Brokers Set Expectations for MGM Resorts International’s FY2018 Earnings (MGM)
MGM Resorts International (NYSE:MGM) – Research analysts at Gabelli upped their FY2018 EPS estimates for shares of MGM Resorts International in a research report issued on Friday. Gabelli analyst A. Trivison now expects that the brokerage will post earnings per share of $1.75 for the year, up from their previous estimate of $1.70. Gabelli also issued estimates for MGM Resorts International’s FY2019 earnings at $2.00 EPS.
MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Thursday, August 4th. The company reported $0.26 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.28 by $0.02. The company had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.33 billion. MGM Resorts International had a positive return on equity of 3.65% and a negative net margin of 1.90%. The business’s revenue was down 4.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.19 earnings per share.
MGM has been the topic of a number of other research reports. Deutsche Bank AG reissued a “buy” rating and set a $29.00 price objective on shares of MGM Resorts International in a report on Monday, June 27th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $20.00 target price on shares of MGM Resorts International in a report on Thursday, September 15th. Susquehanna raised their target price on MGM Resorts International from $27.00 to $31.00 and gave the company a “positive” rating in a report on Monday, June 20th. Nomura reaffirmed a “buy” rating and issued a $28.00 target price on shares of MGM Resorts International in a report on Wednesday, June 1st. Finally, Zacks Investment Research lowered MGM Resorts International from a “buy” rating to a “hold” rating in a report on Friday, July 8th. Two analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. MGM Resorts International currently has an average rating of “Buy” and an average target price of C$27.71.
MGM Resorts International (NYSE:MGM) traded up 0.100% during trading on Monday, reaching $24.965. 2,383,375 shares of the company’s stock were exchanged. The stock has a 50-day moving average price of $24.49 and a 200 day moving average price of $22.98. MGM Resorts International has a 52 week low of $16.18 and a 52 week high of $25.72. The firm’s market capitalization is $14.12 billion.
Large investors have recently added to or reduced their stakes in the stock. Global X Management Co. LLC boosted its stake in MGM Resorts International by 155.2% in the second quarter. Global X Management Co. LLC now owns 4,551 shares of the company’s stock valued at $103,000 after buying an additional 2,768 shares during the period. Exane Derivatives boosted its stake in MGM Resorts International by 328.3% in the first quarter. Exane Derivatives now owns 4,698 shares of the company’s stock valued at $101,000 after buying an additional 3,601 shares during the period. Mizuho Asset Management Co. Ltd. boosted its stake in shares of MGM Resorts International by 146.3% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 6,894 shares of the company’s stock worth $156,000 after buying an additional 4,095 shares during the period. Tower Research Capital LLC TRC bought a new stake in shares of MGM Resorts International during the second quarter worth approximately $182,000. Finally, Pacer Advisors Inc. boosted its stake in shares of MGM Resorts International by 10.4% in the second quarter. Pacer Advisors Inc. now owns 9,075 shares of the company’s stock worth $205,000 after buying an additional 852 shares during the period. 71.24% of the stock is owned by institutional investors.
In other news, Director Alexis Herman sold 2,391 shares of MGM Resorts International stock in a transaction on Friday, August 12th. The stock was sold at an average price of C$24.66, for a total value of C$58,962.06. Following the completion of the sale, the director now directly owns 24,511 shares of the company’s stock, valued at approximately C$604,441.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John Mcmanus sold 12,363 shares of MGM Resorts International stock in a transaction on Wednesday, August 31st. The shares were sold at an average price of C$24.44, for a total value of C$302,151.72. Following the completion of the sale, the executive vice president now directly owns 40,071 shares of the company’s stock, valued at C$979,335.24. The disclosure for this sale can be found here. 16.90% of the stock is owned by insiders.
About MGM Resorts International
MGM Resorts International is a holding company. The Company owns and operates casino resorts. It operates in two segments: wholly owned domestic resorts and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail and other resort amenities. It has additional business activities, including its investments in unconsolidated affiliates, and other corporate and management operations.
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