Zacks: Brokerages Anticipate MGM Resorts International (NYSE:MGM) to Post -$0.09 EPS

Brokerages forecast that MGM Resorts International (NYSE:MGM) will post ($0.09) earnings per share for the current quarter, according to Zacks. Five analysts have made estimates for MGM Resorts International’s earnings, with the lowest EPS estimate coming in at ($0.22) and the highest estimate coming in at $0.03. MGM Resorts International reported earnings of ($1.08) per share in the same quarter last year, which would indicate a positive year over year growth rate of 91.7%. The company is expected to issue its next earnings results after the market closes on Wednesday, November 3rd.

According to Zacks, analysts expect that MGM Resorts International will report full-year earnings of ($1.07) per share for the current year, with EPS estimates ranging from ($1.37) to ($0.91). For the next financial year, analysts expect that the firm will post earnings of $0.31 per share, with EPS estimates ranging from ($0.68) to $0.65. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of research analysts that that provide coverage for MGM Resorts International.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, August 4th. The company reported ($0.13) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.37) by $0.24. MGM Resorts International had a negative net margin of 18.51% and a negative return on equity of 11.74%. The business had revenue of $2.27 billion for the quarter, compared to analysts’ expectations of $2.17 billion. During the same period in the prior year, the firm earned ($1.52) earnings per share. MGM Resorts International’s revenue was up 682.6% compared to the same quarter last year.

MGM has been the topic of several research analyst reports. Susquehanna Bancshares cut shares of MGM Resorts International to a “negative” rating and increased their price target for the company from $10.00 to $36.00 in a research note on Friday, October 1st. Credit Suisse Group upgraded shares of MGM Resorts International from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $33.00 to $68.00 in a report on Tuesday. The Goldman Sachs Group upgraded shares of MGM Resorts International from a “sell” rating to a “neutral” rating and increased their price objective for the company from $38.00 to $43.00 in a report on Wednesday, July 28th. Wells Fargo & Company started coverage on shares of MGM Resorts International in a report on Tuesday, September 14th. They issued an “overweight” rating and a $55.00 price objective on the stock. Finally, Sanford C. Bernstein upgraded shares of MGM Resorts International from a “market perform” rating to an “outperform” rating and set a $58.90 price objective on the stock in a report on Monday, September 13th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, MGM Resorts International currently has a consensus rating of “Hold” and an average price target of $45.81.

Shares of MGM traded up $0.13 during mid-day trading on Friday, hitting $48.28. 204,693 shares of the company traded hands, compared to its average volume of 7,892,591. MGM Resorts International has a one year low of $19.55 and a one year high of $48.94. The company has a current ratio of 3.23, a quick ratio of 3.19 and a debt-to-equity ratio of 1.13. The business has a 50-day moving average of $42.29 and a 200 day moving average of $41.29. The stock has a market capitalization of $23.27 billion, a price-to-earnings ratio of -18.88 and a beta of 2.44.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 15th. Investors of record on Friday, September 10th were given a $0.0025 dividend. The ex-dividend date was Thursday, September 9th. This represents a $0.01 dividend on an annualized basis and a yield of 0.02%. This is an increase from MGM Resorts International’s previous quarterly dividend of $0.00. MGM Resorts International’s dividend payout ratio (DPR) is -0.25%.

In other news, COO Corey Ian Sanders sold 40,000 shares of MGM Resorts International stock in a transaction dated Friday, October 1st. The shares were sold at an average price of $44.15, for a total value of $1,766,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John Mcmanus sold 10,000 shares of MGM Resorts International stock in a transaction dated Friday, August 27th. The shares were sold at an average price of $43.35, for a total transaction of $433,500.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 132,500 shares of company stock valued at $5,771,175. 5.09% of the stock is owned by insiders.

A number of institutional investors have recently modified their holdings of MGM. Russell Investments Group Ltd. raised its position in shares of MGM Resorts International by 54.2% in the 1st quarter. Russell Investments Group Ltd. now owns 187,449 shares of the company’s stock valued at $7,120,000 after buying an additional 65,881 shares in the last quarter. Rockefeller Capital Management L.P. raised its position in shares of MGM Resorts International by 17.7% in the 1st quarter. Rockefeller Capital Management L.P. now owns 22,635 shares of the company’s stock valued at $859,000 after buying an additional 3,411 shares in the last quarter. Toronto Dominion Bank raised its position in shares of MGM Resorts International by 10.9% in the 1st quarter. Toronto Dominion Bank now owns 249,465 shares of the company’s stock valued at $9,477,000 after buying an additional 24,576 shares in the last quarter. Teacher Retirement System of Texas raised its position in shares of MGM Resorts International by 7.9% in the 1st quarter. Teacher Retirement System of Texas now owns 98,349 shares of the company’s stock valued at $3,736,000 after buying an additional 7,199 shares in the last quarter. Finally, Mid Atlantic Financial Management Inc. ADV acquired a new position in shares of MGM Resorts International in the 1st quarter valued at approximately $209,000. Institutional investors and hedge funds own 63.52% of the company’s stock.

About MGM Resorts International

MGM Resorts International is a holding company, which engages in the ownership and operations of casino resorts. The firm’s casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities. It operates through the following business segments: Las Vegas Strip Resorts, Regional Operations and MGM China.

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