Brokerages expect MGM Resorts International (NYSE:MGM) to post earnings per share of $0.07 for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for MGM Resorts International’s earnings, with the highest EPS estimate coming in at $0.16 and the lowest estimate coming in at ($0.05). MGM Resorts International reported earnings of $0.11 per share during the same quarter last year, which suggests a negative year over year growth rate of 36.4%. The firm is expected to announce its next earnings results on Thursday, February 15th.
According to Zacks, analysts expect that MGM Resorts International will report full-year earnings of $1.10 per share for the current year, with EPS estimates ranging from $0.97 to $1.23. For the next fiscal year, analysts anticipate that the company will report earnings of $1.35 per share, with EPS estimates ranging from $1.09 to $1.75. Zacks Investment Research’s earnings per share calculations are an average based on a survey of research firms that cover MGM Resorts International.
A number of equities research analysts recently weighed in on the company. UBS AG cut MGM Resorts International from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $33.00 to $36.00 in a research note on Tuesday, August 1st. Stifel Nicolaus reiterated a “hold” rating and issued a $36.00 price target (up from $33.00) on shares of MGM Resorts International in a research note on Thursday, November 9th. Barclays PLC reiterated an “overweight” rating on shares of MGM Resorts International in a research note on Monday, October 2nd. Zacks Investment Research upgraded MGM Resorts International from a “sell” rating to a “hold” rating in a research note on Friday, November 10th. Finally, Instinet reiterated a “buy” rating and issued a $40.00 price target on shares of MGM Resorts International in a research note on Tuesday, October 3rd. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $36.50.
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Shares of MGM Resorts International (NYSE:MGM) remained flat at $$33.00 during midday trading on Monday. The company’s stock had a trading volume of 4,532,200 shares, compared to its average volume of 8,777,004. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.98 and a current ratio of 1.02. The stock has a market capitalization of $18,820.00, a PE ratio of 29.20, a PEG ratio of 7.50 and a beta of 1.42. MGM Resorts International has a one year low of $25.15 and a one year high of $34.65.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Monday, December 11th will be issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 1.33%. The ex-dividend date of this dividend is Friday, December 8th. MGM Resorts International’s dividend payout ratio (DPR) is 43.14%.
MGM Resorts International announced that its board has approved a stock repurchase program on Tuesday, September 5th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 5.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
In related news, EVP John Mcmanus sold 10,000 shares of the firm’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $33.35, for a total transaction of $333,500.00. Following the sale, the executive vice president now directly owns 54,337 shares of the company’s stock, valued at $1,812,138.95. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Robert Baldwin sold 61,600 shares of the firm’s stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $32.56, for a total value of $2,005,696.00. Following the sale, the insider now directly owns 70,049 shares in the company, valued at $2,280,795.44. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 770,148 shares of company stock worth $26,109,728. 12.20% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. FrontFour Capital Group LLC lifted its position in shares of MGM Resorts International by 6.2% in the third quarter. FrontFour Capital Group LLC now owns 340,902 shares of the company’s stock valued at $11,110,000 after acquiring an additional 19,782 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new position in shares of MGM Resorts International in the third quarter valued at approximately $362,000. Neuberger Berman Group LLC lifted its position in shares of MGM Resorts International by 1.1% in the third quarter. Neuberger Berman Group LLC now owns 1,202,010 shares of the company’s stock valued at $39,174,000 after acquiring an additional 12,867 shares in the last quarter. California Public Employees Retirement System lifted its position in shares of MGM Resorts International by 4.1% in the third quarter. California Public Employees Retirement System now owns 1,013,962 shares of the company’s stock valued at $33,045,000 after acquiring an additional 40,217 shares in the last quarter. Finally, Caxton Associates LP lifted its position in shares of MGM Resorts International by 65.4% in the third quarter. Caxton Associates LP now owns 215,000 shares of the company’s stock valued at $7,007,000 after acquiring an additional 85,000 shares in the last quarter. 77.70% of the stock is currently owned by institutional investors.
MGM Resorts International Company Profile
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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