MGM Resorts International (NYSE:MGM) Issues Quarterly Earnings Results

MGM Resorts International (NYSE:MGM) posted its quarterly earnings results on Wednesday. The company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.18, Briefing.com reports. MGM Resorts International had a return on equity of 20.51% and a net margin of 7.07%. The firm had revenue of $4.38 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter in the previous year, the business earned $0.44 earnings per share. The company’s revenue was up 13.2% on a year-over-year basis.

MGM Resorts International Price Performance

NYSE:MGM opened at $39.73 on Thursday. The company has a market capitalization of $12.60 billion, a P/E ratio of 12.53, a P/E/G ratio of 1.62 and a beta of 2.22. The business’s 50-day moving average is $43.63 and its 200 day moving average is $42.24. The company has a current ratio of 1.57, a quick ratio of 1.53 and a debt-to-equity ratio of 1.46. MGM Resorts International has a 12 month low of $34.12 and a 12 month high of $51.35.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on MGM shares. Barclays reduced their price objective on MGM Resorts International from $57.00 to $55.00 and set an “overweight” rating for the company in a report on Wednesday, February 14th. Mizuho initiated coverage on shares of MGM Resorts International in a report on Tuesday, March 26th. They set a “buy” rating and a $61.00 price objective for the company. JPMorgan Chase & Co. raised their target price on shares of MGM Resorts International from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Wednesday, February 14th. StockNews.com downgraded shares of MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Monday, March 4th. Finally, TheStreet raised MGM Resorts International from a “c+” rating to a “b-” rating in a report on Tuesday, February 13th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $55.72.

Insiders Place Their Bets

In other news, Director Keith A. Meister sold 325,000 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $42.90, for a total transaction of $13,942,500.00. Following the completion of the transaction, the director now directly owns 6,098,778 shares in the company, valued at approximately $261,637,576.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.13% of the company’s stock.

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.