MGM Resorts International (NYSE:MGM) – Equities research analysts at Jefferies Group lowered their Q2 2018 earnings estimates for shares of MGM Resorts International in a report issued on Monday, May 14th. Jefferies Group analyst D. Katz now anticipates that the company will post earnings per share of $0.44 for the quarter, down from their prior estimate of $0.45. Jefferies Group currently has a “Buy” rating and a $43.00 price target on the stock. Jefferies Group also issued estimates for MGM Resorts International’s Q3 2018 earnings at $0.43 EPS and Q4 2018 earnings at $0.30 EPS.
MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Thursday, April 26th. The company reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.02). The business had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.82 billion. MGM Resorts International had a return on equity of 5.45% and a net margin of 17.88%. The business’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period last year, the firm earned $0.38 EPS.
MGM has been the topic of a number of other reports. Susquehanna Bancshares raised MGM Resorts International from a “neutral” rating to a “positive” rating in a research report on Monday, April 23rd. Zacks Investment Research downgraded MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Friday, February 23rd. Bank of America upped their price target on MGM Resorts International from $38.00 to $39.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Telsey Advisory Group initiated coverage on MGM Resorts International in a research report on Wednesday, March 14th. They set a “market perform” rating and a $39.00 price target on the stock. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $37.00 price target (up from $36.00) on shares of MGM Resorts International in a research report on Wednesday, February 21st. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. MGM Resorts International has an average rating of “Buy” and a consensus price target of $38.29.
Shares of MGM Resorts International opened at $32.18 on Wednesday, Marketbeat reports. The company has a market capitalization of $17.67 billion, a P/E ratio of 31.55, a price-to-earnings-growth ratio of 2.55 and a beta of 1.41. MGM Resorts International has a 52 week low of $31.60 and a 52 week high of $32.11. The company has a quick ratio of 0.64, a current ratio of 0.67 and a debt-to-equity ratio of 1.12.
Large investors have recently bought and sold shares of the business. Teacher Retirement System of Texas boosted its holdings in MGM Resorts International by 4.7% in the fourth quarter. Teacher Retirement System of Texas now owns 406,481 shares of the company’s stock valued at $13,572,000 after purchasing an additional 18,261 shares during the last quarter. American Assets Capital Advisers LLC boosted its holdings in MGM Resorts International by 64.6% in the fourth quarter. American Assets Capital Advisers LLC now owns 570,704 shares of the company’s stock valued at $19,055,000 after purchasing an additional 224,000 shares during the last quarter. Monashee Investment Management LLC purchased a new stake in MGM Resorts International in the fourth quarter valued at $3,339,000. Rhumbline Advisers boosted its holdings in MGM Resorts International by 1.0% in the fourth quarter. Rhumbline Advisers now owns 841,951 shares of the company’s stock valued at $28,113,000 after purchasing an additional 8,202 shares during the last quarter. Finally, Meag Munich Ergo Kapitalanlagegesellschaft MBH purchased a new stake in MGM Resorts International in the fourth quarter valued at $839,000. 83.90% of the stock is currently owned by institutional investors.
In related news, Director William Warwick Grounds acquired 1,000 shares of the company’s stock in a transaction dated Wednesday, March 14th. The shares were purchased at an average cost of $35.50 per share, with a total value of $35,500.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President William Hornbuckle sold 60,000 shares of the business’s stock in a transaction on Friday, March 9th. The shares were sold at an average price of $36.36, for a total transaction of $2,181,600.00. Following the sale, the president now directly owns 26,289 shares in the company, valued at $955,868.04. The disclosure for this sale can be found here. Insiders have sold 146,486 shares of company stock worth $5,226,246 over the last three months. Corporate insiders own 12.20% of the company’s stock.
MGM Resorts International announced that its board has approved a stock repurchase plan on Thursday, May 10th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 10.9% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 15th. Stockholders of record on Friday, June 8th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date of this dividend is Thursday, June 7th. MGM Resorts International’s dividend payout ratio (DPR) is presently 47.06%.
About MGM Resorts International
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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