MGM Resorts International (MGM) Expected to Announce Quarterly Sales of $3.24 Billion

Equities analysts predict that MGM Resorts International (NYSE:MGM) will report sales of $3.24 billion for the current fiscal quarter, Zacks reports. Five analysts have made estimates for MGM Resorts International’s earnings. The lowest sales estimate is $3.20 billion and the highest is $3.29 billion. MGM Resorts International reported sales of $2.86 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 13.3%. The company is scheduled to report its next earnings report on Thursday, August 1st.

According to Zacks, analysts expect that MGM Resorts International will report full year sales of $13.05 billion for the current fiscal year, with estimates ranging from $12.93 billion to $13.15 billion. For the next fiscal year, analysts forecast that the company will report sales of $13.58 billion, with estimates ranging from $13.18 billion to $13.95 billion. Zacks’ sales averages 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 posted its quarterly earnings data on Monday, April 29th. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.04). MGM Resorts International had a return on equity of 4.03% and a net margin of 2.26%. The business had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same period in the prior year, the firm posted $0.38 EPS. MGM Resorts International’s revenue for the quarter was up 12.6% on a year-over-year basis.

Several research firms have issued reports on MGM. Morgan Stanley dropped their price target on MGM Resorts International from $35.00 to $32.00 and set an “overweight” rating on the stock in a research note on Thursday. Deutsche Bank reiterated a “hold” rating and set a $32.00 price target on shares of MGM Resorts International in a report on Monday, March 25th. Zacks Investment Research cut MGM Resorts International from a “hold” rating to a “strong sell” rating in a report on Monday, February 18th. Finally, Credit Suisse Group reiterated a “neutral” rating and set a $30.00 price target on shares of MGM Resorts International in a report on Wednesday, March 20th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company’s stock. MGM Resorts International has an average rating of “Hold” and a consensus price target of $33.20.

Shares of MGM traded down $0.21 during midday trading on Friday, hitting $26.28. The stock had a trading volume of 7,040,815 shares, compared to its average volume of 7,480,102. MGM Resorts International has a twelve month low of $21.61 and a twelve month high of $32.13. The company has a market capitalization of $13.95 billion, a price-to-earnings ratio of 26.55, a P/E/G ratio of 3.24 and a beta of 1.34. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.78 and a quick ratio of 0.75.

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Monday, June 10th will be given a $0.13 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.98%. MGM Resorts International’s payout ratio is 52.53%.

In other MGM Resorts International news, Director Paul J. Salem purchased 800,000 shares of the company’s stock in a transaction dated Wednesday, May 8th. The stock was bought at an average cost of $25.40 per share, for a total transaction of $20,320,000.00. Following the completion of the transaction, the director now owns 800,000 shares in the company, valued at $20,320,000. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Keith A. Meister purchased 2,874,578 shares of the company’s stock in a transaction dated Friday, June 7th. The stock was acquired at an average price of $26.18 per share, with a total value of $75,256,452.04. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 4,813,716 shares of company stock valued at $124,988,995. 3.47% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MGM. Corvex Management LP raised its position in MGM Resorts International by 50.5% during the first quarter. Corvex Management LP now owns 15,692,772 shares of the company’s stock valued at $402,677,000 after purchasing an additional 5,264,090 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in shares of MGM Resorts International during the fourth quarter worth $122,017,000. Bank of America Corp DE increased its holdings in shares of MGM Resorts International by 380.3% during the fourth quarter. Bank of America Corp DE now owns 5,827,720 shares of the company’s stock worth $141,381,000 after buying an additional 4,614,420 shares in the last quarter. Norges Bank acquired a new position in shares of MGM Resorts International during the fourth quarter worth $108,871,000. Finally, Two Sigma Advisers LP increased its holdings in shares of MGM Resorts International by 127.9% during the fourth quarter. Two Sigma Advisers LP now owns 3,972,219 shares of the company’s stock worth $96,366,000 after buying an additional 2,228,972 shares in the last quarter. Institutional investors own 79.43% of the company’s stock.

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

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