FY2024 Earnings Forecast for MGM Issued By Seaport Res Ptn

MGM Resorts International (NYSE:MGM) – Investment analysts at Seaport Res Ptn reduced their FY2024 EPS estimates for MGM Resorts International in a research report issued to clients and investors on Thursday, October 31st. Seaport Res Ptn analyst V. Umansky now anticipates that the company will earn $2.67 per share for the year, down from their previous estimate of $2.71. The consensus estimate for MGM Resorts International’s current full-year earnings is $2.45 per share. Seaport Res Ptn also issued estimates for MGM Resorts International’s Q4 2024 earnings at $0.80 EPS and FY2025 earnings at $3.27 EPS.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). The firm had revenue of $4.18 billion during the quarter, compared to the consensus estimate of $4.21 billion. MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.64 earnings per share.

Several other equities analysts have also recently weighed in on the company. Stifel Nicolaus lifted their price objective on MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Wells Fargo & Company cut their target price on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. UBS Group raised MGM Resorts International to a “hold” rating in a research note on Friday, August 23rd. Susquehanna lifted their price objective on MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a research note on Thursday, August 1st. Finally, Mizuho reduced their target price on MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating on the stock in a report on Thursday. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, MGM Resorts International currently has an average rating of “Moderate Buy” and an average target price of $53.15.

MGM Resorts International Trading Down 1.2 %

Shares of MGM Resorts International stock opened at $36.41 on Monday. The company has a market capitalization of $10.84 billion, a price-to-earnings ratio of 13.00, a P/E/G ratio of 0.94 and a beta of 2.23. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.24 and a quick ratio of 1.42. The business has a fifty day simple moving average of $38.41 and a two-hundred day simple moving average of $40.15. MGM Resorts International has a 1 year low of $33.44 and a 1 year high of $48.24.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 121,000 shares of MGM Resorts International stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the transaction, the director now owns 5,738,478 shares of the company’s stock, valued at $210,716,912.16. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.13% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Boston Partners boosted its stake in MGM Resorts International by 12.6% in the 1st quarter. Boston Partners now owns 6,111,930 shares of the company’s stock worth $286,933,000 after purchasing an additional 684,676 shares during the period. Bamco Inc. NY grew its stake in MGM Resorts International by 3.6% during the first quarter. Bamco Inc. NY now owns 2,101,065 shares of the company’s stock valued at $99,191,000 after acquiring an additional 73,515 shares in the last quarter. Marshall Wace LLP grew its stake in MGM Resorts International by 174.8% during the second quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock valued at $49,330,000 after acquiring an additional 706,159 shares in the last quarter. Key Colony Management LLC increased its holdings in MGM Resorts International by 11.1% during the 3rd quarter. Key Colony Management LLC now owns 883,000 shares of the company’s stock worth $34,516,000 after acquiring an additional 88,000 shares during the period. Finally, Goldentree Asset Management LP purchased a new stake in MGM Resorts International in the 1st quarter worth approximately $35,726,000. 68.11% of the stock is owned by institutional investors.

MGM Resorts International Company Profile

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. 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.