Seaport Res Ptn Has Bearish Outlook for MGM FY2024 Earnings

MGM Resorts International (NYSE:MGM) – Equities researchers at Seaport Res Ptn lowered their FY2024 earnings per share estimates for shares of MGM Resorts International in a research report issued on Sunday, January 26th. Seaport Res Ptn analyst V. Umansky now forecasts that the company will post earnings of $2.37 per share for the year, down from their prior estimate 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 posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share 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 the consensus estimate of $4.21 billion. MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. The business’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.64 earnings per share.

Several other equities analysts also recently commented on the company. Deutsche Bank Aktiengesellschaft lowered their price objective 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. Wells Fargo & Company dropped their price target on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. JMP Securities reiterated a “market outperform” rating and set a $50.00 price objective on shares of MGM Resorts International in a research report on Thursday, January 16th. Mizuho dropped their target price on shares of MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Finally, Truist Financial reduced their price target on shares of MGM Resorts International from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $51.93.

MGM Resorts International Trading Up 1.9 %

Shares of MGM Resorts International stock opened at $33.53 on Tuesday. MGM Resorts International has a fifty-two week low of $31.61 and a fifty-two week high of $48.24. 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 company has a market capitalization of $9.98 billion, a P/E ratio of 11.97, a P/E/G ratio of 3.06 and a beta of 2.21. The company has a fifty day moving average of $35.07 and a 200 day moving average of $37.62.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in MGM. Sei Investments Co. grew its position in shares of MGM Resorts International by 9.0% during the 2nd quarter. Sei Investments Co. now owns 18,854 shares of the company’s stock worth $838,000 after buying an additional 1,564 shares in the last quarter. Public Sector Pension Investment Board grew its holdings in MGM Resorts International by 78.6% during the 2nd quarter. Public Sector Pension Investment Board now owns 11,325 shares of the company’s stock worth $503,000 after acquiring an additional 4,984 shares in the last quarter. Bank of Montreal Can increased its holdings in MGM Resorts International by 2.2% during the second quarter. Bank of Montreal Can now owns 263,997 shares of the company’s stock valued at $11,740,000 after buying an additional 5,805 shares during the period. APG Asset Management N.V. increased its holdings in shares of MGM Resorts International by 209.8% in the 2nd quarter. APG Asset Management N.V. now owns 34,994 shares of the company’s stock valued at $1,451,000 after acquiring an additional 23,700 shares during the period. Finally, MBB Public Markets I LLC bought a new position in MGM Resorts International in the second quarter worth about $873,000. 68.11% of the stock is currently owned by institutional investors.

Insider Activity at MGM Resorts International

In other news, Director Keith A. Meister sold 51,000 shares of the stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $36.57, for a total value of $1,865,070.00. Following the sale, the director now directly owns 5,687,478 shares in the company, valued at approximately $207,991,070.46. This represents a 0.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.13% of the stock is currently owned by 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.