Gabelli Weighs in on MGM Resorts International’s FY2019 Earnings (MGM)

MGM Resorts International (NYSE:MGM) – Gabelli dropped their FY2019 EPS estimates for MGM Resorts International in a report released on Monday. Gabelli analyst A. Trivison now anticipates that the company will post earnings per share of $2.00 for the year, down from their prior forecast of $2.15.

Several other equities analysts have also recently issued reports on the stock. Roth Capital started coverage on shares of MGM Resorts International in a research report on Wednesday, October 25th. They issued a “buy” rating and a $38.00 price target for the company. Stifel Nicolaus restated a “buy” rating on shares of MGM Resorts International in a research report on Friday, September 1st. Zacks Investment Research cut shares of MGM Resorts International from a “hold” rating to a “sell” rating in a research report on Wednesday, October 18th. Morgan Stanley set a $35.00 price target on shares of MGM Resorts International and gave the company a “buy” rating in a research report on Friday, October 6th. Finally, Deutsche Bank cut shares of MGM Resorts International from a “buy” rating to a “hold” rating and set a $36.00 price target for the company. in a research report on Monday, September 11th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $36.50.

Shares of MGM Resorts International (MGM) traded up $0.24 during midday trading on Wednesday, reaching $33.34. 8,713,386 shares of the company’s stock traded hands, compared to its average volume of 8,657,923. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.98 and a current ratio of 1.02. MGM Resorts International has a 1 year low of $25.15 and a 1 year high of $34.65. The firm has a market cap of $19,214.73, a PE ratio of 30.03, a P/E/G ratio of 7.71 and a beta of 1.44.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Monday, December 11th will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 1.32%. The ex-dividend date of this dividend is Friday, December 8th. MGM Resorts International’s dividend payout ratio (DPR) is presently 43.14%.

MGM Resorts International announced that its board has approved a share repurchase program on Tuesday, September 5th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 5.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

In other news, EVP John Mcmanus sold 5,273 shares of the stock in a transaction on Friday, September 8th. The shares were sold at an average price of $33.70, for a total transaction of $177,700.10. Following the completion of the sale, the executive vice president now directly owns 40,744 shares in the company, valued at $1,373,072.80. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO James Murren sold 294,150 shares of the stock in a transaction on Friday, September 8th. The stock was sold at an average price of $34.08, for a total transaction of $10,024,632.00. Following the sale, the chief executive officer now owns 71,442 shares of the company’s stock, valued at $2,434,743.36. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 445,479 shares of company stock valued at $15,018,634. 12.20% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in MGM Resorts International by 3.4% in the second quarter. Vanguard Group Inc. now owns 41,200,270 shares of the company’s stock worth $1,289,156,000 after purchasing an additional 1,354,902 shares during the period. Capital Research Global Investors grew its holdings in MGM Resorts International by 1.9% in the second quarter. Capital Research Global Investors now owns 32,282,000 shares of the company’s stock worth $1,010,104,000 after purchasing an additional 600,000 shares during the period. Canyon Capital Advisors LLC grew its holdings in MGM Resorts International by 8.9% in the second quarter. Canyon Capital Advisors LLC now owns 19,402,345 shares of the company’s stock worth $607,099,000 after purchasing an additional 1,583,585 shares during the period. State Street Corp grew its holdings in MGM Resorts International by 1.0% in the second quarter. State Street Corp now owns 8,934,495 shares of the company’s stock worth $279,564,000 after purchasing an additional 92,329 shares during the period. Finally, PointState Capital LP acquired a new stake in MGM Resorts International in the second quarter worth $239,347,000. Institutional investors own 83.01% of the company’s stock.

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MGM Resorts International Company Profile

MGM Resorts International is a holding company. The Company, through its subsidiaries, owns and operates casino resorts. The Company operates in two segments: domestic resorts and MGM China. Its domestic resorts segment consists of non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities.

Earnings History and Estimates for MGM Resorts International (NYSE:MGM)

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