MGM Resorts International (NYSE:MGM) Upgraded at Wells Fargo & Company

Wells Fargo & Company upgraded shares of MGM Resorts International (NYSE:MGM) to a strong sell rating in a research note issued to investors on Monday,Zacks.com reports.

Other research analysts have also issued reports about the stock. JPMorgan Chase & Co. dropped their price objective on shares of MGM Resorts International from $41.00 to $38.00 and set a “neutral” rating on the stock in a research note on Thursday, October 30th. Citigroup reduced their price target on shares of MGM Resorts International from $51.00 to $47.50 and set a “buy” rating for the company in a research report on Thursday, October 30th. Stifel Nicolaus set a $45.00 price objective on shares of MGM Resorts International in a report on Thursday, October 30th. UBS Group cut their price objective on shares of MGM Resorts International from $39.00 to $37.00 and set a “neutral” rating for the company in a research note on Monday. Finally, Argus lowered their price target on shares of MGM Resorts International from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, November 14th. Thirteen analysts have rated the stock with a Buy rating, eight have issued a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $45.97.

MGM Resorts International Price Performance

MGM Resorts International stock traded down $0.17 during mid-day trading on Monday, reaching $30.93. 2,545,991 shares of the company were exchanged, compared to its average volume of 5,183,610. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $41.32. The company has a fifty day simple moving average of $33.19 and a 200-day simple moving average of $34.55. 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 firm has a market cap of $8.46 billion, a PE ratio of 193.36, a PEG ratio of 1.40 and a beta of 1.66.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results 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). MGM Resorts International had a net margin of 0.40% and a return on equity of 16.95%. The company had revenue of $4.25 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same period last year, the firm posted $0.54 earnings per share. The company’s revenue for the quarter was up 1.6% compared to the same quarter last year. As a group, equities research analysts expect that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Insider Buying and Selling at MGM Resorts International

In other 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 directly owned 31,521 shares of the company’s stock, valued at approximately $1,138,538.52. This trade represents a 65.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Keith A. Meister sold 242,000 shares of the 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. The trade was 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 currently owned by corporate insiders.

Institutional Investors Weigh In On MGM Resorts International

Several hedge funds have recently bought and sold shares of MGM. CYBER HORNET ETFs LLC purchased a new position in shares of MGM Resorts International during the second quarter valued at approximately $25,000. Mendota Financial Group LLC purchased a new stake in shares of MGM Resorts International in the third quarter worth $27,000. Mather Group LLC. purchased a new position in shares of MGM Resorts International in the 3rd quarter worth about $33,000. Bayforest Capital Ltd bought a new stake in MGM Resorts International during the 1st quarter valued at about $43,000. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in MGM Resorts International by 66.9% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the company’s stock worth $45,000 after buying an additional 529 shares during the last quarter. 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.