Q3 2024 EPS Estimates for MGM Resorts International Boosted by Seaport Res Ptn (NYSE:MGM)

MGM Resorts International (NYSE:MGM) – Seaport Res Ptn boosted their Q3 2024 EPS estimates for shares of MGM Resorts International in a report released on Thursday, August 1st. Seaport Res Ptn analyst V. Umansky now expects that the company will post earnings of $0.59 per share for the quarter, up from their prior forecast of $0.53. The consensus estimate for MGM Resorts International’s current full-year earnings is $3.00 per share. Seaport Res Ptn also issued estimates for MGM Resorts International’s Q4 2024 earnings at $0.86 EPS and FY2025 earnings at $3.34 EPS.

Other equities research analysts have also recently issued reports about the stock. Morgan Stanley cut their price objective on shares of MGM Resorts International from $47.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Friday, July 12th. Susquehanna upped their price target on shares of MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a research note on Thursday, August 1st. BTIG Research started coverage on shares of MGM Resorts International in a report on Wednesday, July 3rd. They issued a “buy” rating and a $52.00 price objective for the company. Stifel Nicolaus boosted their target price on MGM Resorts International from $60.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Finally, Macquarie decreased their price target on MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Three analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, MGM Resorts International has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

MGM Resorts International Trading Up 3.9 %

Shares of MGM stock opened at $35.41 on Monday. MGM Resorts International has a 1 year low of $33.44 and a 1 year high of $48.24. The firm has a market capitalization of $11.11 billion, a PE ratio of 13.62, a price-to-earnings-growth ratio of 0.77 and a beta of 2.24. The stock has a fifty day moving average of $41.85 and a two-hundred day moving average of $42.63. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.46 and a current ratio of 1.47.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.20. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. The business had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.21 billion. During the same period in the previous year, the firm posted $0.59 earnings per share. The business’s revenue was up 9.8% on a year-over-year basis.

Institutional Investors Weigh In On MGM Resorts International

Institutional investors have recently bought and sold shares of the business. International Assets Investment Management LLC purchased a new stake in shares of MGM Resorts International in the second quarter worth approximately $28,000. EverSource Wealth Advisors LLC lifted its position in MGM Resorts International by 60.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock worth $41,000 after buying an additional 329 shares in the last quarter. UMB Bank n.a. boosted its stake in shares of MGM Resorts International by 33.3% during the 2nd quarter. UMB Bank n.a. now owns 949 shares of the company’s stock valued at $42,000 after buying an additional 237 shares during the period. Accent Capital Management LLC purchased a new position in shares of MGM Resorts International during the 4th quarter valued at $45,000. Finally, Mendota Financial Group LLC increased its stake in shares of MGM Resorts International by 36.0% in the first quarter. Mendota Financial Group LLC now owns 1,004 shares of the company’s stock worth $47,000 after acquiring an additional 266 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at MGM Resorts International

In related news, Director Paul J. Salem acquired 147,500 shares of the business’s stock in a transaction on Monday, August 5th. The shares were purchased at an average price of $33.80 per share, for a total transaction of $4,985,500.00. Following the acquisition, the director now owns 1,702,500 shares in the company, valued at $57,544,500. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Paul J. Salem acquired 147,500 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was purchased at an average price of $33.80 per share, with a total value of $4,985,500.00. Following the purchase, the director now owns 1,702,500 shares of the company’s stock, valued at approximately $57,544,500. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Keith A. Meister sold 139,300 shares of the business’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $40.44, for a total transaction of $5,633,292.00. Following the sale, 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. In the last quarter, insiders purchased 216,400 shares of company stock worth $7,312,197 and sold 147,988 shares worth $5,991,759. 2.13% of the stock is currently owned by corporate insiders.

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.