MGM Resorts International $MGM Stake Lifted by Teachers Retirement System of The State of Kentucky

Key Points

• Teachers Retirement System of the State of Kentucky increased its MGM stake by 9% in Q4 to 724,014 shares (about 0.26% ownership), worth roughly $26.4 million.
• IAC Inc. bought 550,000 MGM shares at $37.30 on March 23 (~$20.5 million), raising its holding to 66,372,350 shares (a 0.84% increase).
• MGM posted a material earnings beat—Q4 EPS $1.60 vs. $0.64 expected and revenue $4.61B vs. $4.42B—with the stock trading near $39.51 and a consensus price target around $42.13.

Teachers Retirement System of The State of Kentucky increased its stake in MGM Resorts International (NYSE:MGM - Free Report) by 9.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 724,014 shares of the company's stock after acquiring an additional 59,770 shares during the period. Teachers Retirement System of The State of Kentucky owned approximately 0.26% of MGM Resorts International worth $26,419,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of MGM Resorts International by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 23,782,004 shares of the company's stock valued at $867,805,000 after acquiring an additional 205,127 shares in the last quarter. Concurrent Investment Advisors LLC boosted its holdings in shares of MGM Resorts International by 27.7% in the fourth quarter. Concurrent Investment Advisors LLC now owns 8,929 shares of the company's stock valued at $326,000 after acquiring an additional 1,937 shares in the last quarter. N.E.W. Advisory Services LLC boosted its holdings in shares of MGM Resorts International by 49.3% in the fourth quarter. N.E.W. Advisory Services LLC now owns 2,130 shares of the company's stock valued at $78,000 after acquiring an additional 703 shares in the last quarter. HB Wealth Management LLC boosted its holdings in shares of MGM Resorts International by 8.1% in the fourth quarter. HB Wealth Management LLC now owns 15,982 shares of the company's stock valued at $583,000 after acquiring an additional 1,203 shares in the last quarter. Finally, M&T Bank Corp boosted its holdings in shares of MGM Resorts International by 1,118.7% in the fourth quarter. M&T Bank Corp now owns 97,630 shares of the company's stock valued at $3,563,000 after acquiring an additional 89,619 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, major shareholder Iac Inc. acquired 550,000 shares of the firm's stock in a transaction that occurred on Monday, March 23rd. The stock was purchased at an average price of $37.30 per share, with a total value of $20,515,000.00. Following the purchase, the insider owned 66,372,350 shares of the company's stock, valued at approximately $2,475,688,655. This trade represents a 0.84% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Keith A. Meister sold 37,500 shares of the firm's stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $34.27, for a total transaction of $1,285,125.00. Following the completion of the transaction, the director directly owned 5,347,978 shares of the company's stock, valued at $183,275,206.06. This represents a 0.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 3.38% of the company's stock.

MGM Resorts International Trading Up 1.5%

Shares of NYSE:MGM opened at $39.51 on Friday. The company has a 50 day moving average price of $36.82 and a 200 day moving average price of $35.19. MGM Resorts International has a 1-year low of $29.18 and a 1-year high of $40.46. The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.20 and a current ratio of 1.23. The stock has a market capitalization of $10.11 billion, a price-to-earnings ratio of 52.68 and a beta of 1.35.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its quarterly earnings data on Wednesday, February 4th. The company reported $1.60 EPS for the quarter, topping analysts' consensus estimates of $0.64 by $0.96. MGM Resorts International had a net margin of 1.17% and a return on equity of 26.04%. The firm had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.42 billion. During the same quarter last year, the business posted $0.45 EPS. On average, research analysts anticipate that MGM Resorts International will post 2.03 EPS for the current fiscal year.

Analysts Set New Price Targets

MGM has been the subject of a number of research reports. Citigroup raised their target price on shares of MGM Resorts International from $35.00 to $41.00 and gave the stock a "neutral" rating in a report on Friday, February 6th. Morgan Stanley raised their target price on shares of MGM Resorts International from $34.00 to $35.00 and gave the stock an "underweight" rating in a report on Wednesday, April 8th. Barclays set a $37.00 target price on shares of MGM Resorts International in a report on Friday, February 6th. Berenberg Bank restated a "buy" rating on shares of MGM Resorts International in a report on Wednesday, February 11th. Finally, UBS Group reduced their target price on shares of MGM Resorts International from $40.00 to $39.00 and set a "neutral" rating for the company in a report on Friday, April 10th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have issued a Hold rating and four have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $42.13.

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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