MGM Resorts International (NYSE:MGM) Cut to "Hold" at Seaport Res Ptn

MGM Resorts International (NYSE:MGM - Get Free Report) was downgraded by research analysts at Seaport Res Ptn from a "strong-buy" rating to a "hold" rating in a report issued on Monday,Zacks.com reports.

A number of other equities research analysts also recently commented on the stock. Wall Street Zen raised shares of MGM Resorts International from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. JPMorgan Chase & Co. assumed coverage on shares of MGM Resorts International in a research report on Monday, June 23rd. They set a "neutral" rating and a $38.00 price objective for the company. Barclays boosted their price objective on shares of MGM Resorts International from $43.00 to $44.00 and gave the company an "overweight" rating in a research report on Friday, July 18th. Truist Financial boosted their price objective on shares of MGM Resorts International from $45.00 to $50.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Finally, Citizens Jmp downgraded shares of MGM Resorts International from an "outperform" rating to a "market perform" rating in a research report on Thursday, June 26th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.00.

MGM Resorts International Price Performance

MGM stock opened at $38.20 on Monday. The firm has a 50 day moving average price of $34.40 and a 200-day moving average price of $33.14. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $43.99. The firm has a market capitalization of $10.40 billion, a price-to-earnings ratio of 17.05, a PEG ratio of 2.40 and a beta of 1.76. The company has a debt-to-equity ratio of 1.79, a quick ratio of 1.26 and a current ratio of 1.31.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, topping analysts' consensus estimates of $0.50 by $0.19. MGM Resorts International had a net margin of 3.95% and a return on equity of 20.64%. The company had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same period in the previous year, the business earned $0.74 EPS. The firm's revenue for the quarter was down 2.4% on a year-over-year basis. Equities research analysts forecast that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International announced that its board has authorized a share buyback program on Wednesday, April 30th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 22.4% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board of directors believes its shares are undervalued.

Insider Transactions at MGM Resorts International

In related news, Director Keith A. Meister sold 60,000 shares of the firm's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $32.09, for a total transaction of $1,925,400.00. Following the sale, the director owned 5,627,478 shares in the company, valued at approximately $180,585,769.02. This trade represents a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Corey Ian Sanders sold 40,000 shares of the firm's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $34.43, for a total transaction of $1,377,200.00. Following the sale, the chief operating officer owned 281,530 shares in the company, valued at approximately $9,693,077.90. This represents a 12.44% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 105,261 shares of company stock worth $3,486,367 over the last 90 days. 3.06% of the stock is currently owned by company insiders.

Institutional Trading of MGM Resorts International

Institutional investors have recently modified their holdings of the stock. ArrowMark Colorado Holdings LLC lifted its stake in shares of MGM Resorts International by 42.8% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 937,175 shares of the company's stock worth $32,473,000 after buying an additional 280,700 shares in the last quarter. Korea Investment CORP lifted its stake in shares of MGM Resorts International by 964.3% in the fourth quarter. Korea Investment CORP now owns 145,287 shares of the company's stock worth $5,034,000 after buying an additional 131,636 shares in the last quarter. Vontobel Holding Ltd. lifted its stake in shares of MGM Resorts International by 74.6% in the first quarter. Vontobel Holding Ltd. now owns 21,778 shares of the company's stock worth $646,000 after buying an additional 9,304 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of MGM Resorts International by 60.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 61,748 shares of the company's stock worth $1,830,000 after buying an additional 23,234 shares in the last quarter. Finally, Allianz SE purchased a new position in shares of MGM Resorts International in the fourth quarter worth about $1,166,000. Institutional investors and hedge funds 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.

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