Louisiana State Employees Retirement System Makes New Investment in MGM Resorts International (NYSE:MGM)

Louisiana State Employees Retirement System bought a new position in MGM Resorts International (NYSE:MGM) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 16,500 shares of the company’s stock, valued at approximately $737,000.

Other hedge funds have also made changes to their positions in the company. CVA Family Office LLC purchased a new stake in shares of MGM Resorts International in the 4th quarter worth $28,000. Sandy Spring Bank lifted its holdings in shares of MGM Resorts International by 140.8% in the 3rd quarter. Sandy Spring Bank now owns 855 shares of the company’s stock worth $31,000 after buying an additional 500 shares during the period. Massmutual Trust Co. FSB ADV lifted its holdings in shares of MGM Resorts International by 49.7% in the 4th quarter. Massmutual Trust Co. FSB ADV now owns 1,105 shares of the company’s stock worth $49,000 after buying an additional 367 shares during the period. Sunbelt Securities Inc. lifted its stake in shares of MGM Resorts International by 510.2% during the 3rd quarter. Sunbelt Securities Inc. now owns 1,196 shares of the company’s stock worth $44,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Huntington National Bank lifted its stake in shares of MGM Resorts International by 46.7% during the 3rd quarter. Huntington National Bank now owns 1,999 shares of the company’s stock worth $73,000 after purchasing an additional 636 shares during the last quarter. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at MGM Resorts International

In other news, Director Keith A. Meister sold 325,000 shares of the company’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $42.90, for a total value of $13,942,500.00. Following the sale, the director now owns 6,098,778 shares in the company, valued at $261,637,576.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.13% of the company’s stock.

MGM Resorts International Stock Down 2.6 %

Shares of MGM stock opened at $41.09 on Friday. The stock’s 50-day simple moving average is $43.71 and its 200-day simple moving average is $42.12. The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.53 and a current ratio of 1.57. The firm has a market capitalization of $13.03 billion, a PE ratio of 12.96, a P/E/G ratio of 1.73 and a beta of 2.19. MGM Resorts International has a fifty-two week low of $34.12 and a fifty-two week high of $51.35.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Tuesday, February 13th. The company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.39. The business had revenue of $4.38 billion for the quarter, compared to analyst estimates of $4.14 billion. MGM Resorts International had a return on equity of 20.51% and a net margin of 7.07%. The company’s revenue was up 21.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.69 earnings per share. Equities analysts expect that MGM Resorts International will post 2.46 earnings per share for the current year.

Wall Street Analysts Forecast Growth

MGM has been the subject of a number of analyst reports. JMP Securities restated a “market outperform” rating and set a $57.00 price objective on shares of MGM Resorts International in a research note on Wednesday, February 14th. Bank Of America (Bofa) upped their price objective on MGM Resorts International from $45.00 to $50.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 14th. StockNews.com cut MGM Resorts International from a “buy” rating to a “hold” rating in a research note on Monday, March 4th. Mizuho initiated coverage on MGM Resorts International in a research note on Tuesday, March 26th. They set a “buy” rating and a $61.00 price objective for the company. Finally, Barclays decreased their price objective on MGM Resorts International from $57.00 to $55.00 and set an “overweight” rating for the company in a research note on Wednesday, February 14th. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $55.34.

MGM Resorts International 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.