Zacks: Brokerages Expect MGM Resorts International (MGM) Will Post Quarterly Sales of $2.98 Billion

Brokerages expect MGM Resorts International (NYSE:MGM) to post $2.98 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Five analysts have made estimates for MGM Resorts International’s earnings. The highest sales estimate is $3.33 billion and the lowest is $2.85 billion. MGM Resorts International reported sales of $2.83 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 5.3%. The business is scheduled to issue its next quarterly earnings report on Wednesday, November 14th.

According to Zacks, analysts expect that MGM Resorts International will report full-year sales of $11.69 billion for the current financial year, with estimates ranging from $11.42 billion to $12.29 billion. For the next fiscal year, analysts expect that the business will post sales of $12.71 billion per share, with estimates ranging from $12.04 billion to $13.54 billion. Zacks’ sales calculations are an average based on a survey of research analysts that cover MGM Resorts International.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Thursday, August 2nd. The company reported $0.26 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.26. The business had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.97 billion. MGM Resorts International had a return on equity of 5.07% and a net margin of 17.11%. The business’s revenue was up 7.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.28 earnings per share.



A number of equities analysts have recently commented on the stock. ValuEngine upgraded shares of MGM Resorts International from a “hold” rating to a “buy” rating in a research note on Wednesday, April 18th. UBS Group raised shares of MGM Resorts International from a “neutral” rating to a “positive” rating in a research note on Monday, April 23rd. Susquehanna Bancshares raised shares of MGM Resorts International from a “neutral” rating to a “positive” rating in a research note on Monday, April 23rd. Zacks Investment Research raised shares of MGM Resorts International from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a research note on Tuesday, April 24th. Finally, Telsey Advisory Group dropped their price objective on shares of MGM Resorts International from $39.00 to $34.00 and set a “market perform” rating for the company in a research note on Friday, April 27th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $37.50.

In other news, Director Alexis Herman sold 3,500 shares of the stock in a transaction dated Monday, August 6th. The shares were sold at an average price of $28.85, for a total transaction of $100,975.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Rose Mckinney-James sold 5,624 shares of the firm’s stock in a transaction dated Friday, June 1st. The shares were sold at an average price of $31.89, for a total transaction of $179,349.36. Following the completion of the sale, the director now owns 3,870 shares of the company’s stock, valued at $123,414.30. The disclosure for this sale can be found here. Insiders sold a total of 10,709 shares of company stock worth $329,364 over the last three months. 12.20% of the stock is owned by company insiders.

A number of large investors have recently modified their holdings of MGM. Synovus Financial Corp purchased a new position in MGM Resorts International during the first quarter worth about $102,000. MUFG Americas Holdings Corp purchased a new position in shares of MGM Resorts International during the 2nd quarter valued at approximately $102,000. Dupont Capital Management Corp lifted its position in shares of MGM Resorts International by 80.8% during the 1st quarter. Dupont Capital Management Corp now owns 4,490 shares of the company’s stock valued at $157,000 after buying an additional 2,007 shares in the last quarter. Piedmont Investment Advisors LLC purchased a new position in shares of MGM Resorts International during the 2nd quarter valued at approximately $170,000. Finally, Moors & Cabot Inc. purchased a new position in shares of MGM Resorts International during the 1st quarter valued at approximately $207,000. Institutional investors and hedge funds own 82.91% of the company’s stock.

Shares of MGM Resorts International stock traded down $0.25 during trading on Tuesday, reaching $28.86. The company’s stock had a trading volume of 7,740,910 shares, compared to its average volume of 12,400,058. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.64 and a current ratio of 0.68. The firm has a market capitalization of $15.66 billion, a PE ratio of 28.29, a PEG ratio of 3.74 and a beta of 1.38. MGM Resorts International has a one year low of $26.85 and a one year high of $38.41.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 14th. Stockholders of record on Monday, September 10th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.66%. The ex-dividend date is Friday, September 7th. MGM Resorts International’s payout ratio is currently 47.06%.

MGM Resorts International declared that its Board of Directors has approved a stock repurchase program on Thursday, May 10th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 10.9% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

MGM Resorts International Company Profile

MGM Resorts International, through its subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts in the United States and China. The company operates through two segments, Domestic Resorts and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.

Further Reading: Earnings Per Share (EPS) Explained

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Earnings History and Estimates for MGM Resorts International (NYSE:MGM)

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