MGM Stock – MGM Resorts International (NYSE:MGM) Expected to Post Quarterly Sales of $2.02 Billion
Brokerages expect MGM Resorts International (NYSE:MGM) to report $2.02 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Six analysts have provided estimates for MGM Resorts International’s earnings, with the lowest sales estimate coming in at $1.72 billion and the highest estimate coming in at $2.36 billion. MGM Resorts International posted sales of $289.81 million in the same quarter last year, which would suggest a positive year over year growth rate of 597%. The company is scheduled to report its next quarterly earnings results on Thursday, July 29th.
On average, analysts expect that MGM Resorts International will report full year sales of $8.72 billion for the current year, with estimates ranging from $7.47 billion to $9.51 billion. For the next year, analysts expect that the company will post sales of $11.61 billion, with estimates ranging from $10.92 billion to $12.15 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for MGM Resorts International.
MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, April 28th. The company reported ($0.68) earnings per share for the quarter, topping the consensus estimate of ($0.86) by $0.18. The company had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.55 billion. MGM Resorts International had a negative return on equity of 17.93% and a negative net margin of 47.65%. The firm’s quarterly revenue was down 27.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.64 EPS.
MGM has been the subject of several research reports. JPMorgan Chase & Co. increased their price target on MGM Resorts International from $47.00 to $52.00 and gave the stock an “overweight” rating in a research note on Thursday, June 10th. Jefferies Financial Group raised their target price on MGM Resorts International from $50.00 to $53.00 and gave the stock a “buy” rating in a research note on Thursday, April 29th. Morgan Stanley raised their target price on MGM Resorts International from $45.00 to $49.00 and gave the stock an “overweight” rating in a research note on Friday, April 30th. Bank of America upgraded MGM Resorts International from an “underperform” rating to a “neutral” rating in a research note on Tuesday, February 16th. Finally, Argus upgraded MGM Resorts International from a “hold” rating to a “buy” rating and set a $42.00 target price for the company in a research note on Monday, March 1st. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $36.00.
In other MGM Resorts International news, CAO Todd Meinert sold 6,186 shares of MGM Resorts International stock in a transaction that occurred on Monday, May 3rd. The stock was sold at an average price of $41.26, for a total value of $255,234.36. Following the transaction, the chief accounting officer now directly owns 20,790 shares of the company’s stock, valued at approximately $857,795.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Corey Ian Sanders sold 50,000 shares of MGM Resorts International stock in a transaction that occurred on Monday, May 3rd. The stock was sold at an average price of $41.43, for a total value of $2,071,500.00. Following the completion of the transaction, the chief operating officer now directly owns 356,980 shares in the company, valued at $14,789,681.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 163,786 shares of company stock worth $6,693,294. 5.09% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the business. BDO Wealth Advisors LLC increased its stake in MGM Resorts International by 615.4% in the 1st quarter. BDO Wealth Advisors LLC now owns 651 shares of the company’s stock worth $25,000 after purchasing an additional 560 shares during the period. E Fund Management Co. Ltd. purchased a new position in shares of MGM Resorts International during the first quarter valued at approximately $27,000. Exane Derivatives purchased a new position in shares of MGM Resorts International during the first quarter valued at approximately $34,000. SOA Wealth Advisors LLC. purchased a new position in shares of MGM Resorts International during the fourth quarter valued at approximately $36,000. Finally, MBM Wealth Consultants LLC purchased a new position in shares of MGM Resorts International during the first quarter valued at approximately $38,000. 61.45% of the stock is currently owned by institutional investors and hedge funds.
MGM stock opened at $42.22 on Tuesday. The company has a debt-to-equity ratio of 1.18, a current ratio of 3.86 and a quick ratio of 3.81. The company has a market cap of $20.71 billion, a P/E ratio of -9.68 and a beta of 2.44. MGM Resorts International has a fifty-two week low of $14.65 and a fifty-two week high of $44.40. The business’s fifty day moving average price is $41.16.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 15th. Investors of record on Thursday, June 10th will be issued a dividend of $0.002 per share. The ex-dividend date of this dividend is Wednesday, June 9th. This represents a $0.01 dividend on an annualized basis and a dividend yield of 0.02%. MGM Resorts International’s dividend payout ratio is -0.25%.
MGM Resorts International Company Profile
MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and Macau. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.
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