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.

In related news, Director Sean Charland acquired 25,000 shares of the stock in a transaction dated Wednesday, December 6th. The stock was bought at an average cost of $22.50 per share, with a total value of $562,500.00. Also, insider Robert Baldwin sold 61,600 shares of the business’s stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $32.56, for a total transaction of $2,005,696.00. Following the sale, the insider now directly owns 70,049 shares of the company’s stock, valued at $2,280,795.44. The disclosure for this sale can be found here. Insiders sold a total of 146,056 shares of company stock valued at $4,816,302 over the last ninety days. 12.20% of the stock is owned by corporate insiders.

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.

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

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