Jefferies Financial Group Comments on MGM Resorts International’s Q3 2021 Earnings (NYSE:MGM)

MGM Resorts International (NYSE:MGM) – Research analysts at Jefferies Financial Group raised their Q3 2021 earnings per share (EPS) estimates for shares of MGM Resorts International in a note issued to investors on Wednesday, September 22nd. Jefferies Financial Group analyst D. Katz now anticipates that the company will earn $0.03 per share for the quarter, up from their previous forecast of $0.02. Jefferies Financial Group has a “Buy” rating and a $56.00 price objective on the stock. Jefferies Financial Group also issued estimates for MGM Resorts International’s Q4 2022 earnings at $0.20 EPS and FY2023 earnings at $0.67 EPS.

A number of other research analysts have also recently commented on MGM. Wells Fargo & Company began coverage on shares of MGM Resorts International in a research note on Tuesday, September 14th. They set an “overweight” rating and a $55.00 price target for the company. Deutsche Bank Aktiengesellschaft upgraded shares of MGM Resorts International from a “hold” rating to a “buy” rating and raised their price target for the stock from $42.00 to $54.00 in a research note on Thursday, June 24th. They noted that the move was a valuation call. Sanford C. Bernstein upgraded shares of MGM Resorts International from a “market perform” rating to an “outperform” rating and set a $58.90 price target for the company in a research note on Monday, September 13th. The Goldman Sachs Group upgraded shares of MGM Resorts International from a “sell” rating to a “neutral” rating and lifted their target price for the company from $38.00 to $43.00 in a research note on Wednesday, July 28th. Finally, JPMorgan Chase & Co. lifted their target price on shares of MGM Resorts International from $47.00 to $52.00 and gave the company an “overweight” rating in a research note on Thursday, June 10th. One analyst has rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $43.26.

Shares of MGM opened at $44.65 on Thursday. The stock has a market cap of $21.52 billion, a price-to-earnings ratio of -17.51 and a beta of 2.44. The company has a quick ratio of 3.19, a current ratio of 3.23 and a debt-to-equity ratio of 1.13. MGM Resorts International has a 12 month low of $19.55 and a 12 month high of $45.34. The company has a 50-day moving average price of $40.34 and a two-hundred day moving average price of $40.66.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, August 4th. The company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.24. The business had revenue of $2.27 billion for the quarter, compared to the consensus estimate of $2.17 billion. MGM Resorts International had a negative return on equity of 11.74% and a negative net margin of 18.51%. The firm’s revenue for the quarter was up 682.6% compared to the same quarter last year. During the same period last year, the business earned ($1.52) earnings per share.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 15th. Investors of record on Friday, September 10th were given a $0.0025 dividend. This represents a $0.01 annualized dividend and a yield of 0.02%. The ex-dividend date was Thursday, September 9th. This is a boost from MGM Resorts International’s previous quarterly dividend of $0.00. MGM Resorts International’s payout ratio is -0.25%.

In other news, Director Alexis Herman sold 2,500 shares of the business’s stock in a transaction on Wednesday, August 25th. The shares were sold at an average price of $41.95, for a total value of $104,875.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John Mcmanus sold 10,000 shares of the business’s stock in a transaction on Friday, August 27th. The shares were sold at an average price of $43.35, for a total transaction of $433,500.00. The disclosure for this sale can be found here. Insiders sold a total of 22,500 shares of company stock valued at $938,375 in the last 90 days. 5.09% of the stock is currently owned by corporate insiders.

Several hedge funds have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its stake in MGM Resorts International by 89.9% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 18,797,538 shares of the company’s stock worth $801,715,000 after purchasing an additional 8,896,662 shares during the period. SRS Investment Management LLC boosted its stake in MGM Resorts International by 242.6% in the 1st quarter. SRS Investment Management LLC now owns 10,591,600 shares of the company’s stock worth $402,375,000 after purchasing an additional 7,500,000 shares during the period. Fred Alger Management LLC acquired a new position in MGM Resorts International in the 1st quarter worth $197,494,000. Allianz Asset Management GmbH boosted its stake in MGM Resorts International by 2,015.2% in the 2nd quarter. Allianz Asset Management GmbH now owns 3,883,271 shares of the company’s stock worth $165,622,000 after purchasing an additional 3,699,679 shares during the period. Finally, Massachusetts Financial Services Co. MA acquired a new position in MGM Resorts International in the 2nd quarter worth $114,604,000. 63.52% of the stock is owned by institutional investors.

MGM Resorts International Company Profile

MGM Resorts International is a holding company, which engages in the ownership and operations of casino resorts. The firm’s casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities. It operates through the following business segments: Las Vegas Strip Resorts, Regional Operations and MGM China.

Recommended Story: What is a stock portfolio tracker?

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

Receive News & Ratings for MGM Resorts International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGM Resorts International and related companies with MarketBeat.com's FREE daily email newsletter.