Wall Street brokerages forecast that MGM Resorts International (NYSE:MGM) will announce sales of $2.67 billion for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for MGM Resorts International’s earnings, with estimates ranging from $2.61 billion to $2.70 billion. MGM Resorts International posted sales of $2.27 billion in the same quarter last year, which suggests a positive year over year growth rate of 17.6%. The business is expected to report its next earnings results on Thursday, August 3rd.

On average, analysts expect that MGM Resorts International will report full-year sales of $2.67 billion for the current financial year, with estimates ranging from $10.83 billion to $11.11 billion. For the next financial year, analysts expect that the firm will post sales of $12.24 billion per share, with estimates ranging from $11.98 billion to $12.52 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for MGM Resorts International.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Thursday, April 27th. The company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.12. MGM Resorts International had a net margin of 12.25% and a return on equity of 7.76%. The company had revenue of $2.71 billion during the quarter, compared to analyst estimates of $2.63 billion. During the same period in the previous year, the business earned $0.16 earnings per share. The firm’s quarterly revenue was up 22.6% compared to the same quarter last year.

A number of analysts have issued reports on the stock. Instinet reiterated a “buy” rating and issued a $40.00 price target on shares of MGM Resorts International in a report on Monday. Deutsche Bank AG reiterated a “buy” rating and issued a $34.00 price target on shares of MGM Resorts International in a report on Monday. CLSA reiterated an “outperform” rating on shares of MGM Resorts International in a report on Friday, April 28th. Zacks Investment Research downgraded shares of MGM Resorts International from a “hold” rating to a “sell” rating in a report on Wednesday, June 28th. Finally, Susquehanna Bancshares Inc reiterated a “positive” rating and issued a $31.00 price target on shares of MGM Resorts International in a report on Thursday, April 20th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nineteen have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $34.20.

Shares of MGM Resorts International (MGM) traded up 0.99% on Friday, reaching $30.60. 3,381,223 shares of the company traded hands. The firm has a market capitalization of $17.59 billion, a P/E ratio of 14.22 and a beta of 1.47. The stock has a 50-day moving average price of $32.27 and a 200 day moving average price of $29.29. MGM Resorts International has a 1-year low of $22.33 and a 1-year high of $34.34.

The company also recently declared a quarterly dividend, which was paid on Thursday, June 15th. Investors of record on Friday, June 9th were paid a dividend of $0.11 per share. The ex-dividend date of this dividend was Wednesday, June 7th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.45%. MGM Resorts International’s dividend payout ratio is presently 20.37%.

In related news, EVP John Mcmanus sold 10,000 shares of MGM Resorts International stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $31.28, for a total transaction of $312,800.00. Following the completion of the transaction, the executive vice president now directly owns 46,917 shares of the company’s stock, valued at approximately $1,467,563.76. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Robert Selwood sold 10,046 shares of MGM Resorts International stock in a transaction dated Thursday, May 25th. The stock was sold at an average price of $31.56, for a total transaction of $317,051.76. Following the transaction, the executive vice president now directly owns 116,743 shares of the company’s stock, valued at $3,684,409.08. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 83,070 shares of company stock valued at $2,591,372. 12.20% of the stock is owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the company. IFP Advisors Inc boosted its position in MGM Resorts International by 0.7% in the first quarter. IFP Advisors Inc now owns 4,558 shares of the company’s stock worth $125,000 after buying an additional 31 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in MGM Resorts International by 0.4% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 34,213 shares of the company’s stock worth $937,000 after buying an additional 140 shares in the last quarter. Pacer Advisors Inc. boosted its position in MGM Resorts International by 3.4% in the first quarter. Pacer Advisors Inc. now owns 9,269 shares of the company’s stock worth $254,000 after buying an additional 302 shares in the last quarter. Wellington Shields Capital Management LLC boosted its position in MGM Resorts International by 0.6% in the first quarter. Wellington Shields Capital Management LLC now owns 66,650 shares of the company’s stock worth $1,826,000 after buying an additional 400 shares in the last quarter. Finally, Chevy Chase Trust Holdings Inc. boosted its position in MGM Resorts International by 7.4% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 8,094 shares of the company’s stock worth $222,000 after buying an additional 560 shares in the last quarter. 73.62% of the stock is owned by hedge funds and other institutional investors.

TRADEMARK VIOLATION WARNING: This news story was first posted by American Banking News and is the property of of American Banking News. If you are viewing this news story on another site, it was copied illegally and reposted in violation of international copyright & trademark law. The correct version of this news story can be read at https://www.americanbankingnews.com/2017/07/07/brokerages-expect-mgm-resorts-international-mgm-will-post-quarterly-sales-of-2-67-billion.html.

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.

Get a free copy of the Zacks research report on MGM Resorts International (MGM)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for MGM Resorts International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGM Resorts International and related companies with MarketBeat.com's FREE daily email newsletter.