California State Teachers Retirement System Sells 38,387 Shares of MGM Resorts International (NYSE:MGM)

California State Teachers Retirement System reduced its position in shares of MGM Resorts International (NYSE:MGM - Free Report) by 12.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 268,994 shares of the company's stock after selling 38,387 shares during the quarter. California State Teachers Retirement System owned about 0.09% of MGM Resorts International worth $9,321,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of MGM. Norges Bank acquired a new position in MGM Resorts International in the fourth quarter worth approximately $88,033,000. Eminence Capital LP purchased a new stake in shares of MGM Resorts International during the fourth quarter valued at $72,408,000. AQR Capital Management LLC boosted its position in shares of MGM Resorts International by 12,726.8% in the 4th quarter. AQR Capital Management LLC now owns 1,278,965 shares of the company's stock valued at $44,316,000 after purchasing an additional 1,268,994 shares during the period. Marshall Wace LLP increased its stake in MGM Resorts International by 50.9% in the 4th quarter. Marshall Wace LLP now owns 3,233,718 shares of the company's stock worth $112,048,000 after purchasing an additional 1,090,533 shares in the last quarter. Finally, Invesco Ltd. increased its stake in MGM Resorts International by 22.5% in the 4th quarter. Invesco Ltd. now owns 5,785,343 shares of the company's stock worth $200,462,000 after purchasing an additional 1,063,707 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have commented on MGM shares. Barclays raised their target price on shares of MGM Resorts International from $41.00 to $43.00 and gave the stock an "overweight" rating in a report on Thursday, May 1st. Susquehanna Bancshares lifted their price objective on shares of MGM Resorts International from $53.00 to $56.00 in a research report on Wednesday, February 12th. Needham & Company LLC restated a "buy" rating on shares of MGM Resorts International in a report on Thursday, February 13th. Wall Street Zen raised MGM Resorts International from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Finally, Wedbush reaffirmed an "outperform" rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Five investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $48.94.

MGM Resorts International Stock Performance

MGM traded up $0.11 on Wednesday, hitting $32.07. The company had a trading volume of 1,061,835 shares, compared to its average volume of 4,800,697. The stock has a market cap of $8.73 billion, a price-to-earnings ratio of 13.36, a price-to-earnings-growth ratio of 0.98 and a beta of 1.78. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.30 and a quick ratio of 1.26. The company's fifty day moving average price is $30.87 and its 200 day moving average price is $33.34. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $47.26.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.19. The business had revenue of $4.28 billion during the quarter, compared to analysts' expectations of $4.29 billion. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. The firm's revenue was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.74 EPS. Equities analysts predict that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International announced that its board has authorized a stock buyback program on Wednesday, April 30th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 22.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board believes its shares are undervalued.

Insider Activity at MGM Resorts International

In related news, COO Corey Ian Sanders sold 40,000 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $34.43, for a total transaction of $1,377,200.00. Following the completion of the transaction, the chief operating officer now owns 281,530 shares in the company, valued at $9,693,077.90. This trade represents a 12.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jonathan S. Halkyard purchased 10,000 shares of the stock in a transaction on Thursday, March 6th. The stock was bought at an average price of $32.17 per share, for a total transaction of $321,700.00. Following the completion of the transaction, the chief financial officer now directly owns 75,648 shares of the company's stock, valued at approximately $2,433,596.16. This trade represents a 15.23% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 3.06% of the company's stock.

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.