MGM Resorts International (MGM) Expected to Post Quarterly Sales of $2.95 Billion

Wall Street brokerages forecast that MGM Resorts International (NYSE:MGM) will announce $2.95 billion in sales for the current quarter, Zacks Investment Research reports. Five analysts have made estimates for MGM Resorts International’s earnings, with the lowest sales estimate coming in at $2.82 billion and the highest estimate coming in at $3.12 billion. MGM Resorts International posted sales of $2.60 billion during the same quarter last year, which suggests a positive year over year growth rate of 13.5%. The firm is expected to report its next earnings results on Tuesday, February 19th.

On average, analysts expect that MGM Resorts International will report full-year sales of $11.66 billion for the current financial year, with estimates ranging from $11.53 billion to $11.83 billion. For the next financial year, analysts expect that the business will report sales of $12.95 billion, with estimates ranging from $12.45 billion to $13.29 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that follow MGM Resorts International.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Tuesday, October 30th. The company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.06. MGM Resorts International had a return on equity of 4.51% and a net margin of 16.75%. The company had revenue of $3.03 billion during the quarter, compared to analyst estimates of $2.99 billion. During the same quarter last year, the firm posted $0.34 earnings per share. The firm’s revenue was up 7.0% on a year-over-year basis.

A number of analysts recently commented on MGM shares. Bank of America reaffirmed a “buy” rating and issued a $30.00 price target on shares of MGM Resorts International in a research note on Tuesday, October 16th. Sanford C. Bernstein started coverage on MGM Resorts International in a research note on Thursday, November 15th. They issued a “market perform” rating for the company. Finally, Morgan Stanley reaffirmed a “buy” rating on shares of MGM Resorts International in a research note on Monday, December 3rd. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $35.60.

Shares of MGM stock opened at $27.34 on Wednesday. MGM Resorts International has a 52 week low of $21.61 and a 52 week high of $38.41. The firm has a market capitalization of $14.76 billion, a P/E ratio of 26.80, a price-to-earnings-growth ratio of 3.25 and a beta of 1.29. The company has a quick ratio of 0.71, a current ratio of 0.74 and a debt-to-equity ratio of 1.36.

In other MGM Resorts International news, insider Phyllis James sold 15,815 shares of the stock in a transaction on Friday, November 2nd. The stock was sold at an average price of $28.26, for a total value of $446,931.90. Following the completion of the transaction, the insider now owns 13,164 shares in the company, valued at $372,014.64. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.43% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Fox Run Management L.L.C. bought a new position in MGM Resorts International in the fourth quarter worth $441,000. DNB Asset Management AS raised its holdings in MGM Resorts International by 4.4% in the fourth quarter. DNB Asset Management AS now owns 61,738 shares of the company’s stock worth $1,498,000 after purchasing an additional 2,600 shares in the last quarter. State of Alaska Department of Revenue raised its holdings in MGM Resorts International by 5.1% in the fourth quarter. State of Alaska Department of Revenue now owns 117,037 shares of the company’s stock worth $2,837,000 after purchasing an additional 5,629 shares in the last quarter. Cerebellum GP LLC bought a new position in MGM Resorts International in the fourth quarter worth $268,000. Finally, CenturyLink Investment Management Co raised its holdings in MGM Resorts International by 26.2% in the fourth quarter. CenturyLink Investment Management Co now owns 46,501 shares of the company’s stock worth $1,128,000 after purchasing an additional 9,657 shares in the last quarter. Institutional investors and hedge funds own 80.25% 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 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.

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

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