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

MGM Resorts International (NYSE:MGM) announced its earnings results on Thursday. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.02), Briefing.com reports. MGM Resorts International had a return on equity of 4.03% and a net margin of 2.26%. The business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.21 billion. During the same period last year, the firm earned $0.26 EPS. The company’s revenue for the quarter was up 12.7% compared to the same quarter last year.

Shares of NYSE:MGM traded up $1.10 during mid-day trading on Friday, hitting $30.47. 12,595,100 shares of the company traded hands, compared to its average volume of 6,969,934. The firm has a market capitalization of $15.96 billion, a price-to-earnings ratio of 30.78, a P/E/G ratio of 3.83 and a beta of 1.40. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.75 and a current ratio of 0.78. MGM Resorts International has a 52-week low of $21.61 and a 52-week high of $31.68. The stock’s 50 day moving average price is $28.43.

Several brokerages have issued reports on MGM. Citigroup lifted their target price on shares of BRP from C$49.00 to C$54.00 in a research note on Wednesday. ValuEngine raised Zumiez from a “sell” rating to a “hold” rating in a report on Monday. Morgan Stanley set a CHF 105 target price on Nestlé and gave the company a “buy” rating in a report on Friday. Susquehanna Bancshares started coverage on Penn National Gaming in a report on Wednesday. They issued a “positive” rating and a $25.00 target price on the stock. Finally, Deutsche Bank lowered Hilton Hotels from a “buy” rating to a “hold” rating and set a $92.60 target price on the stock. in a report on Wednesday, May 1st. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $31.33.

In related news, Director Keith A. Meister acquired 2,874,578 shares of MGM Resorts International stock in a transaction that occurred on Friday, June 7th. The stock was acquired at an average price of $26.18 per share, for a total transaction of $75,256,452.04. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Paul J. Salem acquired 800,000 shares of MGM Resorts International stock in a transaction that occurred on Wednesday, May 8th. The shares were bought at an average price of $25.40 per share, with a total value of $20,320,000.00. Following the transaction, the director now directly owns 800,000 shares in the company, valued at $20,320,000. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 6,117,360 shares of company stock worth $161,200,100. Company insiders own 3.47% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Trust Co. of Vermont bought a new stake in MGM Resorts International during the 2nd quarter valued at $43,000. Steward Partners Investment Advisory LLC bought a new stake in shares of MGM Resorts International in the 2nd quarter worth $182,000. Wetherby Asset Management Inc. bought a new stake in shares of MGM Resorts International in the 2nd quarter worth $529,000. Coronation Fund Managers Ltd. bought a new stake in shares of MGM Resorts International in the 2nd quarter worth $5,442,000. Finally, Appleton Partners Inc. MA raised its stake in shares of MGM Resorts International by 30.5% in the 2nd quarter. Appleton Partners Inc. MA now owns 25,396 shares of the company’s stock worth $726,000 after buying an additional 5,935 shares in the last quarter. Institutional investors and hedge funds own 79.39% 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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Earnings History for MGM Resorts International (NYSE:MGM)

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