Seaport Res Ptn Issues Negative Estimate for MGM Earnings

MGM Resorts International (NYSE:MGM) – Equities researchers at Seaport Res Ptn dropped their Q4 2024 earnings per share (EPS) estimates for MGM Resorts International in a research report issued to clients and investors on Sunday, January 26th. Seaport Res Ptn analyst V. Umansky now forecasts that the company will post earnings per share of $0.49 for the quarter, down from their previous forecast of $0.80. 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 FY2025 earnings at $2.33 EPS.

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

Other equities analysts have also recently issued reports about the stock. Morgan Stanley upped their target price on shares of MGM Resorts International from $43.00 to $44.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 22nd. Wells Fargo & Company reduced their target price on shares of MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Jefferies Financial Group lowered their price target 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. Mizuho reduced their price objective on MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Finally, Truist Financial decreased their price objective on MGM Resorts International from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, MGM Resorts International has a consensus rating of “Moderate Buy” and an average price target of $51.93.

MGM Resorts International Trading Up 1.6 %

NYSE:MGM opened at $34.02 on Wednesday. The firm has a market cap of $10.13 billion, a price-to-earnings ratio of 12.15, a P/E/G ratio of 3.06 and a beta of 2.21. The company has a quick ratio of 1.21, a current ratio of 1.24 and a debt-to-equity ratio of 1.63. MGM Resorts International has a 12 month low of $31.61 and a 12 month high of $48.24. The company’s 50 day moving average is $34.93 and its 200-day moving average is $37.50.

Institutional Trading of MGM Resorts International

A number of institutional investors have recently modified their holdings of the company. Essex Financial Services Inc. boosted its holdings in MGM Resorts International by 22.0% during the fourth quarter. Essex Financial Services Inc. now owns 6,978 shares of the company’s stock worth $242,000 after purchasing an additional 1,256 shares during the last quarter. Kestra Private Wealth Services LLC grew its holdings in shares of MGM Resorts International by 5.6% in the 4th quarter. Kestra Private Wealth Services LLC now owns 17,337 shares of the company’s stock valued at $601,000 after acquiring an additional 916 shares in the last quarter. Empowered Funds LLC increased its position in shares of MGM Resorts International by 9.5% in the fourth quarter. Empowered Funds LLC now owns 23,651 shares of the company’s stock valued at $820,000 after acquiring an additional 2,043 shares during the last quarter. Strategic Financial Concepts LLC bought a new stake in MGM Resorts International during the fourth quarter worth $363,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in shares of MGM Resorts International by 36.5% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,625 shares of the company’s stock valued at $856,000 after acquiring an additional 6,588 shares during the period. 68.11% of the stock is currently owned by institutional investors.

Insider Buying and Selling at MGM Resorts International

In related news, Director Keith A. Meister sold 51,000 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $36.57, for a total value of $1,865,070.00. Following the completion of the transaction, the director now directly owns 5,687,478 shares in the company, valued at approximately $207,991,070.46. The trade was a 0.89 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.13% 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.