Wall Street analysts expect MGM Resorts International (NYSE:MGM) to post $2.77 billion in sales for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for MGM Resorts International’s earnings. The highest sales estimate is $2.80 billion and the lowest is $2.76 billion. MGM Resorts International reported sales of $2.52 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 9.9%. The company is expected to issue its next quarterly earnings results on Monday, November 6th.
According to Zacks, analysts expect that MGM Resorts International will report full year sales of $2.77 billion for the current financial year, with estimates ranging from $10.70 billion to $11.00 billion. For the next financial year, analysts anticipate that the firm will post sales of $12.31 billion per share, with estimates ranging from $12.12 billion to $12.58 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that cover MGM Resorts International.
MGM Resorts International (NYSE:MGM) last posted its earnings results on Thursday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.03. The company had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.67 billion. MGM Resorts International had a net margin of 9.26% and a return on equity of 7.97%. The firm’s quarterly revenue was up 16.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.29 earnings per share.
MGM has been the topic of a number of research reports. BidaskClub lowered shares of MGM Resorts International from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 1st. UBS AG reaffirmed a “buy” rating on shares of MGM Resorts International in a research report on Monday, July 10th. Stifel Nicolaus reaffirmed a “buy” rating on shares of MGM Resorts International in a research report on Friday, September 1st. Deutsche Bank AG lowered shares of MGM Resorts International from a “buy” rating to a “hold” rating and set a $36.00 target price on the stock. in a research report on Monday, September 11th. Finally, Instinet reaffirmed a “buy” rating and set a $40.00 target price on shares of MGM Resorts International in a research report on Monday, July 3rd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have issued a buy rating to the company. MGM Resorts International presently has an average rating of “Buy” and a consensus target price of $35.73.
MGM Resorts International (NYSE:MGM) traded down 0.17% on Friday, reaching $29.69. 8,025,773 shares of the company were exchanged. MGM Resorts International has a 52 week low of $25.15 and a 52 week high of $34.65. The stock has a 50-day moving average price of $32.03 and a 200 day moving average price of $31.41. The stock has a market capitalization of $17.08 billion, a price-to-earnings ratio of 17.58 and a beta of 1.46.
MGM Resorts International declared that its board has initiated a stock buyback program on Tuesday, September 5th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 5.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
In other MGM Resorts International news, CEO James Murren sold 57,269 shares of MGM Resorts International stock in a transaction on Monday, July 31st. The shares were sold at an average price of $33.05, for a total value of $1,892,740.45. Following the transaction, the chief executive officer now directly owns 1,231,611 shares of the company’s stock, valued at $40,704,743.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robert Baldwin sold 49,179 shares of MGM Resorts International stock in a transaction on Monday, September 11th. The stock was sold at an average price of $33.13, for a total transaction of $1,629,300.27. Following the completion of the transaction, the insider now directly owns 145,105 shares in the company, valued at $4,807,328.65. The disclosure for this sale can be found here. Insiders sold 819,831 shares of company stock worth $27,686,927 over the last ninety days. Corporate insiders own 12.20% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pacad Investment Ltd. purchased a new position in MGM Resorts International in the second quarter worth $169,000. Toronto Dominion Bank lifted its stake in shares of MGM Resorts International by 12.4% during the second quarter. Toronto Dominion Bank now owns 5,644 shares of the company’s stock worth $177,000 after buying an additional 624 shares during the period. Colony Group LLC acquired a new stake in shares of MGM Resorts International during the second quarter worth $203,000. Cigna Investments Inc. New acquired a new stake in shares of MGM Resorts International during the second quarter worth $206,000. Finally, IPG Investment Advisors LLC acquired a new stake in shares of MGM Resorts International during the second quarter worth $219,000. 75.21% of the stock is currently owned by institutional investors and hedge funds.
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About MGM Resorts International
MGM Resorts International is a holding company. The Company, through its subsidiaries, owns and operates casino resorts. The Company operates in two segments: domestic resorts and MGM China. Its domestic resorts segment consists of non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities.
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