MGM Resorts International (NYSE:MGM) Issues Quarterly Earnings Results, Beats Estimates By $0.03 EPS

MGM Resorts International (NYSE:MGM) posted its quarterly earnings data on Wednesday. The company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.56 by $0.03, FiscalAI reports. The firm had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.42 billion. MGM Resorts International had a return on equity of 24.43% and a net margin of 1.03%.

MGM Resorts International Trading Down 0.8%

Shares of MGM traded down $0.35 during mid-day trading on Wednesday, reaching $45.85. The stock had a trading volume of 2,393,325 shares, compared to its average volume of 4,609,993. MGM Resorts International has a 52-week low of $29.18 and a 52-week high of $51.59. The firm has a market cap of $11.73 billion, a price-to-earnings ratio of 63.67 and a beta of 1.29. The business’s fifty day moving average is $46.00 and its 200 day moving average is $39.80. The company has a debt-to-equity ratio of 1.93, a current ratio of 1.33 and a quick ratio of 1.30.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. upped their target price on shares of MGM Resorts International from $46.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, June 12th. Jefferies Financial Group reissued a “hold” rating on shares of MGM Resorts International in a research note on Thursday, July 2nd. Citigroup boosted their price target on shares of MGM Resorts International from $40.00 to $48.00 and gave the stock a “neutral” rating in a research report on Thursday, July 2nd. Capital One Financial upped their price objective on shares of MGM Resorts International from $46.00 to $51.00 and gave the company an “overweight” rating in a research note on Friday, April 17th. Finally, KeyCorp upgraded shares of MGM Resorts International from a “sector weight” rating to an “overweight” rating and set a $117.00 price objective for the company in a report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $52.49.

Insider Buying and Selling

In other MGM Resorts International news, Director Daniel J. Taylor sold 6,675 shares of the business’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $38.44, for a total value of $256,587.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.38% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC grew its position in MGM Resorts International by 202.5% in the third quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company’s stock worth $292,772,000 after acquiring an additional 5,654,757 shares during the period. Arrowstreet Capital Limited Partnership raised its position in MGM Resorts International by 81.4% in the third quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company’s stock valued at $264,874,000 after purchasing an additional 3,429,946 shares during the period. Samlyn Capital LLC acquired a new position in shares of MGM Resorts International in the 3rd quarter valued at $62,787,000. Suvretta Capital Management LLC purchased a new position in shares of MGM Resorts International during the 4th quarter worth $43,864,000. Finally, Corient Private Wealth LLC grew its holdings in shares of MGM Resorts International by 235.1% during the 4th quarter. Corient Private Wealth LLC now owns 932,610 shares of the company’s stock worth $34,031,000 after purchasing an additional 654,328 shares during the period. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Company Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.