MGM Resorts International $MGM Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama lowered its position in MGM Resorts International (NYSE:MGM) by 7.7% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 44,382 shares of the company’s stock after selling 3,695 shares during the quarter. Retirement Systems of Alabama’s holdings in MGM Resorts International were worth $1,526,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. XML Financial LLC lifted its holdings in MGM Resorts International by 0.9% in the 2nd quarter. XML Financial LLC now owns 30,884 shares of the company’s stock worth $1,062,000 after buying an additional 287 shares in the last quarter. Concurrent Investment Advisors LLC lifted its holdings in MGM Resorts International by 4.1% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 7,975 shares of the company’s stock worth $274,000 after buying an additional 315 shares in the last quarter. Quarry LP lifted its holdings in MGM Resorts International by 24.1% in the 1st quarter. Quarry LP now owns 1,795 shares of the company’s stock worth $53,000 after buying an additional 349 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in MGM Resorts International by 0.7% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 55,666 shares of the company’s stock worth $1,917,000 after buying an additional 399 shares in the last quarter. Finally, NewEdge Advisors LLC raised its stake in shares of MGM Resorts International by 12.1% in the 1st quarter. NewEdge Advisors LLC now owns 3,893 shares of the company’s stock valued at $115,000 after purchasing an additional 421 shares in the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

Insider Activity

In other MGM Resorts International news, insider John Mcmanus sold 60,000 shares of the company’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $36.12, for a total value of $2,167,200.00. Following the completion of the transaction, the insider owned 31,521 shares in the company, valued at approximately $1,138,538.52. This represents a 65.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Keith A. Meister sold 242,000 shares of the company’s stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $35.42, for a total transaction of $8,571,640.00. Following the completion of the transaction, the director owned 5,385,478 shares of the company’s stock, valued at approximately $190,753,630.76. This trade represents a 4.30% decrease in their position. The SEC filing for this sale provides additional information. 3.06% of the stock is currently owned by corporate insiders.

MGM Resorts International Price Performance

NYSE MGM opened at $31.99 on Thursday. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $41.32. The company has a current ratio of 1.22, a quick ratio of 1.18 and a debt-to-equity ratio of 1.67. The stock has a market cap of $8.75 billion, a price-to-earnings ratio of 199.94, a price-to-earnings-growth ratio of 1.40 and a beta of 1.67. The company has a 50-day moving average price of $34.30 and a two-hundred day moving average price of $34.47.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, October 29th. The company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.13). MGM Resorts International had a return on equity of 16.95% and a net margin of 0.40%.The firm had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter last year, the company posted $0.54 EPS. MGM Resorts International’s revenue for the quarter was up 1.6% on a year-over-year basis. Analysts forecast that MGM Resorts International will post 2.21 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Macquarie cut their target price on shares of MGM Resorts International from $48.00 to $46.00 and set an “outperform” rating on the stock in a research note on Thursday, October 2nd. Susquehanna upped their target price on shares of MGM Resorts International from $50.00 to $60.00 and gave the company a “positive” rating in a research note on Tuesday, July 29th. Deutsche Bank Aktiengesellschaft cut their target price on shares of MGM Resorts International from $54.00 to $53.00 in a research note on Monday, September 22nd. Stifel Nicolaus set a $45.00 target price on shares of MGM Resorts International in a research note on Thursday, October 30th. Finally, 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. Fourteen investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.58.

About MGM Resorts International

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.