Illinois Municipal Retirement Fund Purchases 38,283 Shares of MGM Resorts International (NYSE:MGM)

Illinois Municipal Retirement Fund boosted its holdings in shares of MGM Resorts International (NYSE:MGM - Free Report) by 38.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 137,116 shares of the company's stock after acquiring an additional 38,283 shares during the quarter. Illinois Municipal Retirement Fund's holdings in MGM Resorts International were worth $4,064,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. TD Waterhouse Canada Inc. lifted its position in shares of MGM Resorts International by 8.9% in the fourth quarter. TD Waterhouse Canada Inc. now owns 3,190 shares of the company's stock worth $111,000 after buying an additional 261 shares during the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors grew its holdings in MGM Resorts International by 1.7% during the fourth quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 19,749 shares of the company's stock valued at $684,000 after purchasing an additional 333 shares during the last quarter. Global Retirement Partners LLC raised its position in shares of MGM Resorts International by 47.8% in the fourth quarter. Global Retirement Partners LLC now owns 1,250 shares of the company's stock valued at $43,000 after purchasing an additional 404 shares during the period. State of Alaska Department of Revenue boosted its holdings in shares of MGM Resorts International by 1.6% during the 1st quarter. State of Alaska Department of Revenue now owns 26,210 shares of the company's stock worth $776,000 after buying an additional 410 shares during the period. Finally, Assetmark Inc. boosted its holdings in shares of MGM Resorts International by 104.1% during the 4th quarter. Assetmark Inc. now owns 806 shares of the company's stock worth $28,000 after buying an additional 411 shares during the period. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Price Performance

Shares of MGM traded up $0.09 during mid-day trading on Monday, hitting $34.46. 3,800,925 shares of the company traded hands, compared to its average volume of 4,915,866. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 1.79. The business has a 50-day moving average of $32.50 and a 200 day moving average of $32.79. MGM Resorts International has a one year low of $25.30 and a one year high of $47.26. The stock has a market capitalization of $9.38 billion, a price-to-earnings ratio of 15.38, a PEG ratio of 2.28 and a beta of 1.76.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its earnings results on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, topping analysts' consensus estimates of $0.50 by $0.19. MGM Resorts International had a net margin of 3.95% and a return on equity of 20.64%. The firm had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same quarter in the previous year, the business earned $0.74 EPS. The business's quarterly revenue was down 2.4% compared to the same quarter last year. As a group, equities analysts expect that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International declared that its board has approved a share buyback program on Wednesday, April 30th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to repurchase up to 22.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several analysts recently weighed in on MGM shares. Macquarie decreased their target price on MGM Resorts International from $50.00 to $48.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Stifel Nicolaus reduced their price target on shares of MGM Resorts International from $50.00 to $44.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Susquehanna raised their price target on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a "positive" rating in a research report on Thursday, May 1st. Citigroup lowered shares of MGM Resorts International from a "strong-buy" rating to a "hold" rating in a research report on Thursday. Finally, Citizens Jmp cut shares of MGM Resorts International from an "outperform" rating to a "market perform" rating in a research note on Thursday. Nine analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.29.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, Director Daniel J. Taylor sold 5,261 shares of MGM Resorts International stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total value of $183,766.73. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Keith A. Meister sold 60,000 shares of the business's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $32.09, for a total transaction of $1,925,400.00. Following the completion of the sale, the director directly owned 5,627,478 shares in the company, valued at $180,585,769.02. This represents a 1.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 105,261 shares of company stock worth $3,486,367 in the last quarter. Corporate insiders own 3.06% of the company's stock.

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.