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

Zacks Research lowered shares of MGM Resorts International (NYSE:MGM) from a hold rating to a strong sell rating in a research report released on Tuesday morning,Zacks.com reports.

A number of other research firms have also commented on MGM. The Goldman Sachs Group reissued a “sell” rating and issued a $31.00 price target on shares of MGM Resorts International in a research report on Thursday, October 30th. JPMorgan Chase & Co. dropped their target price on shares of MGM Resorts International from $41.00 to $38.00 and set a “neutral” rating on the stock in a report on Thursday, October 30th. UBS Group lowered their price target on MGM Resorts International from $44.00 to $39.00 and set a “neutral” rating on the stock in a research report on Thursday, September 11th. Morgan Stanley boosted their price objective on MGM Resorts International from $41.00 to $43.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 11th. Finally, Macquarie dropped their price target on 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. Fourteen equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $47.58.

MGM Resorts International Trading Down 0.9%

NYSE:MGM opened at $31.73 on Tuesday. The stock has a market cap of $8.68 billion, a PE ratio of 198.29, a price-to-earnings-growth ratio of 1.40 and a beta of 1.66. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $41.32. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.22 and a quick ratio of 1.18. The stock’s 50-day moving average is $34.14 and its two-hundred day moving average is $34.45.

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

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, insider John Mcmanus sold 60,000 shares of the firm’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $36.12, for a total value of $2,167,200.00. Following the completion of the sale, the insider owned 31,521 shares in the company, valued at approximately $1,138,538.52. This trade represents a 65.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Keith A. Meister sold 242,000 shares of the business’s stock in a transaction dated Thursday, September 11th. The stock was 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 directly owned 5,385,478 shares of the company’s stock, valued at approximately $190,753,630.76. This represents a 4.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 3.06% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of MGM. Public Sector Pension Investment Board increased its holdings in MGM Resorts International by 3.4% during the 3rd quarter. Public Sector Pension Investment Board now owns 44,042 shares of the company’s stock worth $1,526,000 after purchasing an additional 1,468 shares in the last quarter. Atria Investments Inc increased its stake in shares of MGM Resorts International by 5.4% during the 3rd quarter. Atria Investments Inc now owns 48,189 shares of the company’s stock worth $1,670,000 after purchasing an additional 2,450 shares during the last quarter. Savvy Advisors Inc. bought a new stake in MGM Resorts International in the third quarter valued at approximately $279,000. LSV Asset Management lifted its holdings in MGM Resorts International by 4.3% during the 3rd quarter. LSV Asset Management now owns 2,783,800 shares of the company’s stock valued at $96,487,000 after purchasing an additional 114,400 shares during the last quarter. Finally, ING Groep NV bought a new stake in shares of MGM Resorts International during the 3rd quarter worth about $915,000. Institutional investors own 68.11% of the company’s stock.

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.