Seaport Res Ptn Has Bearish Estimate for MGM FY2024 Earnings

MGM Resorts International (NYSE:MGM) – Seaport Res Ptn lowered their FY2024 EPS estimates for MGM Resorts International in a report issued on Sunday, January 26th. Seaport Res Ptn analyst V. Umansky now expects that the company will post earnings of $2.37 per share for the year, down from their previous 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.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.64 EPS.

Several other equities research analysts have also recently commented on the stock. Barclays dropped their target price on shares of MGM Resorts International from $50.00 to $46.00 and set an “overweight” rating for the company in a research report on Friday, December 13th. JMP Securities reissued a “market outperform” rating and issued a $50.00 target price on shares of MGM Resorts International in a research report on Thursday, January 16th. 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 report on Tuesday, October 1st. Mizuho decreased their price objective 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. Finally, Truist Financial reduced their target price on shares of MGM Resorts International from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, MGM Resorts International presently has a consensus rating of “Moderate Buy” and an average target price of $51.93.

MGM Resorts International Price Performance

MGM opened at $33.53 on Tuesday. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.21 and a current ratio of 1.24. The stock’s 50 day moving average price is $35.07 and its 200-day moving average price is $37.62. The stock has a market capitalization of $9.98 billion, a PE ratio of 11.97, 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.

Insider Buying and Selling at MGM Resorts International

In related news, Director Keith A. Meister sold 51,000 shares of the stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $36.57, for a total transaction of $1,865,070.00. Following the transaction, the director now owns 5,687,478 shares in the company, valued at $207,991,070.46. This represents a 0.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.13% of the company’s stock.

Hedge Funds Weigh In On MGM Resorts International

Institutional investors and hedge funds have recently modified their holdings of the company. MidAtlantic Capital Management Inc. bought a new position in MGM Resorts International in the third quarter valued at about $28,000. Global Trust Asset Management LLC purchased a new stake in shares of MGM Resorts International during the 4th quarter valued at about $28,000. Eastern Bank bought a new position in shares of MGM Resorts International in the 3rd quarter worth approximately $35,000. Brooklyn Investment Group purchased a new position in shares of MGM Resorts International in the third quarter worth approximately $44,000. Finally, Planning Capital Management Corp bought a new stake in MGM Resorts International during the third quarter valued at approximately $45,000. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

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.