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

Equities research analysts forecast that MGM Resorts International (NYSE:MGM) will report sales of $3.24 billion for the current fiscal quarter, Zacks Investment Research reports. Five analysts have issued estimates for MGM Resorts International’s earnings, with the lowest sales estimate coming in at $3.19 billion and the highest estimate coming in at $3.29 billion. MGM Resorts International posted sales of $2.86 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 13.3%. The business is expected to report its next earnings report after the market closes on Thursday, July 25th.

On average, analysts expect that MGM Resorts International will report full year sales of $13.04 billion for the current year, with estimates ranging from $12.91 billion to $13.15 billion. For the next financial year, analysts expect that the company will report sales of $13.57 billion, with estimates ranging from $13.16 billion to $13.95 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow MGM Resorts International.

MGM Resorts International (NYSE:MGM) last released its earnings results on Monday, April 29th. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $3.12 billion. During the same quarter in the previous year, the business earned $0.38 EPS. The business’s revenue for the quarter was up 12.6% on a year-over-year basis.

MGM has been the topic of a number of recent analyst reports. ValuEngine upgraded Zumiez from a “sell” rating to a “hold” rating in a research note on Monday. Morgan Stanley increased their target price on Yum! Brands from $97.00 to $106.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 18th. Finally, Deutsche Bank lowered Hilton Hotels from a “buy” rating to a “hold” rating and set a $92.60 target price on the stock. in a research note on Wednesday, May 1st. They noted that the move was a valuation call. Eight investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $31.88.

In other news, Director Keith A. Meister purchased 209,136 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were acquired at an average price of $27.99 per share, with a total value of $5,853,716.64. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Paul J. Salem purchased 800,000 shares of the company’s stock in a transaction dated Wednesday, May 8th. The shares were purchased at an average cost of $25.40 per share, for a total transaction of $20,320,000.00. Following the transaction, the director now directly owns 800,000 shares in the company, valued at approximately $20,320,000. The disclosure for this purchase can be found here. Insiders have bought a total of 6,117,360 shares of company stock worth $161,200,100 in the last three months. Corporate insiders own 3.47% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC grew its position in shares of MGM Resorts International by 6.1% during the 4th quarter. Geode Capital Management LLC now owns 6,387,824 shares of the company’s stock worth $154,688,000 after buying an additional 366,980 shares in the last quarter. Bank of America Corp DE boosted its position in 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 valued at $141,381,000 after purchasing an additional 4,614,420 shares in the last quarter. Northern Trust Corp boosted its position in MGM Resorts International by 1.0% during the first quarter. Northern Trust Corp now owns 5,138,759 shares of the company’s stock valued at $131,862,000 after purchasing an additional 51,123 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in MGM Resorts International during the fourth quarter valued at about $122,017,000. Finally, Norges Bank bought a new stake in MGM Resorts International during the fourth quarter valued at about $108,871,000. 79.39% of the stock is currently owned by institutional investors and hedge funds.

MGM stock traded up $0.85 during midday trading on Thursday, reaching $29.20. The company’s stock had a trading volume of 6,331,043 shares, compared to its average volume of 6,942,492. The company has a quick ratio of 0.75, a current ratio of 0.78 and a debt-to-equity ratio of 1.31. The company’s fifty day moving average price is $28.18. MGM Resorts International has a 1 year low of $21.61 and a 1 year high of $31.66. The stock has a market cap of $15.36 billion, a price-to-earnings ratio of 29.49, a price-to-earnings-growth ratio of 3.68 and a beta of 1.40.

About MGM Resorts International

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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