MGM Resorts International (NYSE:MGM) Posts Quarterly Earnings Results, Misses Estimates By $0.15 EPS

Key Points

• MGM Resorts reported a quarterly loss of $0.11 per share, missing analysts’ $0.04 EPS estimate by $0.15. Revenue matched expectations at $4.21 billion.
• The stock fell 2.5% to $27.28, near its 52-week low of $27.20, with shares trading well below their 50-day and 200-day moving averages.
• Analyst sentiment remains mixed: MGM has an average rating of “Hold” and a consensus price target of $46.71, despite recent upgrades and price-target increases from some firms.

MGM Resorts International (NYSE:MGM - Get Free Report) released its quarterly earnings data on Wednesday. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.15), FiscalAI reports. MGM Resorts International had a net margin of 2.40% and a return on equity of 23.30%. The firm had revenue of $4.21 billion during the quarter, compared to the consensus estimate of $4.21 billion.

MGM Resorts International Stock Down 2.5%

MGM Resorts International stock traded down $0.71 during trading hours on Wednesday, reaching $27.28. The stock had a trading volume of 6,329,623 shares, compared to its average volume of 4,358,729. The company has a market cap of $6.86 billion, a price-to-earnings ratio of 16.53, a PEG ratio of 1.56 and a beta of 1.35. The business's 50 day moving average price is $35.67 and its 200-day moving average price is $39.10. MGM Resorts International has a 52 week low of $27.20 and a 52 week high of $51.59. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.34 and a quick ratio of 1.30.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MGM. HSBC upgraded shares of MGM Resorts International to a "strong-buy" rating in a report on Thursday, July 30th. Weiss Ratings cut shares of MGM Resorts International from a "hold (c)" rating to a "hold (c-)" rating in a research report on Monday. Argus increased their price objective on shares of MGM Resorts International from $45.00 to $55.00 and gave the company a "buy" rating in a research note on Monday, August 17th. Mizuho cut their price objective on shares of MGM Resorts International from $60.00 to $55.00 and set an "outperform" rating on the stock in a report on Thursday, September 24th. Finally, Wells Fargo & Company reduced their price objective on shares of MGM Resorts International from $48.30 to $29.00 and set an "equal weight" rating for the company in a research note on Monday, October 19th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $46.71.

MGM Resorts International Company Profile

MGM Resorts International is a global hospitality and entertainment company that develops, owns, and operates destination resorts featuring casinos, hotels, restaurants, entertainment venues, convention facilities, retail spaces, and nightlife offerings. Its portfolio includes well-known properties such as MGM Grand, Bellagio, ARIA, Mandalay Bay, and The Cosmopolitan of Las Vegas.

The company serves customers through properties in Las Vegas and other U.S. markets, including regional destinations in Michigan, Maryland, Massachusetts, Mississippi, New Jersey, New York, and Ohio.

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