FY2024 Earnings Estimate for MGM Issued By Seaport Res Ptn

MGM Resorts International (NYSE:MGM) – Equities researchers at Seaport Res Ptn reduced their FY2024 EPS estimates for shares of MGM Resorts International in a research report issued on Sunday, January 26th. Seaport Res Ptn analyst V. Umansky now anticipates that the company will earn $2.37 per share for the year, down from their prior forecast of $2.67. The consensus estimate for MGM Resorts International’s current full-year earnings is $2.41 per share. Seaport Res Ptn also issued estimates for MGM Resorts International’s Q1 2025 earnings at $0.47 EPS, Q2 2025 earnings at $0.57 EPS, Q3 2025 earnings at $0.59 EPS, Q4 2025 earnings at $0.70 EPS, FY2026 earnings at $2.71 EPS and FY2027 earnings at $3.15 EPS.

A number of other analysts have also recently commented on the stock. JMP Securities restated a “market outperform” rating and set a $50.00 price target on shares of MGM Resorts International in a research note on Thursday, January 16th. Mizuho cut their price target on MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. Jefferies Financial Group decreased their price objective on MGM Resorts International from $52.00 to $50.00 and set a “buy” rating on the stock in a research note on Friday, January 3rd. Deutsche Bank Aktiengesellschaft cut their target price on MGM Resorts International from $57.00 to $52.00 and set a “buy” rating for the company in a research note on Tuesday, October 1st. Finally, Morgan Stanley upped their price target on MGM Resorts International from $43.00 to $44.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 22nd. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, MGM Resorts International presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.93.

MGM Resorts International Price Performance

NYSE MGM opened at $33.55 on Tuesday. The company has a quick ratio of 1.21, a current ratio of 1.24 and a debt-to-equity ratio of 1.63. The company has a market cap of $9.99 billion, a PE ratio of 11.98, a price-to-earnings-growth ratio of 3.06 and a beta of 2.21. MGM Resorts International has a 52 week low of $31.61 and a 52 week high of $48.24. The firm’s 50-day simple moving average is $35.00 and its two-hundred day simple moving average is $37.53.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.54 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.04). The firm had revenue of $4.18 billion during the quarter, compared to analysts’ expectations of $4.21 billion. MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. MGM Resorts International’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.64 EPS.

Insider Activity at MGM Resorts International

In related news, Director Keith A. Meister sold 51,000 shares of the stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $36.57, for a total transaction of $1,865,070.00. Following the completion of the sale, the director now directly owns 5,687,478 shares in the company, valued at $207,991,070.46. This represents a 0.89 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.13% of the stock is currently owned by insiders.

Institutional Investors Weigh In On MGM Resorts International

A number of large investors have recently added to or reduced their stakes in MGM. HG Vora Capital Management LLC purchased a new stake in MGM Resorts International in the third quarter worth about $97,725,000. Goldentree Asset Management LP raised its position in shares of MGM Resorts International by 86.4% in the 3rd quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock worth $117,270,000 after acquiring an additional 1,390,599 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in shares of MGM Resorts International in the 3rd quarter valued at approximately $17,622,000. ArrowMark Colorado Holdings LLC boosted its position in shares of MGM Resorts International by 207.5% during the third quarter. ArrowMark Colorado Holdings LLC now owns 656,475 shares of the company’s stock valued at $25,662,000 after purchasing an additional 442,975 shares in the last quarter. Finally, KBC Group NV grew its stake in MGM Resorts International by 3,041.1% in the fourth quarter. KBC Group NV now owns 388,047 shares of the company’s stock worth $13,446,000 after purchasing an additional 375,693 shares during the period. Institutional investors 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.