Analysts Expect MGM Resorts International (MGM) Will Announce Quarterly Sales of $2.77 Billion
Wall Street analysts expect that MGM Resorts International (NYSE:MGM) will report sales of $2.77 billion for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for MGM Resorts International’s earnings, with the highest sales estimate coming in at $2.80 billion and the lowest estimate coming in at $2.76 billion. MGM Resorts International reported sales of $2.52 billion in the same quarter last year, which suggests a positive year over year growth rate of 9.9%. The business is scheduled to report its next quarterly earnings results on Monday, November 6th.
According to Zacks, analysts expect that MGM Resorts International will report full year sales of $2.77 billion for the current year, with estimates ranging from $10.65 billion to $11.00 billion. For the next financial year, analysts expect that the business will post sales of $12.28 billion per share, with estimates ranging from $11.97 billion to $12.58 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow MGM Resorts International.
MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Thursday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.03. MGM Resorts International had a net margin of 9.26% and a return on equity of 7.97%. The business had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter last year, the firm posted $0.29 EPS. MGM Resorts International’s revenue was up 16.4% compared to the same quarter last year.
Several equities research analysts recently weighed in on MGM shares. BidaskClub cut MGM Resorts International from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 1st. UBS AG reaffirmed a “buy” rating on shares of MGM Resorts International in a research note on Monday, July 10th. Stifel Nicolaus reaffirmed a “buy” rating on shares of MGM Resorts International in a research note on Friday, September 1st. Deutsche Bank AG cut MGM Resorts International from a “buy” rating to a “hold” rating and set a $36.00 price target on the stock. in a research note on Monday, September 11th. Finally, Instinet reaffirmed a “buy” rating and issued a $40.00 price target on shares of MGM Resorts International in a research note on Monday, July 3rd. One analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have given a buy rating to the company. MGM Resorts International currently has a consensus rating of “Buy” and an average target price of $35.80.
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In other news, CEO James Murren sold 57,269 shares of the company’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $33.05, for a total transaction of $1,892,740.45. Following the transaction, the chief executive officer now directly owns 1,231,611 shares of the company’s stock, valued at $40,704,743.55. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Rose Mckinney-James sold 3,097 shares of the company’s stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $33.83, for a total value of $104,771.51. Following the transaction, the director now directly owns 10,724 shares in the company, valued at $362,792.92. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 819,831 shares of company stock worth $27,686,927. Corporate insiders own 12.20% of the company’s stock.
Large investors have recently made changes to their positions in the company. Pacad Investment Ltd. bought a new position in shares of MGM Resorts International during the second quarter valued at $169,000. Toronto Dominion Bank lifted its holdings in shares of MGM Resorts International by 12.4% during the second quarter. Toronto Dominion Bank now owns 5,644 shares of the company’s stock valued at $177,000 after purchasing an additional 624 shares in the last quarter. Colony Group LLC bought a new position in shares of MGM Resorts International during the second quarter valued at $203,000. Cigna Investments Inc. New bought a new position in shares of MGM Resorts International during the second quarter valued at $206,000. Finally, IPG Investment Advisors LLC bought a new position in shares of MGM Resorts International during the second quarter valued at $219,000. 75.20% of the stock is currently owned by hedge funds and other institutional investors.
Shares of MGM Resorts International (MGM) opened at 30.07 on Friday. MGM Resorts International has a 52-week low of $25.15 and a 52-week high of $34.65. The company has a 50-day moving average of $32.07 and a 200 day moving average of $31.33. The firm has a market cap of $17.30 billion, a P/E ratio of 17.80 and a beta of 1.46.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Monday, September 11th were issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date was Friday, September 8th. MGM Resorts International’s payout ratio is currently 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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