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

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

MGM has been the topic of several other reports. Zacks Research lowered shares of MGM Resorts International from a “hold” rating to a “strong sell” rating in a research report on Tuesday, November 4th. Deutsche Bank Aktiengesellschaft dropped their price objective on MGM Resorts International from $54.00 to $53.00 in a research note on Monday, September 22nd. JPMorgan Chase & Co. decreased their target price on MGM Resorts International from $41.00 to $38.00 and set a “neutral” rating on the stock in a research report on Thursday, October 30th. UBS Group lowered their target price on MGM Resorts International from $39.00 to $37.00 and set a “neutral” rating on the stock in a report on Monday. Finally, Argus dropped their price target on MGM Resorts International from $45.00 to $40.00 and set a “buy” rating for the company in a research report on Friday, November 14th. Thirteen investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, MGM Resorts International presently has a consensus rating of “Hold” and an average price target of $45.97.

MGM Resorts International Price Performance

MGM stock traded down $0.06 on Monday, reaching $31.05. 2,008,419 shares of the company’s stock were exchanged, compared to its average volume of 5,181,312. The stock has a fifty day moving average of $33.19 and a 200-day moving average of $34.55. The firm has a market cap of $8.49 billion, a PE ratio of 193.68, a P/E/G ratio of 1.40 and a beta of 1.66. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $41.32.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, October 29th. The company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.13). MGM Resorts International had a return on equity of 16.95% and a net margin of 0.40%.The company had revenue of $4.25 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter in the previous year, the firm posted $0.54 earnings per share. MGM Resorts International’s revenue for the quarter was up 1.6% on a year-over-year basis. As a group, equities analysts predict that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider John Mcmanus sold 60,000 shares of the business’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 transaction, the insider owned 31,521 shares of the company’s stock, valued at approximately $1,138,538.52. The trade was a 65.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Keith A. Meister sold 242,000 shares of the company’s stock in a transaction dated Thursday, September 11th. The shares were 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 owned 5,385,478 shares in the company, valued at approximately $190,753,630.76. This trade represents a 4.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 3.06% of the company’s stock.

Hedge Funds Weigh In On MGM Resorts International

Institutional investors have recently modified their holdings of the company. Davis Selected Advisers boosted its position in MGM Resorts International by 14.4% during the second quarter. Davis Selected Advisers now owns 23,821,109 shares of the company’s stock worth $819,208,000 after acquiring an additional 3,006,052 shares during the last quarter. Vanguard Group Inc. grew its holdings in MGM Resorts International by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 23,576,877 shares of the company’s stock valued at $817,175,000 after buying an additional 340,629 shares during the period. Helikon Investments Ltd lifted its holdings in shares of MGM Resorts International by 379.9% during the 2nd quarter. Helikon Investments Ltd now owns 8,810,322 shares of the company’s stock worth $302,987,000 after acquiring an additional 6,974,347 shares during the period. AQR Capital Management LLC lifted its holdings in shares of MGM Resorts International by 202.5% during the 3rd quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company’s stock worth $292,772,000 after acquiring an additional 5,654,757 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of MGM Resorts International by 81.4% in the third quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company’s stock worth $264,874,000 after acquiring an additional 3,429,946 shares during the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Company Profile

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.