Brokerages Expect MGM Resorts International (MGM) Will Post Quarterly Sales of $2.77 Billion

Equities analysts predict that MGM Resorts International (NYSE:MGM) will report $2.77 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have made estimates for MGM Resorts International’s earnings, with estimates ranging from $2.76 billion to $2.80 billion. MGM Resorts International reported sales of $2.52 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 9.9%. The company is expected to issue its next earnings report before the market opens on Wednesday, November 8th.

According to Zacks, 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 company will report sales of $12.13 billion per share, with estimates ranging from $11.86 billion to $12.58 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for MGM Resorts International.

Several research analysts have weighed in on MGM shares. Morgan Stanley reissued an “overweight” rating and set a $34.00 price objective (up from $33.00) on shares of MGM Resorts International in a report on Monday, July 10th. UBS AG reaffirmed a “buy” rating on shares of MGM Resorts International in a report on Monday, July 10th. Instinet reaffirmed a “buy” rating on shares of MGM Resorts International in a report on Monday, July 17th. BidaskClub raised shares of MGM Resorts International from a “buy” rating to a “strong-buy” rating in a report on Tuesday, July 25th. Finally, Telsey Advisory Group lifted their price target on shares of MGM Resorts International from $36.00 to $39.00 and gave the company an “outperform” rating in a report on Friday, July 28th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $35.75.

In other MGM Resorts International news, insider Robert Baldwin sold 49,179 shares of the business’s stock in a transaction dated 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 sale, the insider now directly owns 145,105 shares in the company, valued at approximately $4,807,328.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Rose Mckinney-James sold 3,097 shares of the business’s stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $33.83, for a total transaction of $104,771.51. Following the sale, the director now owns 10,724 shares in the company, valued at $362,792.92. The disclosure for this sale can be found here. Insiders have sold a total of 755,817 shares of company stock worth $25,576,796 over the last 90 days. 12.20% of the stock is owned by insiders.

Several hedge funds have recently added to or reduced their stakes in MGM. Prudential Financial Inc. raised its position in shares of MGM Resorts International by 18.0% during the 1st quarter. Prudential Financial Inc. now owns 34,161 shares of the company’s stock worth $936,000 after buying an additional 5,200 shares in the last quarter. Nomura Asset Management Co. Ltd. raised its holdings in shares of MGM Resorts International by 4.3% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 61,624 shares of the company’s stock worth $1,688,000 after purchasing an additional 2,554 shares in the last quarter. DnB Asset Management AS raised its holdings in shares of MGM Resorts International by 8.4% in the 2nd quarter. DnB Asset Management AS now owns 38,838 shares of the company’s stock worth $1,215,000 after purchasing an additional 3,000 shares in the last quarter. Xact Kapitalforvaltning AB raised its holdings in shares of MGM Resorts International by 7.8% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 36,237 shares of the company’s stock worth $1,134,000 after purchasing an additional 2,613 shares in the last quarter. Finally, Fox Run Management L.L.C. raised its holdings in shares of MGM Resorts International by 14.5% in the 2nd quarter. Fox Run Management L.L.C. now owns 16,600 shares of the company’s stock worth $519,000 after purchasing an additional 2,100 shares in the last quarter. Institutional investors own 76.20% of the company’s stock.

Shares of MGM Resorts International (NYSE:MGM) traded up $0.46 during mid-day trading on Wednesday, reaching $31.72. 4,285,177 shares of the company’s stock traded hands, compared to its average volume of 8,760,000. The firm has a market cap of $18,200.00, a price-to-earnings ratio of 22.65 and a beta of 1.42. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.89 and a current ratio of 0.93. MGM Resorts International has a 52 week low of $25.15 and a 52 week high of $34.65.

MGM Resorts International announced that its board has approved a share repurchase 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 stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

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MGM Resorts International Company Profile

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

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