Zacks: Brokerages Anticipate MGM Resorts International (NYSE:MGM) Will Announce Quarterly Sales of $3.05 Billion

Equities research analysts predict that MGM Resorts International (NYSE:MGMGet Rating) will report sales of $3.05 billion for the current quarter, Zacks reports. Six analysts have made estimates for MGM Resorts International’s earnings, with the lowest sales estimate coming in at $2.96 billion and the highest estimate coming in at $3.20 billion. MGM Resorts International posted sales of $2.27 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 34.4%. The company is expected to announce its next quarterly earnings results on Monday, January 1st.

According to Zacks, analysts expect that MGM Resorts International will report full year sales of $12.40 billion for the current year, with estimates ranging from $12.12 billion to $12.74 billion. For the next fiscal year, analysts anticipate that the company will post sales of $13.59 billion, with estimates ranging from $13.08 billion to $14.13 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that follow MGM Resorts International.

MGM Resorts International (NYSE:MGMGet Rating) last released its quarterly earnings data on Monday, May 2nd. The company reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.10. MGM Resorts International had a return on equity of 0.81% and a net margin of 14.40%. During the same quarter in the prior year, the business posted ($0.68) earnings per share.

MGM has been the subject of several recent research reports. JPMorgan Chase & Co. initiated coverage on MGM Resorts International in a report on Tuesday, May 3rd. They issued an “overweight” rating and a $53.00 price target for the company. Susquehanna upgraded MGM Resorts International from a “negative” rating to a “neutral” rating and increased their price target for the company from $36.00 to $45.00 in a report on Friday, March 18th. Morgan Stanley lowered their price target on MGM Resorts International from $56.00 to $51.00 and set an “equal weight” rating for the company in a report on Monday, April 25th. UBS Group lowered their price target on MGM Resorts International to $40.00 in a report on Thursday. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on MGM Resorts International from $52.00 to $48.00 in a report on Friday, May 20th. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, MGM Resorts International presently has a consensus rating of “Buy” and a consensus target price of $52.93.

In related news, CEO William Hornbuckle sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 20th. The shares were sold at an average price of $43.00, for a total value of $430,000.00. Following the completion of the transaction, the chief executive officer now owns 132,603 shares of the company’s stock, valued at approximately $5,701,929. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul J. Salem acquired 3,500 shares of the firm’s stock in a transaction that occurred on Wednesday, May 25th. The stock was purchased at an average cost of $31.25 per share, with a total value of $109,375.00. Following the purchase, the director now directly owns 1,520,500 shares in the company, valued at approximately $47,515,625. The disclosure for this purchase can be found here. 2.13% of the stock is owned by company insiders.

Institutional investors have recently bought and sold shares of the stock. Rehmann Capital Advisory Group raised its holdings in shares of MGM Resorts International by 25.2% during the 1st quarter. Rehmann Capital Advisory Group now owns 9,228 shares of the company’s stock valued at $387,000 after purchasing an additional 1,859 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in MGM Resorts International by 130.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 46,611 shares of the company’s stock worth $1,955,000 after acquiring an additional 26,424 shares during the period. Fortitude Advisory Group L.L.C. raised its holdings in MGM Resorts International by 16.8% in the 1st quarter. Fortitude Advisory Group L.L.C. now owns 3,263 shares of the company’s stock worth $137,000 after acquiring an additional 470 shares during the period. Neuberger Berman Group LLC raised its holdings in MGM Resorts International by 25.3% in the 1st quarter. Neuberger Berman Group LLC now owns 743,789 shares of the company’s stock worth $31,223,000 after acquiring an additional 150,254 shares during the period. Finally, Toroso Investments LLC increased its holdings in shares of MGM Resorts International by 6.2% during the 1st quarter. Toroso Investments LLC now owns 26,919 shares of the company’s stock worth $1,129,000 after purchasing an additional 1,560 shares during the period. 85.76% of the stock is owned by hedge funds and other institutional investors.

MGM stock opened at $34.32 on Friday. MGM Resorts International has a 52 week low of $30.70 and a 52 week high of $51.17. The company has a market cap of $14.62 billion, a price-to-earnings ratio of 11.14 and a beta of 2.19. The company has a quick ratio of 1.23, a current ratio of 1.25 and a debt-to-equity ratio of 1.06. The business has a fifty day simple moving average of $37.90 and a 200-day simple moving average of $41.16.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 15th. Investors of record on Friday, June 10th will be paid a dividend of $0.0025 per share. The ex-dividend date is Thursday, June 9th. This represents a $0.01 dividend on an annualized basis and a dividend yield of 0.03%. MGM Resorts International’s dividend payout ratio is presently 0.32%.

About MGM Resorts International (Get Rating)

MGM Resorts International, through its subsidiaries, owns and operates 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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