MGM Resorts International (NYSE:MGM) Hits New 52-Week Low After Earnings Miss

MGM Resorts International (NYSE:MGM)’s share price reached a new 52-week low during trading on Wednesday after the company announced weaker than expected quarterly earnings. The company traded as low as $27.20 and last traded at $27.2790, with a volume of 8,199,427 shares changing hands. The stock had previously closed at $27.99.

The company reported ($0.11) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.15). The business had revenue of $4.21 billion for the quarter, compared to analyst estimates of $4.21 billion. MGM Resorts International had a net margin of 2.40% and a return on equity of 23.30%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on MGM shares. Morgan Stanley decreased their target price on shares of MGM Resorts International from $43.00 to $29.00 and set an “underweight” rating for the company in a research report on Monday, October 19th. Citigroup cut their price target on MGM Resorts International from $48.00 to $32.00 and set a “neutral” rating on the stock in a research report on Monday, October 12th. JPMorgan Chase & Co. reduced their price objective on MGM Resorts International from $53.00 to $42.00 and set an “overweight” rating for the company in a research note on Tuesday, October 20th. Weiss Ratings cut MGM Resorts International from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday. Finally, Susquehanna decreased their price objective on MGM Resorts International from $46.00 to $41.00 and set a “positive” rating for the company in a report on Thursday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, MGM Resorts International presently has an average rating of “Hold” and a consensus price target of $46.71.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Latitude Advisors LLC acquired a new stake in shares of MGM Resorts International during the 3rd quarter valued at about $27,000. International Assets Investment Management LLC purchased a new position in shares of MGM Resorts International in the 1st quarter valued at about $30,000. Optiver Holding B.V. acquired a new position in MGM Resorts International in the 1st quarter worth about $35,000. Versant Capital Management Inc raised its holdings in MGM Resorts International by 41.3% in the 3rd quarter. Versant Capital Management Inc now owns 1,437 shares of the company’s stock worth $45,000 after purchasing an additional 420 shares during the period. Finally, Fiduciary Financial Advisors acquired a new position in MGM Resorts International in the 2nd quarter worth about $48,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Stock Down 2.5%

The company has a market cap of $6.86 billion, a PE ratio of 16.53, a P/E/G ratio of 1.56 and a beta of 1.35. The business has a 50-day simple moving average of $35.67 and a 200-day simple moving average of $39.10. The company has a quick ratio of 1.30, a current ratio of 1.34 and a debt-to-equity ratio of 1.80.

About MGM Resorts International

MGM Resorts International is a global hospitality and entertainment company that develops, owns, and operates destination resorts featuring casinos, hotels, restaurants, entertainment venues, convention facilities, retail spaces, and nightlife offerings. Its portfolio includes well-known properties such as MGM Grand, Bellagio, ARIA, Mandalay Bay, and The Cosmopolitan of Las Vegas.

The company serves customers through properties in Las Vegas and other U.S. markets, including regional destinations in Michigan, Maryland, Massachusetts, Mississippi, New Jersey, New York, and Ohio.