$2.46 Billion in Sales Expected for MGM Resorts International (NYSE:MGM) This Quarter

Equities analysts expect MGM Resorts International (NYSE:MGM) to post $2.46 billion in sales for the current fiscal quarter, Zacks reports. Six analysts have issued estimates for MGM Resorts International’s earnings, with the highest sales estimate coming in at $2.69 billion and the lowest estimate coming in at $2.34 billion. MGM Resorts International posted sales of $1.13 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 117.7%. The firm is scheduled to issue its next earnings report on Thursday, November 4th.

On average, analysts expect that MGM Resorts International will report full year sales of $9.05 billion for the current year, with estimates ranging from $8.80 billion to $9.51 billion. For the next financial year, analysts anticipate that the company will post sales of $11.95 billion, with estimates ranging from $11.27 billion to $12.86 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that that provide coverage for MGM Resorts International.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, August 4th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.24. The company had revenue of $2.27 billion for the quarter, compared to the consensus estimate of $2.17 billion. MGM Resorts International had a negative return on equity of 11.74% and a negative net margin of 18.51%. The firm’s revenue was up 682.6% compared to the same quarter last year. During the same period in the previous year, the business earned ($1.52) EPS.

MGM has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft raised MGM Resorts International from a “hold” rating to a “buy” rating and boosted their price objective for the company from $42.00 to $54.00 in a research note on Thursday, June 24th. They noted that the move was a valuation call. Wells Fargo & Company assumed coverage on MGM Resorts International in a research note on Tuesday, September 14th. They issued an “overweight” rating and a $55.00 price objective on the stock. Jefferies Financial Group assumed coverage on MGM Resorts International in a research note on Thursday, August 5th. They set a “buy” rating and a $56.00 price target on the stock. Sanford C. Bernstein raised MGM Resorts International from a “market perform” rating to an “outperform” rating and set a $58.90 price target on the stock in a research note on Monday, September 13th. Finally, The Goldman Sachs Group raised MGM Resorts International from a “sell” rating to a “neutral” rating and upped their price target for the stock from $38.00 to $43.00 in a research note on Wednesday, July 28th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $43.26.

In related news, Director Alexis Herman sold 2,500 shares of the stock in a transaction on Wednesday, August 25th. The stock was sold at an average price of $41.95, for a total value of $104,875.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Corey Ian Sanders sold 10,000 shares of the stock in a transaction on Tuesday, August 24th. The stock was sold at an average price of $40.00, for a total value of $400,000.00. Following the completion of the sale, the chief operating officer now owns 359,286 shares in the company, valued at approximately $14,371,440. The disclosure for this sale can be found here. Over the last three months, insiders have sold 22,500 shares of company stock valued at $938,375. 5.09% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Algert Global LLC purchased a new stake in MGM Resorts International during the first quarter valued at about $822,000. Royal Bank of Canada raised its position in MGM Resorts International by 18.9% during the first quarter. Royal Bank of Canada now owns 891,999 shares of the company’s stock valued at $33,887,000 after purchasing an additional 142,030 shares in the last quarter. TownSquare Capital LLC purchased a new stake in MGM Resorts International during the first quarter valued at about $691,000. J.W. Cole Advisors Inc. raised its position in MGM Resorts International by 12.3% during the second quarter. J.W. Cole Advisors Inc. now owns 11,441 shares of the company’s stock valued at $488,000 after purchasing an additional 1,253 shares in the last quarter. Finally, Kornitzer Capital Management Inc. KS raised its position in MGM Resorts International by 32.9% during the second quarter. Kornitzer Capital Management Inc. KS now owns 526,645 shares of the company’s stock valued at $22,461,000 after purchasing an additional 130,495 shares in the last quarter. Institutional investors and hedge funds own 63.52% of the company’s stock.

Shares of NYSE:MGM opened at $41.28 on Tuesday. The company has a market capitalization of $19.89 billion, a price-to-earnings ratio of -16.19 and a beta of 2.44. The company has a debt-to-equity ratio of 1.13, a current ratio of 3.23 and a quick ratio of 3.19. The business’s 50-day moving average is $40.17 and its 200-day moving average is $40.59. MGM Resorts International has a 1 year low of $19.55 and a 1 year high of $45.34.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 15th. Stockholders of record on Friday, September 10th were issued a $0.0025 dividend. The ex-dividend date of this dividend was Thursday, September 9th. This is a positive change from MGM Resorts International’s previous quarterly dividend of $0.00. This represents a $0.01 annualized dividend and a dividend yield of 0.02%. MGM Resorts International’s dividend payout ratio is currently -0.25%.

About MGM Resorts International

MGM Resorts International is a holding company, which engages in the ownership and operations of casino resorts. The firm’s casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities. It operates through the following business segments: Las Vegas Strip Resorts, Regional Operations and MGM China.

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