Seaport Res Ptn Issues Pessimistic Forecast for MGM Earnings

MGM Resorts International (NYSE:MGM) – Equities researchers at Seaport Res Ptn lowered their Q4 2024 earnings per share (EPS) estimates for shares of MGM Resorts International in a research report issued on Sunday, January 26th. Seaport Res Ptn analyst V. Umansky now anticipates that the company will earn $0.49 per share for the quarter, down from their prior forecast of $0.80. 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 FY2025 earnings at $2.33 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). The firm had revenue of $4.18 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the business earned $0.64 earnings per share.

MGM has been the topic of several other reports. Mizuho reduced their target price on 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. Wells Fargo & Company cut their price objective on shares of MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Jefferies Financial Group lowered their target price on shares of MGM Resorts International from $52.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, January 3rd. Deutsche Bank Aktiengesellschaft cut their price target on shares of 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. Finally, Truist Financial lowered their price objective on shares of MGM Resorts International from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $51.93.

MGM Resorts International Stock Performance

Shares of MGM opened at $33.55 on Wednesday. The company has a current ratio of 1.24, a quick ratio of 1.21 and a debt-to-equity ratio of 1.63. The firm has a market cap of $9.99 billion, a PE ratio of 11.98, a P/E/G ratio of 3.06 and a beta of 2.21. MGM Resorts International has a 12 month low of $31.61 and a 12 month high of $48.24. The stock has a fifty day moving average price of $35.00 and a 200-day moving average price of $37.53.

Institutional Investors Weigh In On MGM Resorts International

A number of institutional investors have recently modified their holdings of MGM. Sei Investments Co. boosted its position in MGM Resorts International by 9.0% during the second quarter. Sei Investments Co. now owns 18,854 shares of the company’s stock worth $838,000 after purchasing an additional 1,564 shares in the last quarter. Public Sector Pension Investment Board grew its stake in MGM Resorts International by 78.6% in the 2nd quarter. Public Sector Pension Investment Board now owns 11,325 shares of the company’s stock valued at $503,000 after acquiring an additional 4,984 shares during the period. APG Asset Management N.V. increased its holdings in 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 worth $1,451,000 after acquiring an additional 23,700 shares in the last quarter. MBB Public Markets I LLC purchased a new position in MGM Resorts International during the second quarter valued at $873,000. Finally, Mackenzie Financial Corp grew its position in shares of MGM Resorts International by 163.9% in the second quarter. Mackenzie Financial Corp now owns 60,048 shares of the company’s stock valued at $2,669,000 after purchasing an additional 37,292 shares during the period. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 51,000 shares of MGM Resorts International stock in a transaction on Friday, December 13th. The shares were sold at an average price of $36.57, for a total value of $1,865,070.00. Following the completion of the transaction, the director now owns 5,687,478 shares of the company’s stock, valued at approximately $207,991,070.46. The trade was a 0.89 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.13% 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.