MGM Resorts International (MGM) Expected to Announce Earnings of $0.31 Per Share

Wall Street brokerages expect MGM Resorts International (NYSE:MGM) to post earnings per share of $0.31 for the current quarter, Zacks Investment Research reports. Five analysts have made estimates for MGM Resorts International’s earnings, with the lowest EPS estimate coming in at $0.24 and the highest estimate coming in at $0.37. MGM Resorts International posted earnings per share of $0.38 in the same quarter last year, which would suggest a negative year over year growth rate of 18.4%. The company is scheduled to report its next quarterly earnings report before the market opens on Thursday, April 26th.

According to Zacks, analysts expect that MGM Resorts International will report full year earnings of $1.41 per share for the current financial year, with EPS estimates ranging from $1.34 to $1.56. For the next year, analysts anticipate that the firm will report earnings of $1.87 per share, with EPS estimates ranging from $1.58 to $2.20. Zacks’ EPS calculations are an average based on a survey of research firms that that provide coverage for MGM Resorts International.

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MGM Resorts International (NYSE:MGM) last posted its earnings results on Tuesday, February 20th. The company reported $0.11 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.07 by $0.04. MGM Resorts International had a return on equity of 5.78% and a net margin of 17.92%. The company had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.51 billion. During the same period last year, the company earned $0.11 earnings per share. The business’s revenue was up 5.5% compared to the same quarter last year.

Several equities analysts have weighed in on the company. Stifel Nicolaus restated a “hold” rating and set a $37.00 target price (up from $36.00) on shares of MGM Resorts International in a report on Wednesday, February 21st. Barclays raised their target price on MGM Resorts International from $37.00 to $40.00 and gave the company an “overweight” rating in a report on Friday, February 23rd. ValuEngine upgraded MGM Resorts International from a “hold” rating to a “buy” rating in a report on Wednesday, April 18th. Zacks Investment Research upgraded MGM Resorts International from a “hold” rating to a “buy” rating and set a $40.00 target price on the stock in a report on Monday, February 5th. Finally, Telsey Advisory Group assumed coverage on MGM Resorts International in a research note on Wednesday, March 14th. They issued a “market perform” rating and a $39.00 price objective on the stock. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $38.53.

NYSE MGM opened at $35.44 on Monday. MGM Resorts International has a fifty-two week low of $28.20 and a fifty-two week high of $38.41. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.73 and a current ratio of 0.77. The stock has a market cap of $20,072.04, a price-to-earnings ratio of 34.75, a P/E/G ratio of 1.89 and a beta of 1.40.

In related news, President William Hornbuckle sold 60,000 shares of MGM Resorts International stock in a transaction dated Friday, March 9th. The stock was sold at an average price of $36.36, for a total transaction of $2,181,600.00. Following the sale, the president now directly owns 26,289 shares of the company’s stock, valued at $955,868.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director William Warwick Grounds bought 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 14th. The shares were purchased at an average cost of $35.50 per share, for a total transaction of $35,500.00. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 46,000 shares of company stock worth $49,000 and have sold 142,646 shares worth $5,104,710. 12.20% of the stock is owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in MGM. Norinchukin Bank The boosted its holdings in MGM Resorts International by 5.7% during the fourth quarter. Norinchukin Bank The now owns 40,739 shares of the company’s stock valued at $1,360,000 after purchasing an additional 2,208 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in MGM Resorts International by 88.2% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,945 shares of the company’s stock valued at $165,000 after purchasing an additional 2,318 shares in the last quarter. Spirit of America Management Corp NY boosted its holdings in MGM Resorts International by 78.1% during the fourth quarter. Spirit of America Management Corp NY now owns 5,700 shares of the company’s stock valued at $190,000 after purchasing an additional 2,500 shares in the last quarter. CIBC Asset Management Inc boosted its holdings in MGM Resorts International by 5.4% during the fourth quarter. CIBC Asset Management Inc now owns 50,210 shares of the company’s stock valued at $1,677,000 after purchasing an additional 2,593 shares in the last quarter. Finally, Candriam Luxembourg S.C.A. boosted its holdings in MGM Resorts International by 4.4% during the fourth quarter. Candriam Luxembourg S.C.A. now owns 63,559 shares of the company’s stock valued at $2,122,000 after purchasing an additional 2,654 shares in the last quarter. 82.53% of the stock is currently owned by institutional investors and hedge funds.

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About MGM Resorts International

MGM Resorts International, through its subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts in the United States and China. The company operates through two segments, Domestic Resorts and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.

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Earnings History and Estimates for MGM Resorts International (NYSE:MGM)

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