Jefferies Group Analysts Lift Earnings Estimates for MGM Resorts International (MGM)
MGM Resorts International (NYSE:MGM) – Investment analysts at Jefferies Group boosted their Q1 2018 EPS estimates for shares of MGM Resorts International in a research note issued on Wednesday. Jefferies Group analyst D. Katz now forecasts that the company will earn $0.38 per share for the quarter, up from their prior forecast of $0.29. Jefferies Group has a “Buy” rating and a $43.00 price objective on the stock. Jefferies Group also issued estimates for MGM Resorts International’s Q2 2018 earnings at $0.43 EPS, Q3 2018 earnings at $0.44 EPS and Q4 2018 earnings at $0.31 EPS.
A number of other research analysts have also recently commented on the stock. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $44.00 target price (up previously from $41.00) on shares of MGM Resorts International in a report on Tuesday, January 9th. Roth Capital started coverage on shares of MGM Resorts International in a report on Wednesday, October 25th. They issued a “buy” rating and a $38.00 target price for the company. Zacks Investment Research raised shares of MGM Resorts International from a “sell” rating to a “hold” rating in a report on Friday, November 10th. Nomura dropped their target price on shares of MGM Resorts International from $38.00 to $37.00 and set a “buy” rating for the company in a report on Wednesday, November 1st. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $36.00 price objective (up previously from $33.00) on shares of MGM Resorts International in a research note on Thursday, November 9th. Four equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $37.38.
MGM Resorts International (NYSE:MGM) last posted its earnings results on Tuesday, February 20th. The company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.04. The firm had revenue of $2.60 billion during the quarter, compared to analysts’ expectations of $2.51 billion. MGM Resorts International had a net margin of 17.92% and a return on equity of 5.98%. The business’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.11 earnings per share.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Friday, March 9th will be paid a $0.12 dividend. The ex-dividend date is Thursday, March 8th. This represents a $0.48 annualized dividend and a dividend yield of 1.40%. This is an increase from MGM Resorts International’s previous quarterly dividend of $0.11. MGM Resorts International’s dividend payout ratio is currently 12.94%.
In other news, Director Sean Charland bought 25,000 shares of the firm’s stock in a transaction on Wednesday, December 6th. The stock was acquired at an average price of $22.50 per share, with a total value of $562,500.00. Also, insider Phyllis James sold 19,149 shares of the stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $33.64, for a total transaction of $644,172.36. Following the sale, the insider now directly owns 8,961 shares of the company’s stock, valued at approximately $301,448.04. The disclosure for this sale can be found here. Insiders bought 95,000 shares of company stock valued at $581,500 in the last ninety days. 12.20% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in MGM. Sun Life Financial INC acquired a new stake in MGM Resorts International during the 3rd quarter valued at approximately $124,000. Cerebellum GP LLC acquired a new stake in MGM Resorts International during the 4th quarter valued at approximately $126,000. Northwestern Mutual Wealth Management Co. increased its position in MGM Resorts International by 88.2% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,945 shares of the company’s stock valued at $165,000 after purchasing an additional 2,318 shares during the period. Toronto Dominion Bank increased its position in MGM Resorts International by 12.4% during the 2nd quarter. Toronto Dominion Bank now owns 5,644 shares of the company’s stock valued at $177,000 after purchasing an additional 624 shares during the period. Finally, Spirit of America Management Corp NY increased its position in MGM Resorts International by 78.1% during the 4th quarter. Spirit of America Management Corp NY now owns 5,700 shares of the company’s stock valued at $190,000 after purchasing an additional 2,500 shares during the period. 82.31% of the stock is owned by institutional investors and hedge funds.
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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