Research Analysts Set Expectations for MGM FY2024 Earnings

MGM Resorts International (NYSE:MGM - Free Report) - Seaport Res Ptn cut their FY2024 EPS estimates for shares of MGM Resorts International in a report released on Thursday, October 31st. Seaport Res Ptn analyst V. Umansky now anticipates that the company will post earnings per share of $2.67 for the year, down from their previous forecast 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 has been the subject of a number of other reports. UBS Group raised MGM Resorts International to a "hold" rating in a report on Friday, August 23rd. Morgan Stanley boosted their target price on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock an "equal weight" rating in a research note on Tuesday, October 22nd. JMP Securities decreased their price target on shares of MGM Resorts International from $56.00 to $54.00 and set a "market outperform" rating on the stock in a research note on Thursday. Susquehanna boosted their price objective on shares of MGM Resorts International from $54.00 to $55.00 and gave the stock a "positive" rating in a research report on Thursday, August 1st. Finally, Macquarie reduced their price objective on MGM Resorts International from $58.00 to $55.00 and set an "outperform" rating on the stock in a report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $53.15.

MGM Resorts International Price Performance

MGM traded down $0.01 during trading on Monday, hitting $36.40. The company's stock had a trading volume of 3,576,811 shares, compared to its average volume of 4,113,986. The firm's 50 day moving average price is $38.41 and its two-hundred day moving average price is $40.14. The company has a quick ratio of 1.42, a current ratio of 1.24 and a debt-to-equity ratio of 1.63. The stock has a market capitalization of $10.84 billion, a price-to-earnings ratio of 13.00, a price-to-earnings-growth ratio of 0.94 and a beta of 2.23. MGM Resorts International has a 12 month low of $33.44 and a 12 month high of $48.24.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted 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 business's revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.64 EPS.

Insiders Place Their Bets

In other news, Director Keith A. Meister sold 121,000 shares of the company's stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $36.72, for a total value of $4,443,120.00. Following the completion of the sale, the director now directly owns 5,738,478 shares of the company's stock, valued at $210,716,912.16. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 2.13% of the company's stock.

Hedge Funds Weigh In On MGM Resorts International

Several institutional investors and hedge funds have recently made changes to their positions in MGM. International Assets Investment Management LLC bought a new stake in MGM Resorts International in the 2nd quarter valued at approximately $28,000. EverSource Wealth Advisors LLC boosted its holdings in shares of MGM Resorts International by 60.7% during the first quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company's stock worth $41,000 after acquiring an additional 329 shares during the period. Eastern Bank bought a new position in MGM Resorts International during the 3rd quarter worth $35,000. UMB Bank n.a. increased its position in MGM Resorts International by 33.3% during the second quarter. UMB Bank n.a. now owns 949 shares of the company's stock worth $42,000 after acquiring an additional 237 shares during the period. Finally, Ashton Thomas Private Wealth LLC bought a new position in shares of MGM Resorts International during the second quarter worth approximately $49,000. Institutional investors and hedge funds own 68.11% of the company's stock.

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.