MGM Resorts International (NYSE:MGM) Releases Quarterly Earnings Results, Misses Expectations By $0.04 EPS

by · The Cerbat Gem

MGM Resorts International (NYSE:MGM – Get Free Report) announced its earnings results on Wednesday. The company reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04), Briefing.com reports. MGM Resorts International had a net margin of 5.15% and a return on equity of 26.36%. The firm had revenue of $4.18 billion for the quarter, compared to analyst estimates of $4.21 billion. During the same period in the previous year, the company earned $0.64 EPS. MGM Resorts International’s revenue was up 5.3% compared to the same quarter last year.

MGM Resorts International Stock Down 11.0 %

Shares of NYSE MGM traded down $4.54 during midday trading on Thursday, hitting $36.87. 13,496,541 shares of the company’s stock were exchanged, compared to its average volume of 4,105,715. The firm’s fifty day simple moving average is $38.50 and its 200-day simple moving average is $40.24. MGM Resorts International has a twelve month low of $33.44 and a twelve month high of $48.24. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.47 and a quick ratio of 1.42. The company has a market cap of $11.20 billion, a PE ratio of 14.05, a P/E/G ratio of 0.97 and a beta of 2.23.

Insider Buying and Selling at MGM Resorts International

In related news, CFO Jonathan S. Halkyard purchased 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were purchased at an average price of $34.00 per share, for a total transaction of $340,000.00. Following the transaction, the chief financial officer now directly owns 38,299 shares of the company’s stock, valued at approximately $1,302,166. The trade was a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Paul J. Salem acquired 147,500 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was bought at an average price of $33.80 per share, with a total value of $4,985,500.00. Following the purchase, the director now directly owns 1,702,500 shares in the company, valued at $57,544,500. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Jonathan S. Halkyard bought 10,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was bought at an average cost of $34.00 per share, for a total transaction of $340,000.00. Following the completion of the transaction, the chief financial officer now directly owns 38,299 shares of the company’s stock, valued at approximately $1,302,166. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 216,400 shares of company stock worth $7,312,197. 2.13% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Barclays decreased their price target on shares of MGM Resorts International from $54.00 to $50.00 and set an “overweight” rating on the stock in a research note on Thursday. Wells Fargo & Company lowered their price objective on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Truist Financial cut their target price on MGM Resorts International from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. Macquarie reduced their target price on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Finally, Stifel Nicolaus upped their price target on MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $53.15.

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About MGM Resorts International

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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.

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