MGM Resorts International to Post Q2 2024 Earnings of $0.60 Per Share, Seaport Res Ptn Forecasts (NYSE:MGM)

MGM Resorts International (NYSE:MGM) – Equities research analysts at Seaport Res Ptn issued their Q2 2024 earnings estimates for MGM Resorts International in a report issued on Wednesday, June 26th. Seaport Res Ptn analyst V. Umansky expects that the company will post earnings per share of $0.60 for the quarter. The consensus estimate for MGM Resorts International’s current full-year earnings is $2.90 per share. Seaport Res Ptn also issued estimates for MGM Resorts International’s Q3 2024 earnings at $0.53 EPS, Q4 2024 earnings at $0.85 EPS and FY2025 earnings at $3.26 EPS.

A number of other equities research analysts also recently weighed in on MGM. JMP Securities boosted their target price on MGM Resorts International from $57.00 to $58.00 and gave the stock a “market outperform” rating in a research report on Monday, May 6th. Barclays lifted their price target on shares of MGM Resorts International from $55.00 to $56.00 and gave the stock an “overweight” rating in a research report on Thursday, May 2nd. Morgan Stanley upped their target price on shares of MGM Resorts International from $45.00 to $46.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 9th. Susquehanna upgraded MGM Resorts International from a “neutral” rating to a “positive” rating and raised their price target for the stock from $46.00 to $54.00 in a research report on Thursday, May 2nd. Finally, StockNews.com cut shares of MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Friday, May 10th. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, MGM Resorts International presently has an average rating of “Moderate Buy” and an average price target of $54.83.

MGM Resorts International Stock Performance

Shares of MGM Resorts International stock opened at $44.44 on Friday. The firm has a 50 day simple moving average of $40.87 and a 200 day simple moving average of $42.90. MGM Resorts International has a fifty-two week low of $34.12 and a fifty-two week high of $51.35. The company has a debt-to-equity ratio of 1.56, a current ratio of 1.51 and a quick ratio of 1.46. The firm has a market cap of $13.94 billion, a P/E ratio of 17.09, a P/E/G ratio of 0.92 and a beta of 2.24.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, May 1st. The company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.56 by $0.18. MGM Resorts International had a return on equity of 23.62% and a net margin of 5.35%. The company had revenue of $4.38 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter in the prior year, the business earned $0.44 earnings per share. The business’s revenue for the quarter was up 13.2% on a year-over-year basis.

Insider Buying and Selling

In other news, Director Keith A. Meister sold 139,300 shares of the stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $40.44, for a total transaction of $5,633,292.00. Following the completion of the transaction, the director now directly owns 5,859,478 shares in the company, valued at approximately $236,957,290.32. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other MGM Resorts International news, Director Daniel J. Taylor sold 4,344 shares of the firm’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $41.02, for a total transaction of $178,190.88. Following the completion of the sale, the director now owns 5,250 shares of the company’s stock, valued at approximately $215,355. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Keith A. Meister sold 139,300 shares of the firm’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $40.44, for a total transaction of $5,633,292.00. Following the sale, the director now owns 5,859,478 shares of the company’s stock, valued at approximately $236,957,290.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 147,988 shares of company stock worth $5,991,759. 2.13% of the stock is owned by insiders.

Institutional Trading of MGM Resorts International

Hedge funds have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in MGM Resorts International during the fourth quarter worth approximately $139,599,000. Boston Partners lifted its position in MGM Resorts International by 36.3% during the fourth quarter. Boston Partners now owns 5,427,254 shares of the company’s stock worth $242,002,000 after purchasing an additional 1,446,362 shares during the period. Capital World Investors grew its stake in MGM Resorts International by 17.7% during the fourth quarter. Capital World Investors now owns 6,551,310 shares of the company’s stock worth $292,713,000 after buying an additional 984,617 shares in the last quarter. Hsbc Holdings PLC increased its stake in MGM Resorts International by 112.1% in the fourth quarter. Hsbc Holdings PLC now owns 1,505,982 shares of the company’s stock valued at $67,466,000 after acquiring an additional 795,920 shares during the last quarter. Finally, Goldentree Asset Management LP bought a new position in MGM Resorts International in the first quarter valued at about $35,726,000. 68.11% of the stock is owned by institutional investors and hedge funds.

About MGM Resorts International

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.