Zacks: Brokerages Expect MGM Resorts International (MGM) Will Announce Earnings of $0.25 Per Share

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Equities research analysts expect MGM Resorts International (NYSE:MGM) to report earnings of $0.25 per share for the current quarter, Zacks reports. Five analysts have made estimates for MGM Resorts International’s earnings, with the lowest EPS estimate coming in at $0.20 and the highest estimate coming in at $0.30. MGM Resorts International posted earnings per share of $0.26 during the same quarter last year, which suggests a negative year-over-year growth rate of 3.8%. The company is scheduled to announce its next earnings results on Thursday, August 1st.

On average, analysts expect that MGM Resorts International will report full year earnings of $0.97 per share for the current year, with EPS estimates ranging from $0.84 to $1.18. For the next year, analysts forecast that the firm will post earnings of $1.57 per share, with EPS estimates ranging from $1.25 to $2.07. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side analysts that that provide coverage for MGM Resorts International.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Monday, April 29th. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.04). The firm had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.12 billion. MGM Resorts International had a return on equity of 4.03% and a net margin of 2.26%. The firm’s revenue for the quarter was up 12.6% compared to the same quarter last year. During the same period last year, the business earned $0.38 earnings per share.

A number of research analysts recently weighed in on the company. Zacks Investment Research lowered MGM Resorts International from a “buy” rating to a “hold” rating in a report on Wednesday, January 23rd. Morgan Stanley upped their target price on MGM Resorts International from $34.00 to $35.00 and gave the company an “overweight” rating in a research report on Wednesday, March 6th. Deutsche Bank reiterated a “hold” rating and set a $33.00 target price on shares of MGM Resorts International in a research report on Monday, January 28th. Finally, Credit Suisse Group reiterated a “neutral” rating and set a $30.00 target price on shares of MGM Resorts International in a research report on Wednesday, March 20th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $33.50.

In other MGM Resorts International news, Director Mary Christine Gay acquired 3,700 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The stock was acquired at an average cost of $27.27 per share, for a total transaction of $100,899.00. Following the transaction, the director now directly owns 18,036 shares in the company, valued at $491,841.72. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Paul J. Salem acquired 800,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The shares were acquired at an average price of $25.40 per share, with a total value of $20,320,000.00. Following the completion of the transaction, the director now owns 800,000 shares in the company, valued at $20,320,000. The disclosure for this purchase can be found here. 3.47% of the stock is owned by corporate insiders.

Several hedge funds have recently made changes to their positions in MGM. Standard Life Aberdeen plc lifted its stake in MGM Resorts International by 3.1% during the third quarter. Standard Life Aberdeen plc now owns 458,661 shares of the company’s stock valued at $12,808,000 after buying an additional 13,952 shares in the last quarter. LPL Financial LLC grew its holdings in shares of MGM Resorts International by 72.1% during the 3rd quarter. LPL Financial LLC now owns 32,022 shares of the company’s stock worth $894,000 after acquiring an additional 13,412 shares during the period. Neuberger Berman Group LLC grew its holdings in shares of MGM Resorts International by 47.8% during the 3rd quarter. Neuberger Berman Group LLC now owns 1,882,995 shares of the company’s stock worth $52,554,000 after acquiring an additional 608,562 shares during the period. Nordea Investment Management AB grew its holdings in shares of MGM Resorts International by 29.1% during the 3rd quarter. Nordea Investment Management AB now owns 26,682 shares of the company’s stock worth $744,000 after acquiring an additional 6,012 shares during the period. Finally, Marshall Wace North America L.P. purchased a new position in shares of MGM Resorts International during the 3rd quarter worth approximately $3,417,000. Institutional investors and hedge funds own 80.66% of the company’s stock.

MGM stock traded up $0.18 during midday trading on Wednesday, hitting $26.11. The stock had a trading volume of 283,421 shares, compared to its average volume of 7,118,418. The stock has a market cap of $13.62 billion, a P/E ratio of 26.36, a price-to-earnings-growth ratio of 3.12 and a beta of 1.37. MGM Resorts International has a 52 week low of $21.61 and a 52 week high of $32.88. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.78 and a quick ratio of 0.75.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Monday, June 10th will be given a dividend of $0.13 per share. The ex-dividend date is Friday, June 7th. This represents a $0.52 annualized dividend and a dividend yield of 1.99%. MGM Resorts International’s dividend payout ratio is currently 52.53%.

About MGM Resorts International

MGM Resorts International, through its subsidiaries, owns and operates integrated 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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Earnings History and Estimates for MGM Resorts International (NYSE:MGM)

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