In the last trading session, 11.0 million MGM Resorts International (NYSE:MGM) shares changed hands as the company’s beta touched 2.11. With the company’s per share price at $41.08 changed hands at -$0.5 or -1.20% during last session, the market valuation stood at $14.59B. MGM’s last price was a discount, traded about -25.0% off its 52-week high of $51.35. The share price had its 52-week low at $29.20, which suggests the last value was 28.92% up since then. When we look at MGM Resorts International’s average trading volume, we note the 10-day average is 4.96 million shares, with the 3-month average coming to 4.46 million.
Analysts gave the MGM Resorts International (MGM) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 2.10. If we narrow down to specifics, the data shows that 0 out of 17 analysts rate the stock as a Sell, with a further 2 assigning it an Overweight rating. Of the remaining, 4 recommended MGM as a Hold, 11 felt it is a Buy and 0 rated the stock as Underweight. MGM Resorts International’s EPS for the current quarter is expected to be $0.68.
MGM Resorts International (NYSE:MGM) trade information
Instantly MGM was in red as seen at the end of in last trading. With action -6.08%, the performance over the past five days has been red. The drop to weekly highs of 44.47 on Friday, 09/15/23 subtracted -1.20% to the stock’s daily price. The company’s shares are showing year-to-date upside of 22.52%, with the 5-day performance at -6.08% in the red. However, in the 30-day time frame, MGM Resorts International (NYSE:MGM) is -6.06% down. Looking at the short shares, we see there were 11.76 million shares sold at short interest cover period of 2.35 days.
The consensus price target for the stock as assigned by Wall Street analysts is $57.74, meaning bulls need an upside of 28.85% from its current market value. According to analyst projections, MGM’s forecast low is $45.00 with $69.00 as the target high. To hit the forecast high, the stock’s price needs a -67.96% plunge from its current level, while the stock would need to soar -9.54% for it to hit the projected low.
MGM Resorts International (MGM) estimates and forecasts
Data shows that the MGM Resorts International share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -2.07% over the past 6 months, a -30.09% in annual growth rate that is considerably lower than the industry average of 4.60%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for MGM Resorts International will rise 148.90%, while the growth in revenue is estimated to hit 158.80% for the next quarter. Year-over-year growth is forecast to reach 20.40% up from the last financial year.
Consensus estimates given by 13 financial analysts project the company’s revenue in the current quarter to hit an average of $3.91 billion. 13 analysts are of the opinion that MGM Resorts International’s revenue for the quarter ending Dec 2023 will be $4.05 billion. The company’s revenue for the corresponding quarters a year ago was $3.42 billion and $3.59 billion respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 14.50%. The estimates for the next quarter sales put growth at 12.60%.
Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 30.50%. The 2023 estimates are for MGM Resorts International earnings to increase by 44.60%.
MGM Resorts International is expected to release its next quarterly earnings report in October. The 0.02% annual yield figure for the share gives it an annual dividend of 0.01. It is important to note, however, that the 0.02% dividend yield ratio should serve as a guide only, as you should also take into consideration many other aspects of a company’s operations and fundamentals before making any investment decision.
MGM Resorts International (NYSE:MGM)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 18.39% of MGM Resorts International shares while 68.48% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 83.91%. There are 68.48% institutions holding the MGM Resorts International stock share, with Vanguard Group Inc the top institutional holder. As of Jun 29, 2023, the company held 9.85% of the shares, roughly 34.57 million MGM shares worth $1.52 billion.
Blackrock Inc. holds the second largest percentage of outstanding shares, with 6.33% or 22.23 million shares worth $976.24 million as of Jun 29, 2023.
Among Mutual Funds, the top two as of Jun 29, 2023 were Price (T.Rowe) Mid Cap Growth Fund and Vanguard Total Stock Market Index Fund. With 9.7 million shares estimated at $425.91 million under it, the former controlled 2.76% of total outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held about 2.59% of the shares, roughly 9.08 million shares worth around $398.83 million.