MGM Resorts International (NYSE:MGM) Shares Gap Down on Analyst Downgrade

MGM Resorts International (NYSE:MGM) shares gapped down prior to trading on Thursday after Wells Fargo & Company lowered their price target on the stock from $55.00 to $53.00. The stock had previously closed at $42.97, but opened at $40.05. Wells Fargo & Company currently has an overweight rating on the stock. MGM Resorts International shares last traded at $38.80, with a volume of 1,545,888 shares.

Several other research analysts have also recently weighed in on MGM. BTIG Research began coverage on MGM Resorts International in a research note on Wednesday, July 3rd. They set a “buy” rating and a $52.00 target price for the company. Susquehanna raised shares of MGM Resorts International from a “neutral” rating to a “positive” rating and lifted their price objective for the stock from $46.00 to $54.00 in a research note on Thursday, May 2nd. StockNews.com lowered shares of MGM Resorts International from a “buy” rating to a “hold” rating in a research note on Friday, May 10th. Barclays lifted their price target on shares of MGM Resorts International from $55.00 to $56.00 and gave the stock an “overweight” rating in a research report on Thursday, May 2nd. Finally, JPMorgan Chase & Co. lifted their target price on MGM Resorts International from $54.00 to $57.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. Three equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $54.59.

Insider Activity at MGM Resorts International

In related news, Director Alexis Herman sold 4,344 shares of the firm’s stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $41.50, for a total transaction of $180,276.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Alexis Herman sold 4,344 shares of the company’s stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $41.50, for a total transaction of $180,276.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Keith A. Meister sold 139,300 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $40.44, for a total value of $5,633,292.00. Following the completion of the transaction, the director now directly owns 5,859,478 shares in the company, valued at $236,957,290.32. The disclosure for this sale can be found here. In the last quarter, insiders sold 147,988 shares of company stock valued at $5,991,759. 2.13% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On MGM Resorts International

Hedge funds and other institutional investors have recently modified their holdings of the stock. Fisher Asset Management LLC lifted its stake in shares of MGM Resorts International by 4.9% in the fourth quarter. Fisher Asset Management LLC now owns 4,346,250 shares of the company’s stock valued at $194,190,000 after buying an additional 202,434 shares during the period. Westfield Capital Management Co. LP raised its holdings in MGM Resorts International by 21.0% in the 4th quarter. Westfield Capital Management Co. LP now owns 2,401,407 shares of the company’s stock valued at $107,295,000 after acquiring an additional 416,911 shares in the last quarter. Gateway Investment Advisers LLC lifted its position in shares of MGM Resorts International by 41.2% in the 1st quarter. Gateway Investment Advisers LLC now owns 9,841 shares of the company’s stock worth $465,000 after acquiring an additional 2,872 shares during the period. ACR Alpine Capital Research LLC acquired a new stake in shares of MGM Resorts International during the 1st quarter worth approximately $3,922,000. Finally, Texas Permanent School Fund Corp increased its position in shares of MGM Resorts International by 0.4% during the first quarter. Texas Permanent School Fund Corp now owns 56,487 shares of the company’s stock valued at $2,667,000 after purchasing an additional 245 shares during the period. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Stock Down 8.5 %

The firm has a market capitalization of $12.34 billion, a price-to-earnings ratio of 15.88, a price-to-earnings-growth ratio of 0.89 and a beta of 2.24. The business has a 50 day moving average of $42.09 and a 200 day moving average of $42.82. The company has a debt-to-equity ratio of 1.56, a current ratio of 1.51 and a quick ratio of 1.46.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.20. MGM Resorts International had a net margin of 5.35% and a return on equity of 23.62%. The company had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.21 billion. During the same period last year, the firm earned $0.59 EPS. The firm’s revenue for the quarter was up 9.8% compared to the same quarter last year. On average, equities analysts anticipate that MGM Resorts International will post 3 EPS for the current year.

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.