MGM Resorts International (MGM) Expected to Announce Quarterly Sales of $2.99 Billion

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Equities research analysts expect that MGM Resorts International (NYSE:MGM) will report $2.99 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Five analysts have issued estimates for MGM Resorts International’s earnings, with the highest sales estimate coming in at $3.03 billion and the lowest estimate coming in at $2.95 billion. MGM Resorts International posted sales of $2.64 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 13.3%. The business is expected to issue its next quarterly earnings results on Thursday, July 26th.

On average, analysts expect that MGM Resorts International will report full-year sales of $11.99 billion for the current fiscal year, with estimates ranging from $11.72 billion to $12.29 billion. For the next year, analysts anticipate that the firm will post sales of $13.03 billion per share, with estimates ranging from $12.82 billion to $13.36 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that that provide coverage for MGM Resorts International.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Thursday, April 26th. The company reported $0.29 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.31 by ($0.02). The company had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.82 billion. MGM Resorts International had a net margin of 17.88% and a return on equity of 5.45%. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.38 EPS.

A number of equities analysts recently commented on the company. Zacks Investment Research downgraded MGM Resorts International from a “buy” rating to a “hold” rating in a report on Tuesday, May 1st. Morgan Stanley decreased their target price on MGM Resorts International from $41.00 to $38.00 and set an “overweight” rating for the company in a report on Friday, April 27th. Telsey Advisory Group decreased their target price on MGM Resorts International from $39.00 to $34.00 and set a “market perform” rating for the company in a report on Friday, April 27th. ValuEngine downgraded MGM Resorts International from a “buy” rating to a “hold” rating in a report on Friday, April 27th. Finally, Susquehanna Bancshares upgraded MGM Resorts International from a “neutral” rating to a “positive” rating in a report on Monday, April 23rd. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $38.29.

In related news, Director Mary Christine Gay sold 1,585 shares of the company’s stock in a transaction on Tuesday, June 5th. The stock was sold at an average price of $30.94, for a total value of $49,039.90. Following the sale, the director now directly owns 14,336 shares of the company’s stock, valued at $443,555.84. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Alexis Herman sold 3,840 shares of the company’s stock in a transaction on Monday, April 30th. The stock was sold at an average price of $31.65, for a total value of $121,536.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 11,049 shares of company stock worth $349,925. 0.43% of the stock is owned by insiders.

A number of hedge funds have recently modified their holdings of the stock. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its stake in MGM Resorts International by 1.3% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 124,842 shares of the company’s stock worth $4,372,000 after purchasing an additional 1,578 shares during the period. Suntrust Banks Inc. grew its stake in shares of MGM Resorts International by 12.3% in the first quarter. Suntrust Banks Inc. now owns 15,689 shares of the company’s stock worth $548,000 after acquiring an additional 1,723 shares during the last quarter. Dupont Capital Management Corp grew its stake in shares of MGM Resorts International by 80.8% in the first quarter. Dupont Capital Management Corp now owns 4,490 shares of the company’s stock worth $157,000 after acquiring an additional 2,007 shares during the last quarter. DekaBank Deutsche Girozentrale grew its stake in shares of MGM Resorts International by 7.8% in the first quarter. DekaBank Deutsche Girozentrale now owns 27,984 shares of the company’s stock worth $1,049,000 after acquiring an additional 2,018 shares during the last quarter. Finally, Norinchukin Bank The grew its stake in shares of MGM Resorts International by 5.7% in the fourth quarter. Norinchukin Bank The now owns 40,739 shares of the company’s stock worth $1,360,000 after acquiring an additional 2,208 shares during the last quarter. 82.45% of the stock is currently owned by institutional investors.

Shares of MGM Resorts International stock traded down $1.41 during midday trading on Friday, reaching $29.91. 17,105,699 shares of the company’s stock traded hands, compared to its average volume of 9,022,738. The company has a quick ratio of 0.64, a current ratio of 0.67 and a debt-to-equity ratio of 1.12. The company has a market cap of $17.39 billion, a PE ratio of 29.32, a P/E/G ratio of 2.01 and a beta of 1.39. MGM Resorts International has a 12 month low of $29.53 and a 12 month high of $38.41.

The company also recently declared a quarterly dividend, which was paid on Friday, June 15th. Investors of record on Friday, June 8th were paid a $0.12 dividend. The ex-dividend date of this dividend was Thursday, June 7th. This represents a $0.48 annualized dividend and a yield of 1.60%. MGM Resorts International’s payout ratio is 47.06%.

MGM Resorts International announced that its Board of Directors has authorized a stock buyback program on Thursday, May 10th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 10.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

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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Earnings History and Estimates for MGM Resorts International (NYSE:MGM)

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