MGM Resorts International (NYSE:MGM) Downgraded to Market Perform Rating by Citizens Jmp

MGM Resorts International (NYSE:MGM - Get Free Report) was downgraded by Citizens Jmp from an "outperform" rating to a "market perform" rating in a report issued on Thursday, MarketBeat.com reports.

Several other analysts have also commented on the stock. Truist Financial lowered their price objective on shares of MGM Resorts International from $50.00 to $45.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Morgan Stanley cut their price target on shares of MGM Resorts International from $37.00 to $36.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 16th. Macquarie lowered their price objective on shares of MGM Resorts International from $50.00 to $48.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. JMP Securities lowered their price objective on shares of MGM Resorts International from $50.00 to $45.00 and set a "market outperform" rating for the company in a report on Thursday, April 17th. Finally, Wall Street Zen upgraded shares of MGM Resorts International from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Nine analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, MGM Resorts International presently has a consensus rating of "Moderate Buy" and an average price target of $48.29.

MGM Resorts International Price Performance

Shares of MGM Resorts International stock traded up $0.56 on Thursday, reaching $34.35. 4,993,120 shares of the stock were exchanged, compared to its average volume of 4,920,349. The firm's 50 day moving average is $32.50 and its 200-day moving average is $32.79. The firm has a market cap of $9.35 billion, a PE ratio of 15.34, a P/E/G ratio of 2.28 and a beta of 1.76. MGM Resorts International has a one year low of $25.30 and a one year high of $47.26. 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 results on Wednesday, April 30th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.19. The firm had revenue of $4.28 billion during the quarter, compared to analysts' expectations of $4.29 billion. MGM Resorts International had a net margin of 3.95% and a return on equity of 20.64%. The company's revenue was down 2.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.74 EPS. As a group, analysts anticipate that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International announced that its board has initiated a share repurchase plan on Wednesday, April 30th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 22.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at MGM Resorts International

In other news, Director Daniel J. Taylor sold 5,261 shares of the firm's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total value of $183,766.73. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 value of $1,925,400.00. Following the completion of the transaction, the director now owns 5,627,478 shares of the company's stock, valued at approximately $180,585,769.02. This represents a 1.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 105,261 shares of company stock valued at $3,486,367 in the last quarter. Corporate insiders own 3.06% of the company's stock.

Institutional Trading of MGM Resorts International

Large investors have recently made changes to their positions in the stock. Global Retirement Partners LLC grew its position in shares of MGM Resorts International by 47.8% in the 4th quarter. Global Retirement Partners LLC now owns 1,250 shares of the company's stock worth $43,000 after acquiring an additional 404 shares in the last quarter. IFP Advisors Inc raised its stake in shares of MGM Resorts International by 17.0% in the 4th quarter. IFP Advisors Inc now owns 4,824 shares of the company's stock worth $167,000 after buying an additional 702 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of MGM Resorts International by 3.3% in the 4th quarter. Bank of New York Mellon Corp now owns 1,323,992 shares of the company's stock worth $45,876,000 after buying an additional 42,256 shares in the last quarter. Illinois Municipal Retirement Fund raised its stake in shares of MGM Resorts International by 60.2% in the 4th quarter. Illinois Municipal Retirement Fund now owns 98,833 shares of the company's stock worth $3,425,000 after buying an additional 37,146 shares in the last quarter. Finally, Checchi Capital Advisers LLC raised its stake in shares of MGM Resorts International by 43.7% in the 4th quarter. Checchi Capital Advisers LLC now owns 8,189 shares of the company's stock worth $284,000 after buying an additional 2,492 shares in the last quarter. 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.