MGM Resorts International (NYSE:MGM) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System decreased its holdings in shares of MGM Resorts International (NYSE:MGM - Free Report) by 16.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 194,473 shares of the company's stock after selling 37,151 shares during the period. New York State Teachers Retirement System owned about 0.07% of MGM Resorts International worth $5,764,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Jones Financial Companies Lllp lifted its holdings in MGM Resorts International by 56.4% in the 4th quarter. Jones Financial Companies Lllp now owns 14,616 shares of the company's stock valued at $506,000 after purchasing an additional 5,272 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in MGM Resorts International in the 4th quarter valued at $57,000. Charles Schwab Investment Management Inc. lifted its holdings in MGM Resorts International by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,283,110 shares of the company's stock valued at $79,110,000 after purchasing an additional 38,749 shares in the last quarter. Assetmark Inc. lifted its holdings in MGM Resorts International by 104.1% in the 4th quarter. Assetmark Inc. now owns 806 shares of the company's stock valued at $28,000 after purchasing an additional 411 shares in the last quarter. Finally, Atria Investments Inc lifted its holdings in MGM Resorts International by 7.2% in the 4th quarter. Atria Investments Inc now owns 39,909 shares of the company's stock valued at $1,383,000 after purchasing an additional 2,671 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company's stock.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, COO Corey Ian Sanders sold 40,000 shares of MGM Resorts International stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $34.43, for a total value of $1,377,200.00. Following the completion of the transaction, the chief operating officer directly owned 281,530 shares of the company's stock, valued at $9,693,077.90. The trade was a 12.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Daniel J. Taylor sold 5,261 shares of the business's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total value of $183,766.73. The disclosure for this sale can be found here. Insiders sold a total of 105,261 shares of company stock valued at $3,486,367 in the last three months. 3.06% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

MGM has been the topic of a number of research reports. Stifel Nicolaus decreased their price objective on MGM Resorts International from $50.00 to $44.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Citizens Jmp lowered MGM Resorts International from an "outperform" rating to a "market perform" rating in a report on Thursday, June 26th. JPMorgan Chase & Co. started coverage on MGM Resorts International in a report on Monday, June 23rd. They set a "neutral" rating and a $38.00 price target on the stock. Macquarie reduced their price target on MGM Resorts International from $50.00 to $48.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Finally, Truist Financial reduced their price target on MGM Resorts International from $50.00 to $45.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, MGM Resorts International has a consensus rating of "Moderate Buy" and a consensus price target of $48.06.

MGM Resorts International Trading Down 0.6%

NYSE MGM traded down $0.23 during trading on Friday, hitting $37.45. The stock had a trading volume of 2,311,196 shares, compared to its average volume of 4,944,924. The company has a market capitalization of $10.19 billion, a PE ratio of 16.72, a PEG ratio of 2.59 and a beta of 1.76. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 1.79. The firm has a 50 day moving average price of $33.11 and a 200 day moving average price of $32.86. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $47.26.

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

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

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.