FY2024 Earnings Forecast for MGM Issued By Seaport Res Ptn

MGM Resorts International (NYSE:MGM) – Stock analysts at Seaport Res Ptn lowered their FY2024 earnings per share (EPS) estimates for MGM Resorts International in a report issued on Thursday, October 31st. Seaport Res Ptn analyst V. Umansky now forecasts that the company will post earnings of $2.67 per share for the year, down from their prior estimate of $2.71. The consensus estimate for MGM Resorts International’s current full-year earnings is $2.50 per share. Seaport Res Ptn also issued estimates for MGM Resorts International’s Q4 2024 earnings at $0.80 EPS and FY2025 earnings at $3.27 EPS.

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

A number of other analysts also recently commented on the stock. Mizuho dropped their price target on shares of MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating on the stock in a research report on Thursday, October 31st. JMP Securities dropped their target price on MGM Resorts International from $56.00 to $54.00 and set a “market outperform” rating on the stock in a report on Thursday, October 31st. Truist Financial decreased their price target on MGM Resorts International from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. Susquehanna upped their price objective on MGM Resorts International from $54.00 to $55.00 and gave the company a “positive” rating in a report on Thursday, August 1st. Finally, Barclays lowered their target price on MGM Resorts International from $54.00 to $50.00 and set an “overweight” rating on the stock in a report on Thursday, October 31st. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $53.15.

MGM Resorts International Price Performance

Shares of NYSE MGM opened at $36.23 on Monday. The stock has a market cap of $10.79 billion, a P/E ratio of 12.94, a P/E/G ratio of 2.60 and a beta of 2.23. The firm’s 50-day simple moving average is $38.38 and its 200 day simple moving average is $40.10. MGM Resorts International has a fifty-two week low of $33.44 and a fifty-two week high of $48.24. The company has a quick ratio of 1.21, a current ratio of 1.24 and a debt-to-equity ratio of 1.63.

Institutional Trading of MGM Resorts International

Institutional investors have recently made changes to their positions in the stock. International Assets Investment Management LLC acquired a new position in MGM Resorts International in the 2nd quarter valued at approximately $28,000. Eastern Bank acquired a new position in shares of MGM Resorts International in the third quarter worth $35,000. EverSource Wealth Advisors LLC raised its holdings in shares of MGM Resorts International by 60.7% during the first quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock worth $41,000 after acquiring an additional 329 shares in the last quarter. UMB Bank n.a. boosted its position in MGM Resorts International by 33.3% during the second quarter. UMB Bank n.a. now owns 949 shares of the company’s stock valued at $42,000 after purchasing an additional 237 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in MGM Resorts International during the second quarter valued at $49,000. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 121,000 shares of MGM Resorts International stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the transaction, the director now directly owns 5,738,478 shares in the company, valued at approximately $210,716,912.16. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 2.83% 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.