$2.51 Billion in Sales Expected for MGM Resorts International (MGM) This Quarter
Analysts expect MGM Resorts International (NYSE:MGM) to announce $2.51 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have made estimates for MGM Resorts International’s earnings. The highest sales estimate is $2.52 billion and the lowest is $2.49 billion. MGM Resorts International posted sales of $2.46 billion during the same quarter last year, which suggests a positive year over year growth rate of 2%. The company is scheduled to issue its next 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 $10.69 billion. For the next year, analysts expect that the business will post sales of $11.95 billion per share, with estimates ranging from $11.65 billion to $12.27 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for MGM Resorts International.
MGM has been the topic of several recent analyst reports. Morgan Stanley set a $34.00 target price on MGM Resorts International and gave the stock a “buy” rating in a research note on Friday, October 13th. Nomura cut their target price on MGM Resorts International from $38.00 to $37.00 and set a “buy” rating on the stock in a research note on Wednesday, November 1st. Roth Capital initiated coverage on MGM Resorts International in a research note on Wednesday, October 25th. They issued a “buy” rating and a $38.00 target price on the stock. Zacks Investment Research cut MGM Resorts International from a “hold” rating to a “sell” rating in a research note on Wednesday, October 18th. Finally, UBS Group cut MGM Resorts International from a “positive” rating to a “neutral” rating in a research note on Tuesday, October 3rd. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $36.79.
Several hedge funds have recently added to or reduced their stakes in MGM. Comerica Bank lifted its holdings in shares of MGM Resorts International by 3.8% during the second quarter. Comerica Bank now owns 24,687 shares of the company’s stock valued at $839,000 after purchasing an additional 910 shares during the last quarter. Prudential Financial Inc. lifted its holdings in shares of MGM Resorts International by 5.0% during the second quarter. Prudential Financial Inc. now owns 35,861 shares of the company’s stock valued at $1,122,000 after purchasing an additional 1,700 shares during the last quarter. Pacad Investment Ltd. purchased a new position in shares of MGM Resorts International during the second quarter valued at approximately $169,000. Private Advisor Group LLC lifted its holdings in shares of MGM Resorts International by 8.7% during the second quarter. Private Advisor Group LLC now owns 17,092 shares of the company’s stock valued at $533,000 after purchasing an additional 1,375 shares during the last quarter. Finally, Aberdeen Asset Management PLC UK lifted its holdings in shares of MGM Resorts International by 94.1% during the second quarter. Aberdeen Asset Management PLC UK now owns 51,254 shares of the company’s stock valued at $1,604,000 after purchasing an additional 24,848 shares during the last quarter. Hedge funds and other institutional investors own 82.96% of the company’s stock.
Shares of MGM Resorts International (NYSE MGM) opened at $35.03 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.02 and a debt-to-equity ratio of 1.26. The stock has a market capitalization of $19,877.11, a PE ratio of 34.34, a P/E/G ratio of 6.41 and a beta of 1.45. MGM Resorts International has a 12 month low of $25.15 and a 12 month high of $35.18.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Monday, December 11th were given a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, December 8th. This represents a $0.44 annualized dividend and a yield of 1.26%. MGM Resorts International’s payout ratio is 43.14%.
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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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