MGM Resorts International (NYSE:MGM) Cut to Sell at Goldman Sachs Group

MGM Resorts International (NYSE:MGM) was downgraded by analysts at Goldman Sachs Group from a “neutral” rating to a “sell” rating in a note issued to investors on Monday, Briefing.com reports. They presently have a $20.00 price target on the stock, up from their prior price target of $17.00. Goldman Sachs Group’s price objective would suggest a potential downside of 12.01% from the company’s previous close.

Other equities research analysts have also recently issued reports about the company. Cfra cut MGM Resorts International to a “sell” rating in a research note on Friday, July 31st. UBS Group cut their target price on MGM Resorts International from $35.00 to $18.00 and set a “neutral” rating for the company in a research note on Wednesday, May 27th. JPMorgan Chase & Co. upped their price target on shares of MGM Resorts International from $17.00 to $23.00 and gave the stock a “neutral” rating in a report on Wednesday, September 9th. Bank of America reiterated a “sell” rating and set a $15.00 price target on shares of MGM Resorts International in a report on Friday, August 7th. Finally, Zacks Investment Research downgraded shares of MGM Resorts International from a “hold” rating to a “strong sell” rating and set a $14.00 price target for the company. in a report on Tuesday, July 21st. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $19.14.

Shares of NYSE:MGM opened at $22.73 on Monday. The company has a quick ratio of 2.43, a current ratio of 2.47 and a debt-to-equity ratio of 0.92. The stock has a market cap of $11.21 billion, a PE ratio of 5.98 and a beta of 2.39. The business has a 50 day moving average of $20.30 and a 200-day moving average of $17.50. MGM Resorts International has a 12-month low of $5.90 and a 12-month high of $34.63.

MGM Resorts International (NYSE:MGM) last released its earnings results on Thursday, July 30th. The company reported ($1.52) earnings per share for the quarter, topping the consensus estimate of ($1.65) by $0.13. MGM Resorts International had a negative return on equity of 6.64% and a net margin of 21.28%. The firm had revenue of $289.81 million during the quarter, compared to analysts’ expectations of $442.57 million. Equities research analysts expect that MGM Resorts International will post -4.15 earnings per share for the current year.

In other MGM Resorts International news, Director Daniel J. Taylor sold 1,637 shares of the stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $21.76, for a total transaction of $35,621.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP John Mcmanus sold 30,000 shares of the stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $21.23, for a total value of $636,900.00. Following the sale, the executive vice president now owns 102,567 shares of the company’s stock, valued at $2,177,497.41. The disclosure for this sale can be found here. Insiders sold 51,637 shares of company stock valued at $1,129,321 over the last 90 days. 5.06% of the stock is currently owned by company insiders.

A number of institutional investors have recently modified their holdings of the business. Mitsubishi UFJ Trust & Banking Corp grew its holdings in MGM Resorts International by 0.8% during the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 458,491 shares of the company’s stock worth $7,702,000 after acquiring an additional 3,488 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of MGM Resorts International by 33.4% during the 2nd quarter. PNC Financial Services Group Inc. now owns 50,043 shares of the company’s stock worth $840,000 after purchasing an additional 12,518 shares in the last quarter. AdvisorNet Financial Inc bought a new position in shares of MGM Resorts International during the 2nd quarter worth about $51,000. Nuveen Asset Management LLC boosted its position in shares of MGM Resorts International by 5.7% during the 2nd quarter. Nuveen Asset Management LLC now owns 2,673,315 shares of the company’s stock worth $44,912,000 after purchasing an additional 143,748 shares in the last quarter. Finally, Sequoia Financial Advisors LLC bought a new position in shares of MGM Resorts International during the 2nd quarter worth about $168,000. Hedge funds and other institutional investors own 66.23% of the company’s stock.

About MGM Resorts International

MGM Resorts International, through its subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts in the United States and Macau. 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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