Equities research analysts expect that MGM Resorts International (NYSE:MGM) will report $3.22 billion in sales for the current quarter, according to Zacks. Six analysts have provided estimates for MGM Resorts International’s earnings. The lowest sales estimate is $3.19 billion and the highest is $3.27 billion. MGM Resorts International reported sales of $3.05 billion in the same quarter last year, which would suggest a positive year over year growth rate of 5.6%. The business is scheduled to issue its next earnings results after the market closes on Wednesday, February 12th.
On average, analysts expect that MGM Resorts International will report full-year sales of $12.93 billion for the current fiscal year, with estimates ranging from $12.90 billion to $12.98 billion. For the next financial year, analysts anticipate that the firm will report sales of $13.23 billion, with estimates ranging from $12.99 billion to $13.90 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that cover MGM Resorts International.
MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, October 30th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of $0.29 by ($0.37). MGM Resorts International had a return on equity of 4.10% and a net margin of 0.11%. The company had revenue of $3.31 billion for the quarter, compared to the consensus estimate of $3.33 billion. During the same period in the previous year, the firm posted $0.24 EPS. The business’s quarterly revenue was up 9.4% on a year-over-year basis.
Several analysts recently commented on the stock. TheStreet cut shares of MGM Resorts International from a “b-” rating to a “c” rating in a report on Wednesday, October 30th. UBS Group boosted their price objective on shares of MGM Resorts International from $31.00 to $34.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Roth Capital reaffirmed a “buy” rating on shares of MGM Resorts International in a research report on Thursday, October 31st. Zacks Investment Research raised shares of MGM Resorts International from a “strong sell” rating to a “hold” rating and set a $28.00 price objective for the company in a research report on Thursday, January 9th. Finally, Nomura increased their target price on shares of MGM Resorts International from $37.00 to $38.00 and gave the company a “buy” rating in a research note on Thursday, October 3rd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $31.55.
NYSE:MGM traded up $0.52 during mid-day trading on Thursday, hitting $34.54. The company had a trading volume of 7,306,392 shares, compared to its average volume of 3,257,086. The business has a fifty day simple moving average of $32.95 and a 200-day simple moving average of $29.95. The company has a current ratio of 0.87, a quick ratio of 0.84 and a debt-to-equity ratio of 1.47. MGM Resorts International has a 1 year low of $23.68 and a 1 year high of $34.63. The firm has a market capitalization of $17.74 billion, a price-to-earnings ratio of 34.89, a PEG ratio of 3.63 and a beta of 1.51.
In related news, Director Keith A. Meister bought 295,000 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were bought at an average price of $32.04 per share, for a total transaction of $9,451,800.00. Also, Director Keith A. Meister bought 79,000 shares of the company’s stock in a transaction dated Monday, November 4th. The stock was bought at an average price of $29.43 per share, for a total transaction of $2,324,970.00. The disclosure for this purchase can be found here. 3.47% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Corvex Management LP lifted its stake in shares of MGM Resorts International by 31.0% in the 2nd quarter. Corvex Management LP now owns 20,563,696 shares of the company’s stock valued at $587,505,000 after purchasing an additional 4,870,924 shares during the period. Maverick Capital Ltd. purchased a new position in MGM Resorts International during the 2nd quarter valued at about $129,347,000. Price T Rowe Associates Inc. MD boosted its holdings in MGM Resorts International by 7.2% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 56,685,971 shares of the company’s stock valued at $1,619,519,000 after acquiring an additional 3,806,520 shares during the period. Nuveen Asset Management LLC grew its position in MGM Resorts International by 137.6% in the 2nd quarter. Nuveen Asset Management LLC now owns 3,236,169 shares of the company’s stock valued at $92,458,000 after acquiring an additional 1,874,296 shares in the last quarter. Finally, Primecap Management Co. CA grew its position in MGM Resorts International by 19.8% in the 2nd quarter. Primecap Management Co. CA now owns 5,347,700 shares of the company’s stock valued at $152,784,000 after acquiring an additional 883,500 shares in the last quarter. 81.66% of the stock is owned by institutional investors and hedge funds.
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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