MGM Resorts International (NYSE:MGM) – Investment analysts at Truist Securiti lowered their FY2022 earnings per share (EPS) estimates for shares of MGM Resorts International in a research report issued on Friday, October 23rd. Truist Securiti analyst B. Jonas now anticipates that the company will earn $0.17 per share for the year, down from their previous forecast of $0.18. MGM Resorts International (NYSE:MGM) last announced its earnings results on Thursday, July 30th. The company reported ($1.52) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.65) by $0.13. MGM Resorts International had a negative return on equity of 6.64% and a net margin of 21.28%. The company had revenue of $289.81 million for the quarter, compared to analyst estimates of $442.57 million.
Several other research analysts have also issued reports on MGM. Credit Suisse Group upped their target price on MGM Resorts International from $15.00 to $18.00 and gave the company a “neutral” rating in a research report on Friday, July 31st. Zacks Investment Research lowered MGM Resorts International from a “hold” rating to a “strong sell” rating and set a $14.00 target price on the stock. in a research report on Tuesday, July 21st. Macquarie upped their target price on MGM Resorts International from $27.00 to $30.00 in a research report on Thursday, September 24th. SunTrust Banks cut their price objective on MGM Resorts International from $19.00 to $18.00 and set a “hold” rating on the stock in a report on Tuesday, July 21st. Finally, Barclays lowered MGM Resorts International from an “equal weight” rating to an “underweight” rating and increased their price objective for the company from $17.00 to $20.00 in a report on Monday, October 12th. Five investment analysts have rated the stock with a sell rating, eleven have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $18.56.
Shares of NYSE:MGM opened at $23.36 on Monday. The business’s 50-day moving average is $22.04 and its 200 day moving average is $18.48. MGM Resorts International has a 1 year low of $5.90 and a 1 year high of $34.63. The firm has a market capitalization of $11.52 billion, a P/E ratio of 6.15 and a beta of 2.34. The company has a debt-to-equity ratio of 0.92, a current ratio of 2.47 and a quick ratio of 2.43.
Hedge funds have recently modified their holdings of the business. Allworth Financial LP boosted its position in MGM Resorts International by 231.8% during the second quarter. Allworth Financial LP now owns 1,659 shares of the company’s stock worth $28,000 after purchasing an additional 1,159 shares in the last quarter. NuWave Investment Management LLC purchased a new position in MGM Resorts International during the second quarter worth approximately $29,000. Price Wealth LLC purchased a new position in MGM Resorts International during the third quarter worth approximately $29,000. WASHINGTON TRUST Co boosted its position in MGM Resorts International by 203.3% during the second quarter. WASHINGTON TRUST Co now owns 1,820 shares of the company’s stock worth $30,000 after purchasing an additional 1,220 shares in the last quarter. Finally, Modus Advisors LLC purchased a new position in MGM Resorts International during the second quarter worth approximately $34,000. Institutional investors own 66.23% of the company’s stock.
In other MGM Resorts International news, Director Daniel J. Taylor sold 1,637 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $21.76, for a total transaction of $35,621.12. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP John Mcmanus sold 20,000 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $22.84, for a total value of $456,800.00. Following the transaction, the executive vice president now owns 92,567 shares in the company, valued at approximately $2,114,230.28. The disclosure for this sale can be found here. Insiders sold 51,637 shares of company stock worth $1,129,321 in the last 90 days. Company insiders own 5.06% of the company’s stock.
MGM Resorts International Company Profile
MGM Resorts International, through its subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts in the United States and Macau. 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.
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