MGM Resorts International (NYSE:MGM) Cut to Strong Sell at Zacks Research

MGM Resorts International (NYSE:MGM) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Tuesday,Zacks.com reports.

A number of other brokerages have also recently weighed in on MGM. Deutsche Bank Aktiengesellschaft reduced their price target on shares of MGM Resorts International from $54.00 to $53.00 in a research report on Monday, September 22nd. Morgan Stanley boosted their price objective on shares of 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. Macquarie cut their price objective on shares of MGM Resorts International from $48.00 to $46.00 and set an “outperform” rating on the stock in a research report on Thursday, October 2nd. Mizuho set a $62.00 price objective on shares of MGM Resorts International in a research report on Thursday, October 30th. Finally, Citigroup cut their price objective on shares of MGM Resorts International from $51.00 to $47.50 and set a “buy” rating on the stock in a research report on Thursday, October 30th. Fourteen equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $47.58.

MGM Resorts International Trading Up 0.4%

Shares of NYSE MGM opened at $31.99 on Tuesday. The company’s fifty day moving average is $34.30 and its 200-day moving average is $34.47. The stock has a market cap of $8.75 billion, a price-to-earnings ratio of 199.94, a P/E/G ratio of 1.40 and a beta of 1.67. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $41.32. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, October 29th. The company reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.13). The firm had revenue of $4.25 billion for the quarter, compared to the consensus estimate of $4.24 billion. MGM Resorts International had a return on equity of 16.95% and a net margin of 0.40%.The company’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.54 earnings per share. Equities research analysts predict that MGM Resorts International will post 2.21 EPS for the current year.

Insider Activity

In other news, Director Keith A. Meister sold 242,000 shares of the business’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 transaction, the director directly owned 5,385,478 shares in the company, valued at $190,753,630.76. The trade was a 4.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider John Mcmanus sold 60,000 shares of the business’s stock in a transaction dated 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 transaction, the insider 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 is available in the SEC filing. 3.06% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. XML Financial LLC increased its stake in shares of MGM Resorts International by 0.9% during the 2nd quarter. XML Financial LLC now owns 30,884 shares of the company’s stock worth $1,062,000 after purchasing an additional 287 shares during the last quarter. Concurrent Investment Advisors LLC increased its stake in shares of MGM Resorts International by 4.1% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 7,975 shares of the company’s stock worth $274,000 after purchasing an additional 315 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its stake in shares of MGM Resorts International by 0.8% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 39,763 shares of the company’s stock worth $1,378,000 after purchasing an additional 328 shares during the last quarter. Quarry LP increased its stake in shares of MGM Resorts International by 24.1% during the 1st quarter. Quarry LP now owns 1,795 shares of the company’s stock worth $53,000 after purchasing an additional 349 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale grew its stake in MGM Resorts International by 0.7% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 55,666 shares of the company’s stock valued at $1,917,000 after buying an additional 399 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

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.