MGM Resorts International (NYSE:MGM) Issues Earnings Results

by · The Markets Daily

MGM Resorts International (NYSE:MGM – Get Free Report) released its quarterly earnings results on Wednesday. The company reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.04), Briefing.com reports. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. The business had revenue of $4.18 billion during the quarter, compared to the consensus estimate of $4.21 billion. During the same period in the previous year, the company posted $0.64 EPS. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year.

MGM Resorts International Stock Performance

MGM traded down $4.88 during midday trading on Thursday, reaching $36.53. The company’s stock had a trading volume of 9,775,396 shares, compared to its average volume of 4,088,080. The company has a current ratio of 1.47, a quick ratio of 1.42 and a debt-to-equity ratio of 1.65. The company has a fifty day simple moving average of $38.50 and a 200 day simple moving average of $40.24. The stock has a market cap of $11.10 billion, a P/E ratio of 14.07, a PEG ratio of 0.97 and a beta of 2.23. MGM Resorts International has a twelve month low of $33.44 and a twelve month high of $48.24.

Insider Transactions at MGM Resorts International

In related news, CEO William Hornbuckle acquired 58,900 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were bought at an average price of $33.73 per share, for a total transaction of $1,986,697.00. Following the acquisition, the chief executive officer now owns 377,112 shares in the company, valued at $12,719,987.76. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO William Hornbuckle acquired 58,900 shares of the stock in a transaction dated Monday, August 5th. The shares were acquired at an average cost of $33.73 per share, for a total transaction of $1,986,697.00. Following the completion of the transaction, the chief executive officer now owns 377,112 shares in the company, valued at approximately $12,719,987.76. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Keith A. Meister sold 121,000 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $36.72, for a total value of $4,443,120.00. Following the completion of the transaction, the director now directly owns 5,738,478 shares of the company’s stock, valued at approximately $210,716,912.16. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders acquired a total of 216,400 shares of company stock worth $7,312,197 over the last three months. 2.13% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MGM. JMP Securities decreased their target price on shares of MGM Resorts International from $57.00 to $56.00 and set a “market outperform” rating for the company in a research report on Monday, October 14th. Barclays reduced their price target on shares of MGM Resorts International from $54.00 to $50.00 and set an “overweight” rating for the company in a research note on Thursday. Morgan Stanley raised their price objective 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. Mizuho lowered their price objective on shares of MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating on the stock in a research note on Thursday. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on MGM Resorts International from $57.00 to $52.00 and set a “buy” rating on the stock in a research note on Tuesday, October 1st. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $53.31.

Check Out Our Latest Analysis on MGM

MGM Resorts International Company Profile

(Get Free Report)

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.

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