Analysts predict that MGM Resorts International (NYSE:MGM) will report $1.23 billion in sales for the current fiscal quarter, Zacks reports. Six analysts have issued estimates for MGM Resorts International's earnings, with the lowest sales estimate coming in at $946.80 million and the highest estimate coming in at $1.44 billion. MGM Resorts International reported sales of $3.31 billion in the same quarter last year, which would suggest a negative year over year growth rate of 62.8%. The company is scheduled to report its next quarterly earnings results on Wednesday, November 4th.
According to Zacks, analysts expect that MGM Resorts International will report full year sales of $5.71 billion for the current fiscal year, with estimates ranging from $5.00 billion to $6.53 billion. For the next financial year, analysts forecast that the firm will post sales of $9.66 billion, with estimates ranging from $8.00 billion to $10.88 billion. Zacks' sales calculations are an average based on a survey of sell-side analysts that that provide coverage for MGM Resorts International.
MGM Resorts International (NYSE:MGM) last announced its earnings results on Thursday, July 30th. The company reported ($1.52) earnings per share for the quarter, beating the consensus estimate of ($1.65) by $0.13. The business had revenue of $289.81 million during the quarter, compared to the consensus estimate of $442.57 million. MGM Resorts International had a net margin of 21.28% and a negative return on equity of 6.64%.
A number of research firms have commented on MGM. Cfra downgraded shares of MGM Resorts International to a "sell" rating in a research note on Friday, July 31st. Macquarie increased their price objective on shares of MGM Resorts International from $27.00 to $30.00 in a research note on Thursday, September 24th. JPMorgan Chase & Co. increased their price objective on shares of MGM Resorts International from $17.00 to $23.00 and gave the company a "neutral" rating in a research note on Wednesday, September 9th. ValuEngine upgraded shares of MGM Resorts International from a "buy" rating to a "strong-buy" rating in a research note on Monday, August 3rd. Finally, Roth Capital downgraded shares of MGM Resorts International from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $21.00 to $19.00 in a research note on Wednesday, September 16th. Five research analysts have rated the stock with a sell rating, eleven have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of "Hold" and a consensus price target of $18.56.
Shares of MGM stock opened at $21.24 on Friday. The company has a market capitalization of $10.48 billion, a PE ratio of 5.59 and a beta of 2.34. The firm has a fifty day simple moving average of $22.31 and a 200-day simple moving average of $18.13. The company has a current ratio of 2.47, a quick ratio of 2.43 and a debt-to-equity ratio of 0.92. MGM Resorts International has a twelve month low of $5.90 and a twelve month high of $34.63.
In related news, EVP John Mcmanus sold 30,000 shares of the stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $21.23, for a total value of $636,900.00. Following the sale, the executive vice president now owns 102,567 shares of the company's stock, valued at approximately $2,177,497.41. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Daniel J. Taylor sold 1,637 shares of the stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $21.76, for a total transaction of $35,621.12. The disclosure for this sale can be found here. In the last ninety days, insiders sold 51,637 shares of company stock worth $1,129,321. Corporate insiders own 5.06% of the company's stock.
Institutional investors have recently added to or reduced their stakes in the business. APG Asset Management N.V. increased its stake in MGM Resorts International by 82.4% during the 1st quarter. APG Asset Management N.V. now owns 615,902 shares of the company's stock valued at $7,268,000 after buying an additional 278,300 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in MGM Resorts International by 10.4% during the 2nd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 108,002 shares of the company's stock valued at $1,814,000 after buying an additional 10,198 shares during the period. Sound Income Strategies LLC acquired a new position in MGM Resorts International during the 2nd quarter valued at about $44,000. First Trust Advisors LP increased its stake in MGM Resorts International by 871.5% during the 2nd quarter. First Trust Advisors LP now owns 1,466,675 shares of the company's stock valued at $24,640,000 after buying an additional 1,315,711 shares during the period. Finally, Alliancebernstein L.P. increased its stake in MGM Resorts International by 0.4% during the 1st quarter. Alliancebernstein L.P. now owns 792,147 shares of the company's stock valued at $9,347,000 after buying an additional 2,872 shares during the period. 66.23% of the stock is currently owned by hedge funds and other institutional investors.
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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