New York State Teachers Retirement System Decreases Stake in MGM Resorts International $MGM

New York State Teachers Retirement System cut its position in shares of MGM Resorts International (NYSE:MGM) by 10.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 168,748 shares of the company’s stock after selling 19,863 shares during the period. New York State Teachers Retirement System’s holdings in MGM Resorts International were worth $6,158,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in MGM. Asset Management One Co. Ltd. increased its stake in MGM Resorts International by 4.2% in the 4th quarter. Asset Management One Co. Ltd. now owns 7,700 shares of the company’s stock worth $286,000 after acquiring an additional 313 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its holdings in shares of MGM Resorts International by 0.8% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 39,763 shares of the company’s stock valued at $1,378,000 after purchasing an additional 328 shares in the last quarter. Public Employees Retirement System of Ohio grew its holdings in shares of MGM Resorts International by 0.6% in the third quarter. Public Employees Retirement System of Ohio now owns 64,006 shares of the company’s stock valued at $2,218,000 after purchasing an additional 397 shares in the last quarter. NewEdge Advisors LLC increased its position in MGM Resorts International by 12.1% in the first quarter. NewEdge Advisors LLC now owns 3,893 shares of the company’s stock worth $115,000 after purchasing an additional 421 shares during the last quarter. Finally, Hantz Financial Services Inc. increased its position in MGM Resorts International by 22.5% in the third quarter. Hantz Financial Services Inc. now owns 2,432 shares of the company’s stock worth $84,000 after purchasing an additional 446 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Wall Street Analyst Weigh In

MGM has been the subject of several research reports. Jefferies Financial Group lowered shares of MGM Resorts International from a “buy” rating to a “hold” rating and lowered their price objective for the company from $50.00 to $44.00 in a research report on Friday. Barclays boosted their target price on shares of MGM Resorts International from $37.00 to $39.00 and gave the stock an “equal weight” rating in a report on Thursday, April 30th. UBS Group lowered their price target on shares of MGM Resorts International from $40.00 to $39.00 and set a “neutral” rating for the company in a report on Friday, April 10th. Berenberg Bank reiterated a “buy” rating on shares of MGM Resorts International in a research report on Wednesday, February 11th. Finally, Wells Fargo & Company boosted their price objective on MGM Resorts International from $30.00 to $33.00 and gave the stock an “underweight” rating in a research note on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have given a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $47.12.

MGM Resorts International Trading Down 0.8%

MGM stock opened at $37.94 on Wednesday. MGM Resorts International has a twelve month low of $29.18 and a twelve month high of $40.94. The stock has a market capitalization of $9.71 billion, a price-to-earnings ratio of 52.69 and a beta of 1.28. The company has a quick ratio of 1.30, a current ratio of 1.33 and a debt-to-equity ratio of 1.93. The firm’s fifty day simple moving average is $37.17 and its two-hundred day simple moving average is $35.47.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, April 29th. The company reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.07). MGM Resorts International had a return on equity of 24.43% and a net margin of 1.03%.The firm had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.37 billion. During the same quarter last year, the business posted $0.69 EPS. MGM Resorts International’s revenue was up 4.2% compared to the same quarter last year. As a group, analysts anticipate that MGM Resorts International will post 2.02 earnings per share for the current year.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, major shareholder Iac Inc. bought 450,000 shares of the business’s stock in a transaction dated Tuesday, March 24th. The shares were purchased at an average price of $37.13 per share, with a total value of $16,708,500.00. Following the completion of the purchase, the insider owned 66,822,350 shares in the company, valued at $2,481,113,855.50. This represents a 0.68% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Keith A. Meister sold 37,500 shares of the stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $34.27, for a total value of $1,285,125.00. Following the completion of the sale, the director owned 5,347,978 shares in the company, valued at approximately $183,275,206.06. The trade was a 0.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 3.38% of the company’s stock.

MGM Resorts International Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.