6,133.7% during the 3rd quarter. Aberdeen Group plc now owns 515,718 shares of the company’s stock valued at $16,013,000 after purchasing an additional 507,445 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of MGM Resorts International during the 2nd quarter valued at approximately $22,681,000. Clough Capital Partners L P purchased a new stake in MGM Resorts International during the 1st quarter valued at $15,857,000. Finally, Legal & General Group Plc purchased a new stake in MGM Resorts International during the 2nd quarter valued at $16,570,000. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

MGM Resorts International Company Profile

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.