Zacks: Brokerages Expect MGM Resorts International (MGM) to Post $0.21 EPS
Wall Street brokerages expect MGM Resorts International (NYSE:MGM) to announce earnings per share of $0.21 for the current quarter, according to Zacks. Five analysts have made estimates for MGM Resorts International’s earnings. The highest EPS estimate is $0.40 and the lowest is $0.04. MGM Resorts International reported earnings per share of $0.33 during the same quarter last year, which would suggest a negative year over year growth rate of 36.4%. The business is expected to issue its next quarterly earnings results on Wednesday, November 14th.
On average, analysts expect that MGM Resorts International will report full-year earnings of $1.16 per share for the current financial year, with EPS estimates ranging from $1.11 to $1.21. For the next year, analysts expect that the business will report earnings of $1.37 per share, with EPS estimates ranging from $1.17 to $2.04. Zacks Investment Research’s EPS calculations are an average based on a survey of research analysts that cover MGM Resorts International.
MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Thursday, August 2nd. The company reported $0.26 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.26. The company had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $2.97 billion. MGM Resorts International had a return on equity of 5.07% and a net margin of 17.11%. MGM Resorts International’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.28 EPS.
In other news, Director Mary Christine Gay sold 1,585 shares of the firm’s stock in a transaction that occurred on Tuesday, June 5th. The shares were sold at an average price of $30.94, for a total transaction of $49,039.90. Following the transaction, the director now directly owns 14,336 shares of the company’s stock, valued at $443,555.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Rose Mckinney-James sold 5,624 shares of the firm’s stock in a transaction that occurred on Friday, June 1st. The stock was sold at an average price of $31.89, for a total transaction of $179,349.36. Following the transaction, the director now directly owns 3,870 shares in the company, valued at $123,414.30. The disclosure for this sale can be found here. Insiders have sold 10,709 shares of company stock valued at $329,364 over the last 90 days. Company insiders own 12.20% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in MGM. Synovus Financial Corp bought a new position in shares of MGM Resorts International during the first quarter worth approximately $102,000. MUFG Americas Holdings Corp bought a new position in shares of MGM Resorts International during the second quarter worth approximately $102,000. Dupont Capital Management Corp increased its holdings in shares of MGM Resorts International by 80.8% during the first quarter. Dupont Capital Management Corp now owns 4,490 shares of the company’s stock worth $157,000 after purchasing an additional 2,007 shares during the period. Piedmont Investment Advisors LLC bought a new position in shares of MGM Resorts International during the second quarter worth approximately $170,000. Finally, Moors & Cabot Inc. bought a new position in shares of MGM Resorts International during the first quarter worth approximately $207,000. 82.91% of the stock is currently owned by institutional investors.
Shares of NYSE MGM traded down $0.25 during mid-day trading on Friday, hitting $28.86. The company had a trading volume of 7,740,910 shares, compared to its average volume of 12,400,058. The stock has a market capitalization of $15.66 billion, a price-to-earnings ratio of 28.29, a PEG ratio of 3.74 and a beta of 1.38. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.68 and a quick ratio of 0.64. MGM Resorts International has a one year low of $26.85 and a one year high of $38.41.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 14th. Shareholders of record on Monday, September 10th will be given a dividend of $0.12 per share. The ex-dividend date is Friday, September 7th. This represents a $0.48 annualized dividend and a yield of 1.66%. MGM Resorts International’s dividend payout ratio (DPR) is presently 47.06%.
MGM Resorts International announced that its Board of Directors has initiated a stock buyback program on Thursday, May 10th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 10.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.
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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