MGM Resorts International $MGM Stock Position Decreased by New York State Teachers Retirement System

New York State Teachers Retirement System lessened its holdings in shares of MGM Resorts International (NYSE:MGM) by 2.1% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 190,402 shares of the company’s stock after selling 4,071 shares during the period. New York State Teachers Retirement System owned 0.07% of MGM Resorts International worth $6,548,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of MGM. Kingstone Capital Partners Texas LLC bought a new stake in shares of MGM Resorts International during the 2nd quarter valued at about $171,632,000. Helikon Investments Ltd bought a new stake in shares of MGM Resorts International during the 1st quarter valued at about $54,418,000. Fuller & Thaler Asset Management Inc. bought a new stake in shares of MGM Resorts International during the 1st quarter valued at about $47,631,000. AQR Capital Management LLC grew its position in shares of MGM Resorts International by 104.2% during the 1st quarter. AQR Capital Management LLC now owns 2,611,278 shares of the company’s stock valued at $75,962,000 after buying an additional 1,332,313 shares during the last quarter. Finally, GMT Capital Corp bought a new stake in shares of MGM Resorts International during the 1st quarter valued at about $36,656,000. Institutional investors own 68.11% of the company’s stock.

Insider Buying and Selling

In other news, Director Keith A. Meister sold 242,000 shares of the company’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $35.42, for a total value of $8,571,640.00. Following the completion of the sale, the director directly owned 5,385,478 shares of the company’s stock, valued at approximately $190,753,630.76. This represents a 4.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider John Mcmanus sold 60,000 shares of the company’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $36.12, for a total transaction of $2,167,200.00. Following the completion of the sale, the insider directly owned 31,521 shares of the company’s stock, valued at approximately $1,138,538.52. This represents a 65.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.06% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Mizuho boosted their price objective on shares of MGM Resorts International from $56.00 to $58.00 and gave the company an “outperform” rating in a research report on Monday, October 13th. Weiss Ratings reissued a “sell (d+)” rating on shares of MGM Resorts International in a research note on Wednesday, October 8th. Seaport Res Ptn lowered shares of MGM Resorts International from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 21st. Deutsche Bank Aktiengesellschaft reduced their target price on shares of MGM Resorts International from $54.00 to $53.00 in a research note on Monday, September 22nd. Finally, Macquarie reduced their target price on shares of MGM Resorts International from $48.00 to $46.00 and set an “outperform” rating for the company in a research note on Thursday, October 2nd. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $48.78.

MGM Resorts International Trading Down 0.3%

Shares of NYSE:MGM opened at $31.58 on Monday. The company has a 50 day moving average of $35.50 and a 200-day moving average of $34.12. The firm has a market cap of $8.60 billion, a P/E ratio of 17.35, a P/E/G ratio of 1.30 and a beta of 1.67. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $42.53. The company has a current ratio of 1.22, a quick ratio of 1.18 and a debt-to-equity ratio of 1.67.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.21. The company had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.28 billion. MGM Resorts International had a net margin of 3.13% and a return on equity of 19.39%. The business’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.86 EPS. As a group, analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International Company Profile

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.