MGM Resorts International Forecasted to Earn FY2017 Earnings of $1.15 Per Share (MGM)
MGM Resorts International (NYSE:MGM) – Gabelli decreased their FY2017 EPS estimates for shares of MGM Resorts International in a research note issued to investors on Thursday. Gabelli analyst A. Trivison now forecasts that the company will earn $1.15 per share for the year, down from their previous estimate of $1.20.
MGM Resorts International (NYSE:MGM) last released its earnings results on Thursday, July 27th. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.03. The business had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.67 billion. MGM Resorts International had a net margin of 9.26% and a return on equity of 7.97%. The company’s revenue for the quarter was up 16.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.29 EPS. COPYRIGHT VIOLATION NOTICE: This piece was originally reported by American Banking News and is the property of of American Banking News. If you are reading this piece on another site, it was stolen and republished in violation of U.S. and international copyright & trademark laws. The original version of this piece can be read at https://www.americanbankingnews.com/2017/09/08/mgm-resorts-international-forecasted-to-earn-fy2017-earnings-of-1-15-per-share-mgm.html.
MGM has been the topic of a number of other reports. Zacks Investment Research cut MGM Resorts International from a “hold” rating to a “sell” rating in a research note on Wednesday, June 28th. Morgan Stanley reissued an “overweight” rating and set a $34.00 target price (up from $33.00) on shares of MGM Resorts International in a research note on Monday, July 10th. Deutsche Bank AG reissued a “buy” rating and set a $34.00 target price on shares of MGM Resorts International in a research note on Monday, July 3rd. Telsey Advisory Group boosted their target price on MGM Resorts International from $36.00 to $39.00 and gave the company an “outperform” rating in a research note on Friday, July 28th. Finally, UBS AG reissued a “buy” rating on shares of MGM Resorts International in a research note on Monday, July 10th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eighteen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $34.81.
Shares of MGM Resorts International (NYSE:MGM) opened at 33.99 on Friday. The firm’s 50-day moving average is $32.24 and its 200-day moving average is $30.37. MGM Resorts International has a 52-week low of $24.26 and a 52-week high of $34.65. The firm has a market cap of $19.55 billion, a P/E ratio of 20.12 and a beta of 1.48.
Large investors have recently made changes to their positions in the company. Canyon Capital Advisors LLC lifted its holdings in shares of MGM Resorts International by 19.3% during the first quarter. Canyon Capital Advisors LLC now owns 17,818,760 shares of the company’s stock valued at $488,234,000 after purchasing an additional 2,877,500 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new position in shares of MGM Resorts International during the first quarter valued at $2,165,000. Stifel Financial Corp lifted its holdings in shares of MGM Resorts International by 39.2% during the first quarter. Stifel Financial Corp now owns 127,554 shares of the company’s stock valued at $3,487,000 after purchasing an additional 35,898 shares in the last quarter. GMT Capital Corp lifted its holdings in shares of MGM Resorts International by 89.4% during the first quarter. GMT Capital Corp now owns 3,490,000 shares of the company’s stock valued at $95,626,000 after purchasing an additional 1,647,200 shares in the last quarter. Finally, Highbridge Capital Management LLC lifted its holdings in shares of MGM Resorts International by 92.4% during the first quarter. Highbridge Capital Management LLC now owns 36,357 shares of the company’s stock valued at $996,000 after purchasing an additional 17,457 shares in the last quarter. 75.22% of the stock is currently owned by hedge funds and other institutional investors.
In other news, CEO James Murren sold 57,269 shares of the company’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $31.54, for a total transaction of $1,806,264.26. Following the transaction, the chief executive officer now directly owns 969,111 shares of the company’s stock, valued at $30,565,760.94. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Mary Christine Gay sold 3,000 shares of the company’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $31.88, for a total value of $95,640.00. Following the transaction, the director now directly owns 11,208 shares in the company, valued at $357,311.04. The disclosure for this sale can be found here. Insiders sold 121,283 shares of company stock worth $3,916,395 over the last three months. Corporate insiders own 12.20% of the company’s stock.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Monday, September 11th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 1.29%. The ex-dividend date of this dividend is Friday, September 8th. MGM Resorts International’s dividend payout ratio (DPR) is 26.04%.
MGM Resorts International declared that its Board of Directors has initiated a share repurchase plan on Tuesday, September 5th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 5.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.
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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