FY2016 Earnings Estimate for MGM Resorts International (MGM) Issued By Gabelli
MGM Resorts International (NYSE:MGM) – Equities research analysts at Gabelli raised their FY2016 earnings per share (EPS) estimates for shares of MGM Resorts International in a report released on Tuesday. Gabelli analyst A. Trivison now expects that the firm will post earnings of $0.90 per share for the year, up from their previous forecast of $0.80. Gabelli currently has a “Buy” rating on the stock. Gabelli also issued estimates for MGM Resorts International’s FY2017 earnings at $1.35 EPS, FY2018 earnings at $1.90 EPS, FY2019 earnings at $2.15 EPS and FY2020 earnings at $2.35 EPS.
MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Monday, November 7th. The company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.47. The company earned $2.52 billion during the quarter, compared to analysts’ expectations of $2.37 billion. MGM Resorts International had a net margin of 3.15% and a return on equity of 6.45%. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.15 EPS.
A number of other equities research analysts have also issued reports on the stock. Macquarie reissued an “outperform” rating and set a $34.00 target price on shares of MGM Resorts International in a research note on Thursday. Barclays PLC set a $32.00 target price on shares of MGM Resorts International and gave the company a “buy” rating in a research note on Wednesday. Zacks Investment Research raised shares of MGM Resorts International from a “hold” rating to a “buy” rating and set a $31.00 target price for the company in a research note on Wednesday. TheStreet raised shares of MGM Resorts International from a “hold” rating to a “buy” rating in a research note on Monday. Finally, Deutsche Bank AG reissued an “outperform” rating and set a $33.00 target price (up previously from $32.00) on shares of MGM Resorts International in a research note on Tuesday. Twenty-three research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of C$30.63.
MGM Resorts International (NYSE:MGM) opened at 27.87 on Wednesday. MGM Resorts International has a 52-week low of $16.18 and a 52-week high of $28.80. The stock’s market capitalization is $15.76 billion. The firm has a 50-day moving average of $26.31 and a 200-day moving average of $24.24.
In other news, President William Hornbuckle sold 26,225 shares of the business’s stock in a transaction dated Wednesday, November 9th. The shares were sold at an average price of C$28.56, for a total transaction of C$748,986.00. Following the transaction, the president now owns 210,141 shares in the company, valued at approximately C$6,001,626.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Corp Tracinda sold 4,000,000 shares of MGM Resorts International stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of C$100,000,000.00, for a total transaction of C$400,000,000,000,000.00. Following the sale, the insider now owns 87,173,744 shares in the company, valued at C$8,717,374,400,000,000. The disclosure for this sale can be found here. Insiders own 16.90% of the company’s stock.
Several hedge funds have recently modified their holdings of the stock. Toronto Dominion Bank raised its stake in shares of MGM Resorts International by 57.1% in the third quarter. Toronto Dominion Bank now owns 3,902 shares of the company’s stock valued at $102,000 after buying an additional 1,418 shares during the period. Global X Management Co. LLC raised its stake in shares of MGM Resorts International by 155.2% in the second quarter. Global X Management Co. LLC now owns 4,551 shares of the company’s stock valued at $103,000 after buying an additional 2,768 shares during the period. BKS Advisors LLC acquired a new stake in shares of MGM Resorts International during the third quarter valued at $143,000. Mizuho Asset Management Co. Ltd. raised its stake in shares of MGM Resorts International by 146.3% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 6,894 shares of the company’s stock valued at $156,000 after buying an additional 4,095 shares during the period. Finally, Tower Research Capital LLC TRC acquired a new stake in shares of MGM Resorts International during the second quarter valued at $182,000. Institutional investors and hedge funds own 71.14% of the company’s stock.
About MGM Resorts International
MGM Resorts International is a holding company. The Company owns and operates casino resorts. It operates in two segments: wholly owned domestic resorts and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail and other resort amenities. It has additional business activities, including its investments in unconsolidated affiliates, and other corporate and management operations.
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