Analysts Set Expectations for MGM Resorts International’s Q2 2024 Earnings (NYSE:MGM)

MGM Resorts International (NYSE:MGM) – Stock analysts at Seaport Res Ptn issued their Q2 2024 earnings per share (EPS) estimates for shares of MGM Resorts International in a report issued on Wednesday, June 26th. Seaport Res Ptn analyst V. Umansky forecasts 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 research firms have also recently commented on MGM. Susquehanna upgraded shares of MGM Resorts International from a “neutral” rating to a “positive” rating and increased their price target for the company from $46.00 to $54.00 in a report on Thursday, May 2nd. StockNews.com lowered MGM Resorts International from a “buy” rating to a “hold” rating in a report on Friday, May 10th. JMP Securities upped their price target on MGM Resorts International from $57.00 to $58.00 and gave the company a “market outperform” rating in a report on Monday, May 6th. JPMorgan Chase & Co. lifted their price objective on MGM Resorts International from $54.00 to $57.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. Finally, Morgan Stanley boosted their target price on MGM Resorts International from $45.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 9th. Three analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $54.83.

MGM Resorts International Stock Up 2.2 %

NYSE:MGM opened at $43.37 on Friday. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.46 and a current ratio of 1.51. The firm has a market cap of $13.60 billion, a P/E ratio of 16.68, a P/E/G ratio of 0.92 and a beta of 2.24. MGM Resorts International has a fifty-two week low of $34.12 and a fifty-two week high of $51.35. The firm has a 50-day simple moving average of $40.83 and a two-hundred day simple moving average of $42.89.

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

Insider Transactions at MGM Resorts International

In related news, Director Alexis Herman sold 4,344 shares of the firm’s stock in a transaction on Friday, May 17th. The stock was sold at an average price of $41.50, for a total value of $180,276.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other MGM Resorts International news, Director Alexis Herman sold 4,344 shares of the company’s stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $41.50, for a total value of $180,276.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Keith A. Meister sold 139,300 shares of MGM Resorts International stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $40.44, for a total value of $5,633,292.00. Following the transaction, the director now directly owns 5,859,478 shares in the company, valued at $236,957,290.32. The disclosure for this sale can be found here. Insiders have sold 147,988 shares of company stock worth $5,991,759 in the last 90 days. 2.13% of the stock is currently owned by insiders.

Institutional Trading of MGM Resorts International

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank purchased a new position in MGM Resorts International in the 4th quarter worth approximately $139,599,000. Boston Partners lifted its holdings in shares of MGM Resorts International by 36.3% in the fourth quarter. Boston Partners now owns 5,427,254 shares of the company’s stock worth $242,002,000 after buying an additional 1,446,362 shares in the last quarter. Capital World Investors boosted its position in shares of 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 acquiring an additional 984,617 shares during the last quarter. Hsbc Holdings PLC grew its stake in MGM Resorts International by 112.1% during 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 in the last quarter. Finally, Goldentree Asset Management LP bought a new stake in MGM Resorts International in the 1st quarter valued at $35,726,000. 68.11% of the stock is owned by hedge funds and other institutional investors.

MGM Resorts International Company Profile

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.