$2.77 Billion in Sales Expected for MGM Resorts International (MGM) This Quarter
Brokerages expect MGM Resorts International (NYSE:MGM) to announce sales of $2.77 billion for the current fiscal quarter, according to Zacks. Four analysts have made estimates for MGM Resorts International’s earnings, with the lowest sales estimate coming in at $2.76 billion and the highest estimate coming in at $2.80 billion. MGM Resorts International posted sales of $2.52 billion in the same quarter last year, which would indicate a positive year over year growth rate of 9.9%. The company is scheduled to report its next quarterly earnings report before the market opens on Wednesday, November 8th.
According to Zacks, analysts expect that MGM Resorts International will report full-year sales of $2.77 billion for the current financial year, with estimates ranging from $10.64 billion to $11.00 billion. For the next fiscal year, analysts expect that the business will report sales of $12.21 billion per share, with estimates ranging from $12.00 billion to $12.58 billion. Zacks’ sales averages are an average based on a survey of research firms that cover MGM Resorts International.
MGM has been the topic of several recent analyst reports. Morgan Stanley set a $34.00 price objective on shares of MGM Resorts International and gave the company a “buy” rating in a report on Friday, October 13th. Deutsche Bank AG downgraded shares of MGM Resorts International from a “buy” rating to a “hold” rating and set a $36.00 price objective on the stock. in a report on Monday, September 11th. UBS AG downgraded shares of MGM Resorts International from a “positive” rating to a “neutral” rating in a report on Tuesday, October 3rd. Zacks Investment Research downgraded shares of MGM Resorts International from a “hold” rating to a “sell” rating in a report on Wednesday, October 18th. Finally, Telsey Advisory Group upped their price objective on shares of MGM Resorts International from $36.00 to $39.00 and gave the company an “outperform” rating in a report on Friday, July 28th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $35.56.
Shares of MGM Resorts International (NYSE:MGM) opened at 31.35 on Wednesday. MGM Resorts International has a 52 week low of $25.15 and a 52 week high of $34.65. The stock has a 50 day moving average of $31.36 and a 200-day moving average of $31.65. The company has a market capitalization of $18.03 billion, a price-to-earnings ratio of 18.56 and a beta of 1.46.
MGM Resorts International announced that its Board of Directors has approved a share repurchase program on Tuesday, September 5th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 5.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
In other news, insider Robert Baldwin sold 49,179 shares of the firm’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $33.13, for a total transaction of $1,629,300.27. Following the sale, the insider now owns 145,105 shares of the company’s stock, valued at approximately $4,807,328.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mary Christine Gay sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $31.88, for a total transaction of $95,640.00. Following the sale, the director now directly owns 11,208 shares in the company, valued at approximately $357,311.04. The disclosure for this sale can be found here. Insiders have sold a total of 758,817 shares of company stock worth $25,672,436 in the last ninety days. Corporate insiders own 12.20% of the company’s stock.
Several large investors have recently made changes to their positions in MGM. PointState Capital LP purchased a new position in shares of MGM Resorts International during the 2nd quarter valued at approximately $239,347,000. Maverick Capital Ltd. purchased a new position in shares of MGM Resorts International during the 2nd quarter valued at approximately $215,381,000. Iridian Asset Management LLC CT purchased a new position in shares of MGM Resorts International during the 2nd quarter valued at approximately $192,055,000. FMR LLC lifted its position in shares of MGM Resorts International by 66.7% during the 2nd quarter. FMR LLC now owns 7,242,214 shares of the company’s stock valued at $226,609,000 after buying an additional 2,897,242 shares in the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in shares of MGM Resorts International during the 3rd quarter valued at approximately $87,164,000. Hedge funds and other institutional investors own 75.85% of the company’s stock.
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.
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