MGM Stock – Zacks: Brokerages Anticipate MGM Resorts International (NYSE:MGM) Will Post Earnings of -$0.50 Per Share
Equities research analysts forecast that MGM Resorts International (NYSE:MGM) will report ($0.50) earnings per share for the current fiscal quarter, Zacks reports. Six analysts have provided estimates for MGM Resorts International’s earnings. The highest EPS estimate is ($0.33) and the lowest is ($0.72). MGM Resorts International posted earnings of ($1.52) per share during the same quarter last year, which indicates a positive year-over-year growth rate of 67.1%. The firm 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 earnings of ($1.72) per share for the current fiscal year, with EPS estimates ranging from ($2.12) to ($1.37). For the next year, analysts forecast that the firm will report earnings of $0.02 per share, with EPS estimates ranging from ($0.53) to $0.43. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side research analysts that cover MGM Resorts International.
MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, April 28th. The company reported ($0.68) earnings per share for the quarter, beating the consensus estimate of ($0.86) by $0.18. The firm 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 12.08% and a net margin of 20.81%. The firm’s revenue for the quarter 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.
Several research firms have issued reports on MGM. Argus raised MGM Resorts International from a “hold” rating to a “buy” rating and set a $42.00 price target on the stock in a research note on Monday, March 1st. Bank of America raised shares of MGM Resorts International from an “underperform” rating to a “neutral” rating in a research report on Tuesday, February 16th. Stifel Nicolaus increased their price objective on shares of MGM Resorts International from $34.00 to $40.00 in a research report on Thursday, February 11th. Smith Barney Citigroup downgraded shares of MGM Resorts International from a “buy” rating to a “neutral” rating in a report on Thursday, January 7th. They noted that the move was a valuation call. Finally, KeyCorp began coverage on shares of MGM Resorts International in a research report on Wednesday, January 13th. They issued a “sector weight” rating on the stock. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the company’s stock. MGM Resorts International has an average rating of “Hold” and a consensus price target of $33.06.
NYSE MGM traded up $1.32 during trading hours on Friday, reaching $40.23. 400,554 shares of the company’s stock were exchanged, compared to its average volume of 9,287,172. The stock has a market cap of $19.73 billion, a PE ratio of 14.33 and a beta of 2.42. The company has a current ratio of 2.24, a quick ratio of 2.20 and a debt-to-equity ratio of 0.98. The firm has a fifty day moving average of $40.21 and a 200-day moving average of $32.90. MGM Resorts International has a one year low of $11.77 and a one year high of $42.74.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 15th. Stockholders of record on Thursday, June 10th will be issued a dividend of $0.002 per share. This represents a $0.01 annualized dividend and a dividend yield of 0.02%. The ex-dividend date is Wednesday, June 9th. MGM Resorts International’s payout ratio is presently 1.30%.
In related news, SVP Todd Meinert sold 8,129 shares of MGM Resorts International stock in a transaction on Tuesday, February 16th. The stock was sold at an average price of $35.57, for a total transaction of $289,148.53. Following the completion of the sale, the senior vice president now directly owns 8,300 shares of the company’s stock, valued at $295,231. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Corey Ian Sanders sold 40,000 shares of the business’s stock in a transaction dated Monday, February 22nd. The shares were sold at an average price of $38.52, for a total value of $1,540,800.00. Following the completion of the transaction, the chief operating officer now directly owns 448,331 shares of the company’s stock, valued at $17,269,710.12. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,371,793 shares of company stock worth $88,773,437. 5.06% of the stock is owned by insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Parallel Advisors LLC raised its stake in MGM Resorts International by 6.1% in the first quarter. Parallel Advisors LLC now owns 4,633 shares of the company’s stock valued at $176,000 after buying an additional 267 shares during the period. Crossmark Global Holdings Inc. grew its position in MGM Resorts International by 3.2% during the first quarter. Crossmark Global Holdings Inc. now owns 11,955 shares of the company’s stock worth $454,000 after buying an additional 372 shares in the last quarter. Institute for Wealth Management LLC. boosted its holdings in shares of MGM Resorts International by 5.3% in the 1st quarter. Institute for Wealth Management LLC. now owns 7,774 shares of the company’s stock valued at $295,000 after purchasing an additional 390 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its holdings in shares of MGM Resorts International by 7.4% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 7,586 shares of the company’s stock valued at $239,000 after purchasing an additional 524 shares in the last quarter. Finally, Private Capital Group LLC lifted its stake in shares of MGM Resorts International by 10.4% in the 4th quarter. Private Capital Group LLC now owns 5,727 shares of the company’s stock valued at $181,000 after acquiring an additional 538 shares during the last quarter. Institutional investors and hedge funds own 63.39% of the company’s stock.
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.
Read More: Stock Portfolio Tracker
Get a free copy of the Zacks research report on MGM Resorts International (MGM)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to [email protected]
Featured Article: Management Fee
7 Lithium Stocks That Will Power the Electric Vehicle Boom
Demand for lithium is set to increase exponentially in the next few years. In fact, according to Statista, demand for lithium may very well double to 820,000 tons in that time. Some of that demand will come from companies that are manufacturing the batteries that we use every day. For example, lithium is an essential component of the batteries that power our mobile devices.
But the real growth will come as the United States goes all-in on electric vehicles (EVs). The Biden administration recently announced plans to have the U.S. government’s fleet of over 600,000 vehicles converted to EVs.
And as you’re aware, EV stocks are in a bubble of some sort at the moment. Some of that is due to the increasing number of companies that went public last year. However, as investors are beginning to realize, not all of these companies will be the next Tesla. In fact, some of these companies may never be successful at bringing an EV to market, at least not at the scale that will be required.
The ones that do make it will need lithium and lots of it. To help you sift through the best lithium stocks to buy, we’ve put together this special presentation.
View the “7 Lithium Stocks That Will Power the Electric Vehicle Boom”.