Equities analysts expect that MGM Resorts International (NYSE:MGM) will report earnings of $0.21 per share for the current quarter, Zacks reports. Five analysts have made estimates for MGM Resorts International’s earnings, with estimates ranging from $0.04 to $0.40. MGM Resorts International reported earnings of $0.33 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 report its next quarterly earnings report on Wednesday, November 14th.
On average, analysts expect that MGM Resorts International will report full year earnings of $1.16 per share for the current fiscal year, with EPS estimates ranging from $1.11 to $1.21. For the next fiscal year, analysts forecast that the business will post earnings of $1.37 per share, with EPS estimates ranging from $1.17 to $2.04. Zacks Investment Research’s EPS calculations are an average based on a survey of research firms that cover MGM Resorts International.
MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Thursday, August 2nd. The company reported $0.26 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.26. The business had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.97 billion. MGM Resorts International had a return on equity of 5.07% and a net margin of 17.11%. The firm’s revenue was up 7.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.28 EPS.
MGM has been the topic of several research analyst reports. Zacks Investment Research raised MGM Resorts International from a “hold” rating to a “buy” rating and set a $41.00 price objective on the stock in a research note on Tuesday, April 24th. Morgan Stanley dropped their price objective on MGM Resorts International from $41.00 to $38.00 and set an “overweight” rating on the stock in a research note on Friday, April 27th. Susquehanna Bancshares raised MGM Resorts International from a “neutral” rating to a “positive” rating in a research note on Monday, April 23rd. UBS Group raised MGM Resorts International from a “neutral” rating to a “positive” rating in a research note on Monday, April 23rd. Finally, Goldman Sachs Group downgraded MGM Resorts International from a “buy” rating to a “neutral” rating and set a $37.00 price objective on the stock. in a research note on Monday, June 25th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the company’s stock. MGM Resorts International presently has an average rating of “Buy” and an average price target of $37.50.
MGM Resorts International traded down $0.25, hitting $28.86, during mid-day trading on Friday, Marketbeat.com reports. 7,740,910 shares of the company’s stock were exchanged, compared to its average volume of 12,400,058. The company has a market capitalization of $15.66 billion, a PE ratio of 28.29, a PEG ratio of 3.74 and a beta of 1.38. MGM Resorts International has a fifty-two week low of $26.85 and a fifty-two week high of $38.41. The company has a current ratio of 0.68, a quick ratio of 0.64 and a debt-to-equity ratio of 1.25.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 14th. Shareholders of record on Monday, September 10th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date is Friday, September 7th. MGM Resorts International’s dividend payout ratio (DPR) is presently 47.06%.
MGM Resorts International declared that its board has initiated a share buyback program on Thursday, May 10th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to reacquire up to 10.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.
In other MGM Resorts International news, Director Rose Mckinney-James sold 5,624 shares of the stock in a transaction dated Friday, June 1st. The stock was sold at an average price of $31.89, for a total transaction of $179,349.36. Following the completion of the transaction, the director now owns 3,870 shares in the company, valued at approximately $123,414.30. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Alexis Herman sold 3,500 shares of the stock in a transaction dated Monday, August 6th. The stock was sold at an average price of $28.85, for a total value of $100,975.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,709 shares of company stock valued at $329,364. Corporate insiders own 12.20% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its holdings in MGM Resorts International by 1.3% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 124,842 shares of the company’s stock worth $4,372,000 after purchasing an additional 1,578 shares during the period. Suntrust Banks Inc. lifted its position in MGM Resorts International by 12.3% during the first quarter. Suntrust Banks Inc. now owns 15,689 shares of the company’s stock worth $548,000 after acquiring an additional 1,723 shares during the last quarter. Fagan Associates Inc. lifted its position in MGM Resorts International by 4.3% during the second quarter. Fagan Associates Inc. now owns 44,320 shares of the company’s stock worth $1,287,000 after acquiring an additional 1,840 shares during the last quarter. Dupont Capital Management Corp lifted its position in MGM Resorts International by 80.8% during the first quarter. Dupont Capital Management Corp now owns 4,490 shares of the company’s stock worth $157,000 after acquiring an additional 2,007 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its position in MGM Resorts International by 7.8% during the first quarter. DekaBank Deutsche Girozentrale now owns 27,984 shares of the company’s stock worth $1,049,000 after acquiring an additional 2,018 shares during the last quarter. Institutional investors own 82.91% of the company’s stock.
MGM Resorts International Company Profile
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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