Analysts expect that MGM Resorts International (NYSE:MGM) will post sales of $2.77 billion for the current fiscal quarter, according to Zacks Investment Research. Four analysts have made estimates for MGM Resorts International’s earnings, with the lowest sales estimate coming in at $2.76 billion and the highest estimate coming in at $2.80 billion. MGM Resorts International posted sales of $2.52 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 9.9%. The business is scheduled to report its next earnings report before the market opens on Wednesday, November 8th.
On average, analysts expect that MGM Resorts International will report full year sales of $2.77 billion for the current year, with estimates ranging from $10.64 billion to $11.00 billion. For the next financial year, analysts forecast that the firm will post sales of $12.13 billion per share, with estimates ranging from $11.86 billion to $12.58 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that follow MGM Resorts International.
MGM has been the subject of a number of analyst reports. Morgan Stanley set a $34.00 price target on shares of MGM Resorts International and gave the company a “buy” rating in a report on Friday, October 13th. Deutsche Bank AG downgraded shares of MGM Resorts International from a “buy” rating to a “hold” rating and set a $36.00 price target for the company. in a report on Monday, September 11th. UBS Group AG (USA) downgraded shares of MGM Resorts International from a “positive” rating to a “neutral” rating in a report on Tuesday, October 3rd. Zacks Investment Research downgraded shares of MGM Resorts International from a “hold” rating to a “sell” rating in a report on Wednesday, October 18th. Finally, Roth Capital initiated coverage on shares of MGM Resorts International in a report on Wednesday, October 25th. They issued a “buy” rating and a $38.00 price target for the company. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have assigned a buy rating to the stock. MGM Resorts International has an average rating of “Buy” and a consensus target price of $35.75.
In other news, insider Robert Baldwin sold 49,179 shares of the firm’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $33.13, for a total transaction of $1,629,300.27. Following the transaction, the insider now directly owns 145,105 shares of the company’s stock, valued at $4,807,328.65. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO James Murren sold 57,269 shares of the firm’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $31.54, for a total transaction of $1,806,264.26. Following the transaction, the chief executive officer now directly owns 969,111 shares in the company, valued at $30,565,760.94. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 758,817 shares of company stock worth $25,672,436. Corporate insiders own 12.20% of the company’s stock.
Large investors have recently modified their holdings of the company. Assenagon Asset Management S.A. bought a new position in shares of MGM Resorts International during the third quarter valued at approximately $87,164,000. Advisor Group Inc. boosted its stake in shares of MGM Resorts International by 35.3% during the second quarter. Advisor Group Inc. now owns 24,967 shares of the company’s stock valued at $780,000 after purchasing an additional 6,509 shares in the last quarter. Neuberger Berman Group LLC boosted its stake in shares of MGM Resorts International by 63.2% during the second quarter. Neuberger Berman Group LLC now owns 1,189,143 shares of the company’s stock valued at $37,208,000 after purchasing an additional 460,431 shares in the last quarter. Janus Henderson Group PLC boosted its stake in shares of MGM Resorts International by 1,978.3% during the second quarter. Janus Henderson Group PLC now owns 1,106,856 shares of the company’s stock valued at $34,634,000 after purchasing an additional 1,053,597 shares in the last quarter. Finally, Covey Capital Advisors LLC bought a new position in shares of MGM Resorts International during the second quarter valued at approximately $1,009,000. 75.85% of the stock is currently owned by institutional investors and hedge funds.
MGM Resorts International (MGM) traded up $0.44 on Wednesday, hitting $31.26. 5,294,397 shares of the company’s stock traded hands, compared to its average volume of 8,710,000. MGM Resorts International has a twelve month low of $25.15 and a twelve month high of $34.65. The company has a market cap of $17.98 billion, a P/E ratio of 22.25 and a beta of 1.42. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 0.89.
MGM Resorts International declared that its Board of Directors has approved a share buyback program on Tuesday, September 5th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 5.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its stock is undervalued.
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About MGM Resorts International
MGM Resorts International is a holding company. The Company, through its subsidiaries, owns and operates casino resorts. The Company operates in two segments: domestic resorts and MGM China. Its domestic resorts segment consists of non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities.
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