MGM Resorts International (NYSE:MGM) – Research analysts at Jefferies Group raised their FY2018 earnings per share (EPS) estimates for shares of MGM Resorts International in a report issued on Wednesday. Jefferies Group analyst D. Katz now expects that the company will earn $1.56 per share for the year, up from their previous forecast of $1.32. Jefferies Group currently has a “Buy” rating and a $43.00 target price on the stock. Jefferies Group also issued estimates for MGM Resorts International’s FY2019 earnings at $2.14 EPS.
Several other research firms also recently issued reports on MGM. Zacks Investment Research upgraded MGM Resorts International from a “hold” rating to a “buy” rating and set a $40.00 price objective on the stock in a report on Monday, February 5th. Bank of America boosted their price objective on MGM Resorts International from $38.00 to $39.00 and gave the stock a “buy” rating in a report on Wednesday. Stifel Nicolaus reiterated a “hold” rating and issued a $37.00 target price (up previously from $36.00) on shares of MGM Resorts International in a report on Wednesday. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $44.00 target price (up previously from $41.00) on shares of MGM Resorts International in a report on Tuesday, January 9th. Finally, Nomura dropped their target price on MGM Resorts International from $38.00 to $37.00 and set a “buy” rating on the stock in a report on Wednesday, November 1st. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $37.38.
MGM Resorts International (MGM) traded up $0.38 during midday trading on Friday, reaching $34.89. The company’s stock had a trading volume of 1,788,492 shares, compared to its average volume of 8,540,073. The company has a current ratio of 0.77, a quick ratio of 0.98 and a debt-to-equity ratio of 1.10. The firm has a market cap of $19,479.89, a P/E ratio of 10.27, a PEG ratio of 6.01 and a beta of 1.44. MGM Resorts International has a 12-month low of $25.15 and a 12-month high of $38.41.
MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Tuesday, February 20th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.07 by $0.04. The firm had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.51 billion. MGM Resorts International had a return on equity of 5.78% and a net margin of 17.92%. The business’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.11 EPS.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Cerebellum GP LLC bought a new stake in shares of MGM Resorts International in the 4th quarter valued at approximately $126,000. Sun Life Financial INC bought a new stake in shares of MGM Resorts International in the 3rd quarter valued at approximately $124,000. Northwestern Mutual Wealth Management Co. grew its stake in shares of MGM Resorts International by 88.2% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,945 shares of the company’s stock valued at $165,000 after buying an additional 2,318 shares in the last quarter. Toronto Dominion Bank grew its stake in shares of MGM Resorts International by 12.4% in the 2nd quarter. Toronto Dominion Bank now owns 5,644 shares of the company’s stock valued at $177,000 after buying an additional 624 shares in the last quarter. Finally, Spirit of America Management Corp NY grew its stake in shares of MGM Resorts International by 78.1% in the 4th quarter. Spirit of America Management Corp NY now owns 5,700 shares of the company’s stock valued at $190,000 after buying an additional 2,500 shares in the last quarter. 82.31% of the stock is owned by institutional investors and hedge funds.
In related news, insider Phyllis James sold 19,149 shares of the business’s stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $33.64, for a total value of $644,172.36. Following the completion of the sale, the insider now owns 8,961 shares of the company’s stock, valued at approximately $301,448.04. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Sean Charland purchased 25,000 shares of the stock in a transaction that occurred on Wednesday, December 6th. The stock was purchased at an average cost of $22.50 per share, with a total value of $562,500.00. In the last three months, insiders purchased 95,000 shares of company stock valued at $581,500. 12.20% of the stock is currently owned by company insiders.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Friday, March 9th will be paid a $0.12 dividend. This is a boost from MGM Resorts International’s previous quarterly dividend of $0.11. The ex-dividend date is Thursday, March 8th. This represents a $0.48 annualized dividend and a dividend yield of 1.38%. MGM Resorts International’s payout ratio is presently 12.94%.
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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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