Zacks: Brokerages Expect MGM Resorts International (MGM) Will Post Earnings of $0.20 Per Share

Wall Street analysts predict that MGM Resorts International (NYSE:MGM) will post earnings per share of $0.20 for the current quarter, Zacks reports. Five analysts have provided estimates for MGM Resorts International’s earnings, with the lowest EPS estimate coming in at $0.04 and the highest estimate coming in at $0.40. MGM Resorts International reported earnings per share of $0.33 during the same quarter last year, which suggests a negative year-over-year growth rate of 39.4%. The firm is expected to report its next earnings report after the market closes on Tuesday, October 30th.

According to Zacks, analysts expect that MGM Resorts International will report full year earnings of $1.15 per share for the current fiscal year, with EPS estimates ranging from $1.08 to $1.21. For the next financial year, analysts forecast that the business will report earnings of $1.36 per share, with EPS estimates ranging from $1.17 to $2.04. Zacks’ EPS calculations are a mean average based on a survey of sell-side analysts that follow MGM Resorts International.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Thursday, August 2nd. The company reported $0.26 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.26. MGM Resorts International had a return on equity of 5.07% and a net margin of 17.11%. The business had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.97 billion. During the same period last year, the business posted $0.28 EPS. The business’s revenue was up 7.8% compared to the same quarter last year.

A number of research analysts have recently issued reports on MGM shares. Nomura cut their price target on MGM Resorts International from $40.00 to $39.00 and set a “buy” rating on the stock in a report on Monday, July 9th. Morgan Stanley lowered their price objective on MGM Resorts International from $38.00 to $34.00 and set a “buy” rating for the company in a research report on Friday, August 3rd. Jefferies Financial Group reissued a “buy” rating on shares of MGM Resorts International in a research report on Wednesday, August 1st. Stifel Nicolaus reissued a “hold” rating and issued a $33.00 price objective (down previously from $37.00) on shares of MGM Resorts International in a research report on Friday, August 3rd. Finally, Zacks Investment Research raised MGM Resorts International from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 26th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $37.25.

Shares of NYSE:MGM traded up $0.50 on Friday, reaching $26.45. The company had a trading volume of 8,049,900 shares, compared to its average volume of 9,098,054. MGM Resorts International has a 52-week low of $25.70 and a 52-week high of $38.41. The company has a market capitalization of $15.01 billion, a PE ratio of 25.93, a P/E/G ratio of 3.59 and a beta of 1.40. The company has a current ratio of 0.68, a quick ratio of 0.64 and a debt-to-equity ratio of 1.25.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 14th. Stockholders of record on Monday, September 10th were given a $0.12 dividend. The ex-dividend date was Friday, September 7th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.81%. MGM Resorts International’s payout ratio is 47.06%.

In other MGM Resorts International news, Director Alexis Herman sold 1,750 shares of MGM Resorts International stock in a transaction dated Thursday, August 16th. The stock was sold at an average price of $28.28, for a total transaction of $49,490.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Daniel D’arrigo sold 29,377 shares of MGM Resorts International stock in a transaction dated Friday, August 31st. The stock was sold at an average price of $29.23, for a total value of $858,689.71. Following the sale, the chief financial officer now directly owns 260,676 shares of the company’s stock, valued at approximately $7,619,559.48. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 34,627 shares of company stock valued at $1,009,155. 0.43% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of MGM. Koch Industries Inc. acquired a new stake in MGM Resorts International during the 1st quarter worth about $293,000. Principal Financial Group Inc. lifted its holdings in shares of MGM Resorts International by 0.4% in the 1st quarter. Principal Financial Group Inc. now owns 768,030 shares of the company’s stock valued at $26,896,000 after buying an additional 3,422 shares during the period. Nomura Asset Management Co. Ltd. lifted its holdings in shares of MGM Resorts International by 6.2% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 69,176 shares of the company’s stock valued at $2,422,000 after buying an additional 4,031 shares during the period. Achmea Investment Management B.V. acquired a new position in shares of MGM Resorts International in the 1st quarter valued at about $946,000. Finally, Natixis lifted its holdings in shares of MGM Resorts International by 34.1% in the 1st quarter. Natixis now owns 13,785 shares of the company’s stock valued at $483,000 after buying an additional 3,505 shares during the period. 79.79% of the stock is owned by institutional investors.

About MGM Resorts International

MGM Resorts International, through its subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts in the United States and China. The company operates through two segments, Domestic Resorts and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.

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