MGM Resorts International $MGM Holdings Increased by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its MGM Resorts stake by 23.2% in the first quarter, bringing its holdings to 236,707 shares valued at approximately $8.76 million. Institutional investors collectively own 68.11% of the company.
• Analysts maintain a generally positive outlook, with MGM carrying a consensus “Moderate Buy” rating and an average price target of $52.49. Recent target increases included Deutsche Bank’s move to $55 and Citigroup’s move to $48.
• MGM reported quarterly earnings of $0.59 per share, exceeding estimates of $0.56, while revenue reached $4.45 billion and rose 2.2% year over year. The stock recently opened at $45.70, within its 52-week range of $29.18 to $51.59.

California State Teachers Retirement System increased its stake in MGM Resorts International (NYSE:MGM - Free Report) by 23.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 236,707 shares of the company's stock after acquiring an additional 44,556 shares during the period. California State Teachers Retirement System owned approximately 0.09% of MGM Resorts International worth $8,761,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in MGM Resorts International by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,652 shares of the company's stock worth $582,000 after purchasing an additional 951 shares during the period. NewEdge Advisors LLC boosted its stake in MGM Resorts International by 12.1% during 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. Woodline Partners LP increased its position in shares of MGM Resorts International by 39.1% during the 1st quarter. Woodline Partners LP now owns 18,901 shares of the company's stock valued at $560,000 after purchasing an additional 5,312 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of MGM Resorts International by 57.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,248 shares of the company's stock valued at $112,000 after purchasing an additional 1,182 shares during the period. Finally, Jump Financial LLC raised its stake in shares of MGM Resorts International by 221.9% in the 2nd quarter. Jump Financial LLC now owns 26,782 shares of the company's stock worth $921,000 after buying an additional 18,463 shares in the last quarter. Institutional investors and hedge funds own 68.11% of the company's stock.

Analysts Set New Price Targets

MGM has been the subject of several research reports. Citigroup raised their target price on MGM Resorts International from $40.00 to $48.00 and gave the company a "neutral" rating in a research note on Thursday, July 2nd. Deutsche Bank Aktiengesellschaft boosted their price target on shares of MGM Resorts International from $48.00 to $55.00 and gave the stock a "buy" rating in a research report on Tuesday, June 2nd. The Goldman Sachs Group restated a "sell" rating and set a $43.00 price objective on shares of MGM Resorts International in a research report on Wednesday, July 15th. Susquehanna lifted their price objective on shares of MGM Resorts International from $52.00 to $53.00 and gave the stock a "positive" rating in a research note on Wednesday, July 29th. Finally, HSBC upgraded shares of MGM Resorts International to a "strong-buy" rating in a report on Thursday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $52.49.

Insider Transactions at MGM Resorts International

In other news, Director Daniel J. Taylor sold 6,675 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $38.44, for a total value of $256,587.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 3.38% of the stock is currently owned by company insiders.

MGM Resorts International Stock Performance

MGM Resorts International stock opened at $45.70 on Wednesday. MGM Resorts International has a fifty-two week low of $29.18 and a fifty-two week high of $51.59. The firm's 50 day simple moving average is $46.73 and its 200-day simple moving average is $40.17. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.34 and a quick ratio of 1.30. The company has a market cap of $11.50 billion, a P/E ratio of 27.70 and a beta of 1.31.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.56 by $0.03. MGM Resorts International had a net margin of 2.40% and a return on equity of 23.30%. The business had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.42 billion. During the same quarter in the prior year, the firm earned $0.79 EPS. The firm's quarterly revenue was up 2.2% on a year-over-year basis. As a group, equities research analysts predict that MGM Resorts International will post 2.05 EPS for the current year.

MGM Resorts International Company Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.

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