Zacks: Brokerages expect MGM Resorts International (NYSE: MGM) to report quarterly sales of $3.05 billion
Equity research analysts predict that MGM Resorts International (NYSE:MGM – Get a rating) will report sales of $3.05 billion for the current quarter, Zacks reports. Six analysts have made earnings estimates for MGM Resorts International, with the lowest sales estimate of $2.96 billion and the highest estimate of $3.20 billion. MGM Resorts International recorded sales of $2.27 billion in the same quarter last year, suggesting a positive growth rate of 34.4% year-over-year. The company is expected to announce its next quarterly results on Monday, January 1.
According to Zacks, analysts expect MGM Resorts International to record annual sales of $12.40 billion for the current year, with estimates ranging from $12.12 billion to $12.74 billion. . For the next fiscal year, analysts expect the company to post sales of $13.59 billion, with estimates ranging from $13.08 billion to $14.13 billion. Zacks Investment Research sales averages are an average based on a survey of sell-side analysts who track MGM Resorts International.
MGM Resorts International (NYSE: MGM – Get a rating) last released its quarterly earnings data on Monday, May 2. The company reported EPS of $0.01 for the quarter, beating analyst consensus estimates of $0.09 ($0.09) by $0.10. MGM Resorts International achieved a return on equity of 0.81% and a net margin of 14.40%. In the same quarter a year earlier, the company posted ($0.68) earnings per share.
MGM has been the subject of several recent research reports. JPMorgan Chase & Co. launched coverage on MGM Resorts International in a Tuesday, May 3 report. They issued an “overweight” rating and a price target of $53.00 for the company. Susquehanna downgraded MGM Resorts International from a “negative” to a “neutral” rating and raised its price target for the company from $36.00 to $45.00 in a Friday, March 18 report. Morgan Stanley lowered its price target on MGM Resorts International from $56.00 to $51.00 and set an “equal weight” rating for the company in a Monday, April 25 report. UBS Group lowered its price target on MGM Resorts International to $40.00 in a report released Thursday. Finally, Deutsche Bank Aktiengesellschaft lowered its price target on MGM Resorts International from $52.00 to $48.00 in a Friday, May 20 report. Seven investment analysts gave the stock a hold rating and nine gave the company a buy rating. According to data from MarketBeat, MGM Resorts International currently has a consensus rating of “Buy” and a consensus target price of $52.93.
In related news, CEO Guillaume Corcorne sold 10,000 shares of the company in a trade that took place on Wednesday, April 20. The shares were sold at an average price of $43.00, for a total value of $430,000.00. Following completion of the transaction, the CEO now owns 132,603 shares of the company, valued at approximately $5,701,929. The transaction was disclosed in a document filed with the Securities & Exchange Commission, available at the SEC website. Additionally, director Paul J. Salem acquired 3,500 shares of the company in a transaction that took place on Wednesday, May 25. The shares were purchased at an average cost of $31.25 per share, with a total value of $109,375.00. Following the purchase, the director now directly owns 1,520,500 shares of the company, valued at approximately $47,515,625. Disclosure of this purchase can be found here. 2.13% of the shares are held by insiders of the company.
Institutional investors have recently been buying and selling shares of the stock. Rehmann Capital Advisory Group increased its equity stake in MGM Resorts International by 25.2% during the 1st quarter. Rehmann Capital Advisory Group now owns 9,228 shares of the company valued at $387,000 after purchasing an additional 1,859 shares last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in MGM Resorts International by 130.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 46,611 shares of the company worth $1,955,000 after acquiring an additional 26,424 shares during the period. Fortitude Advisory Group LLC increased its stake in MGM Resorts International by 16.8% in the 1st quarter. Fortitude Advisory Group LLC now owns 3,263 shares of the company worth $137,000 after acquiring an additional 470 shares during the period. Neuberger Berman Group LLC increased its stake in MGM Resorts International by 25.3% in the 1st quarter. Neuberger Berman Group LLC now owns 743,789 shares of the company worth $31,223,000 after acquiring an additional 150,254 shares during the period. Finally, Toroso Investments LLC increased its stake in MGM Resorts International shares by 6.2% during the 1st quarter. Toroso Investments LLC now owns 26,919 shares of the company worth $1,129,000 after purchasing an additional 1,560 shares during the period. 85.76% of the shares are held by hedge funds and other institutional investors.
MGM stock opened at $34.32 on Friday. MGM Resorts International has a 52-week minimum of $30.70 and a 52-week maximum of $51.17. The company has a market capitalization of $14.62 billion, a price-earnings ratio of 11.14 and a beta of 2.19. The company has a quick ratio of 1.23, a current ratio of 1.25 and a debt ratio of 1.06. The company has a fifty-day simple moving average of $37.90 and a 200-day simple moving average of $41.16.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 15. Investors of record on Friday, June 10 will receive a dividend of $0.0025 per share. The ex-dividend date is Thursday, June 9. This represents a dividend of $0.01 on an annualized basis and a dividend yield of 0.03%. MGM Resorts International’s dividend payout ratio is currently 0.32%.
About MGM Resorts International (Get a rating)
MGM Resorts International, through its subsidiaries, owns and operates casinos, hotels and entertainment centers in the United States and Macau. The Company operates through three segments: Las Vegas Strip Resorts, Regional Operations and MGM China. Its casino complexes offer gaming, hotels, conventions, restaurants, entertainment, retail and other resort amenities.
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