California State Teachers Retirement System Decreases Holdings in MGM Resorts International $MGM

Key Points

• California State Teachers Retirement System cut its MGM Resorts stake by 12.6% in the second quarter, selling 29,708 shares and retaining 206,999 shares worth approximately $9.9 million.
• Other institutional investors largely increased their positions, and hedge funds and other institutions collectively own 68.11% of MGM’s outstanding stock.
• Analysts maintain a generally positive outlook, with MGM receiving a consensus “Moderate Buy” rating and an average price target of $53.25, compared with a recent trading price of $39.54.

California State Teachers Retirement System trimmed its position in shares of MGM Resorts International (NYSE:MGM - Free Report) by 12.6% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 206,999 shares of the company's stock after selling 29,708 shares during the quarter. California State Teachers Retirement System owned approximately 0.08% of MGM Resorts International worth $9,896,622 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Geode Capital Management LLC raised its position in shares of MGM Resorts International by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 5,224,452 shares of the company's stock worth $190,295,000 after purchasing an additional 49,613 shares during the last quarter. Montanova Capital LLC lifted its position in shares of MGM Resorts International by 7.7% in the second quarter. Montanova Capital LLC now owns 2,325,360 shares of the company's stock worth $111,175,000 after buying an additional 166,560 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in MGM Resorts International by 1.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,379,727 shares of the company's stock valued at $88,050,000 after buying an additional 36,649 shares during the period. Norges Bank bought a new stake in shares of MGM Resorts International during the 4th quarter valued at $82,348,000. Finally, Bank of New York Mellon Corp lifted its position in MGM Resorts International by 3.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,598,531 shares of the company's stock worth $76,426,000 after buying an additional 46,268 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company's stock.

Analysts Set New Price Targets

MGM has been the subject of several recent analyst reports. Stifel Nicolaus reaffirmed a "hold" rating and set a $49.00 target price (up from $48.00) on shares of MGM Resorts International in a research note on Monday, June 15th. Truist Financial upgraded MGM Resorts International from a "hold" rating to a "buy" rating and lifted their target price for the company from $42.00 to $55.00 in a research report on Wednesday, May 27th. Argus raised their price target on MGM Resorts International from $45.00 to $55.00 and gave the company a "buy" rating in a research note on Monday, August 17th. Wells Fargo & Company raised MGM Resorts International from an "underweight" rating to an "equal weight" rating and increased their price objective for the company from $33.00 to $48.30 in a research note on Tuesday, July 7th. Finally, Citigroup boosted their target price on MGM Resorts International from $40.00 to $48.00 and gave the stock a "neutral" rating in a research note on Thursday, July 2nd. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, MGM Resorts International presently has an average rating of "Moderate Buy" and a consensus price target of $53.25.

MGM Resorts International Trading Down 0.7%

MGM stock traded down $0.29 during midday trading on Tuesday, reaching $39.54. The company's stock had a trading volume of 768,138 shares, compared to its average volume of 4,155,441. The company has a quick ratio of 1.30, a current ratio of 1.34 and a debt-to-equity ratio of 1.80. The stock has a market cap of $9.95 billion, a PE ratio of 23.96, a price-to-earnings-growth ratio of 2.04 and a beta of 1.28. MGM Resorts International has a 52 week low of $29.18 and a 52 week high of $51.59. The business's 50-day simple moving average is $44.05 and its 200-day simple moving average is $41.72.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.03. The company had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.42 billion. MGM Resorts International had a net margin of 2.40% and a return on equity of 23.30%. The company's revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.79 earnings per share. As a group, sell-side analysts expect that MGM Resorts International will post 1.96 EPS for the current year.

MGM Resorts International Company Profile

MGM Resorts International is a global hospitality and entertainment company that owns and operates destination resorts, casinos, hotels, restaurants, convention facilities and live-entertainment venues. Its properties offer casino gaming, hotel accommodations, dining, nightlife, retail, spa services, sporting events and other leisure activities.

The company operates a portfolio of resorts in Las Vegas and other U.S. markets, including properties associated with brands such as MGM Grand, Bellagio, ARIA, Mandalay Bay, Park MGM, New York-New York and MGM National Harbor.

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