MGM Resorts International (NYSE:MGM) Issues Earnings Results

Key Points

• MGM Resorts reported adjusted earnings of $0.59 per share, exceeding analysts’ consensus estimate of $0.56. The company posted a 24.43% return on equity and a 1.03% net margin.
• MGM shares fell 0.8% to $45.85 after the results, with the stock trading between a 52-week low of $29.18 and high of $51.59. Institutional investors own 68.11% of the company.
• Analyst sentiment remains mixed but improved, with several firms raising price targets; the stock carries an overall “Hold” rating and an average target price of $52.49.

MGM Resorts International (NYSE:MGM - Get Free Report) announced its earnings results on Wednesday. The company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.03, FiscalAI reports. MGM Resorts International had a return on equity of 24.43% and a net margin of 1.03%.

MGM Resorts International Stock Down 0.8%

NYSE:MGM traded down $0.35 during mid-day trading on Wednesday, reaching $45.85. The stock had a trading volume of 2,371,241 shares, compared to its average volume of 4,604,341. The stock has a market cap of $11.73 billion, a P/E ratio of 63.67 and a beta of 1.29. The business's 50 day moving average is $46.00 and its 200 day moving average is $39.80. The company has a debt-to-equity ratio of 1.93, a current ratio of 1.33 and a quick ratio of 1.30. MGM Resorts International has a fifty-two week low of $29.18 and a fifty-two week high of $51.59.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, Director Daniel J. Taylor sold 6,675 shares of the stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $38.44, for a total transaction of $256,587.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 3.38% of the company's stock.

Institutional Trading of MGM Resorts International

Several large investors have recently modified their holdings of the company. AQR Capital Management LLC lifted its position in shares of MGM Resorts International by 202.5% during the 3rd quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company's stock worth $292,772,000 after purchasing an additional 5,654,757 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of MGM Resorts International by 81.4% in the third quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company's stock valued at $264,874,000 after buying an additional 3,429,946 shares during the period. State Street Corp grew its position in MGM Resorts International by 0.4% during the fourth quarter. State Street Corp now owns 7,517,622 shares of the company's stock worth $274,318,000 after buying an additional 30,962 shares in the last quarter. Invesco Ltd. grew its position in MGM Resorts International by 3.4% during the third quarter. Invesco Ltd. now owns 5,940,465 shares of the company's stock worth $205,897,000 after buying an additional 194,114 shares in the last quarter. Finally, Morgan Stanley increased its stake in MGM Resorts International by 7.0% during the fourth quarter. Morgan Stanley now owns 5,157,306 shares of the company's stock valued at $188,190,000 after acquiring an additional 338,057 shares during the period. 68.11% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on MGM. JPMorgan Chase & Co. upped their target price on MGM Resorts International from $46.00 to $53.00 and gave the company an "overweight" rating in a research report on Friday, June 12th. Citigroup raised their target price on shares of MGM Resorts International from $40.00 to $48.00 and gave the stock a "neutral" rating in a report on Thursday, July 2nd. Barclays upped their price objective on MGM Resorts International from $39.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 9th. Wells Fargo & Company raised shares of MGM Resorts International from an "underweight" rating to an "equal weight" rating and boosted their price target for the company from $33.00 to $48.30 in a report on Tuesday, July 7th. Finally, Capital One Financial increased their price objective on shares of MGM Resorts International from $46.00 to $51.00 and gave the stock an "overweight" rating in a report on Friday, April 17th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $52.49.

About MGM Resorts International

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.

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