MGM Resorts International (MGM) Expected to Announce Quarterly Sales of $2.51 Billion
Wall Street brokerages forecast that MGM Resorts International (NYSE:MGM) will post $2.51 billion in sales for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for MGM Resorts International’s earnings. The lowest sales estimate is $2.49 billion and the highest is $2.52 billion. MGM Resorts International posted sales of $2.46 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 2%. The firm is scheduled to report its next quarterly earnings results on Thursday, February 15th.
According to Zacks, analysts expect that MGM Resorts International will report full-year sales of $2.51 billion for the current year, with estimates ranging from $10.65 billion to $11.36 billion. For the next financial year, analysts forecast that the firm will post sales of $12.08 billion per share, with estimates ranging from $11.79 billion to $12.40 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that cover MGM Resorts International.
Several brokerages recently issued reports on MGM. Deutsche Bank downgraded MGM Resorts International from a “buy” rating to a “hold” rating and set a $36.00 price objective for the company. in a research report on Monday, September 11th. Bank of America restated a “buy” rating and set a $40.00 price objective (up from $38.00) on shares of MGM Resorts International in a research report on Friday, September 8th. Stifel Nicolaus restated a “hold” rating and set a $36.00 price objective (up from $33.00) on shares of MGM Resorts International in a research report on Thursday, November 9th. Zacks Investment Research upgraded MGM Resorts International from a “sell” rating to a “hold” rating in a research report on Friday, November 10th. Finally, Barclays restated an “overweight” rating on shares of MGM Resorts International in a research report on Monday, October 2nd. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $36.50.
Several hedge funds and other institutional investors have recently made changes to their positions in MGM. PointState Capital LP purchased a new stake in shares of MGM Resorts International during the 2nd quarter valued at $239,347,000. Maverick Capital Ltd. purchased a new stake in shares of MGM Resorts International during the 2nd quarter valued at $215,381,000. Iridian Asset Management LLC CT purchased a new stake in shares of MGM Resorts International during the 2nd quarter valued at $192,055,000. FMR LLC grew its stake 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 during the period. Finally, Assenagon Asset Management S.A. purchased a new stake in shares of MGM Resorts International during the 3rd quarter valued at $87,164,000. 83.01% of the stock is owned by institutional investors.
Shares of MGM Resorts International (NYSE MGM) traded down $0.05 during trading on Friday, hitting $33.18. The company had a trading volume of 8,874,205 shares, compared to its average volume of 5,942,272. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.02 and a quick ratio of 0.98. MGM Resorts International has a 1 year low of $25.15 and a 1 year high of $34.65. The firm has a market cap of $18,784.46, a P/E ratio of 29.36, a P/E/G ratio of 7.54 and a beta of 1.44.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Monday, December 11th will be paid a $0.11 dividend. The ex-dividend date is Friday, December 8th. This represents a $0.44 annualized dividend and a yield of 1.33%. MGM Resorts International’s payout ratio is currently 43.14%.
MGM Resorts International announced that its board has approved a stock buyback program on Tuesday, September 5th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the company to repurchase up to 5.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
COPYRIGHT VIOLATION NOTICE: “MGM Resorts International (MGM) Expected to Announce Quarterly Sales of $2.51 Billion” was originally published by American Banking News and is the sole property of of American Banking News. If you are viewing this story on another publication, it was illegally copied and republished in violation of US & international trademark & copyright law. The original version of this story can be read at https://www.americanbankingnews.com/2017/12/10/mgm-resorts-international-mgm-expected-to-announce-quarterly-sales-of-2-51-billion.html.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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.