New York State Teachers Retirement System Sells 37,151 Shares of MGM Resorts International (NYSE:MGM)

New York State Teachers Retirement System lowered its stake in MGM Resorts International (NYSE:MGM - Free Report) by 16.0% during the first quarter, according to its most recent Form 13F 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 0.07% of MGM Resorts International worth $5,764,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in MGM. Norges Bank acquired a new stake in MGM Resorts International in the fourth quarter valued at approximately $88,033,000. Eminence Capital LP acquired a new stake in MGM Resorts International in the fourth quarter valued at approximately $72,408,000. AQR Capital Management LLC boosted its position in MGM Resorts International by 12,726.8% in the fourth quarter. AQR Capital Management LLC now owns 1,278,965 shares of the company's stock valued at $44,316,000 after buying an additional 1,268,994 shares in the last quarter. Marshall Wace LLP boosted its position in MGM Resorts International by 50.9% in the fourth quarter. Marshall Wace LLP now owns 3,233,718 shares of the company's stock valued at $112,048,000 after buying an additional 1,090,533 shares in the last quarter. Finally, Invesco Ltd. raised its stake in shares of MGM Resorts International by 22.5% during the fourth quarter. Invesco Ltd. now owns 5,785,343 shares of the company's stock valued at $200,462,000 after acquiring an additional 1,063,707 shares during the last quarter. Institutional investors and hedge funds own 68.11% of the company's stock.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 60,000 shares of the business's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $32.09, for a total value of $1,925,400.00. Following the transaction, the director directly owned 5,627,478 shares in the company, valued at $180,585,769.02. The trade was a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Corey Ian Sanders sold 40,000 shares of the business's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $34.43, for a total transaction of $1,377,200.00. Following the completion of the sale, the chief operating officer directly owned 281,530 shares in the company, valued at approximately $9,693,077.90. This trade represents a 12.44% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 105,261 shares of company stock worth $3,486,367 over the last three months. 3.06% of the stock is currently owned by insiders.

MGM Resorts International Stock Up 1.5%

Shares of NYSE MGM traded up $0.57 during mid-day trading on Tuesday, reaching $37.60. 1,187,790 shares of the company's stock traded hands, compared to its average volume of 4,931,116. The company has a debt-to-equity ratio of 1.79, a current ratio of 1.31 and a quick ratio of 1.26. The stock has a market cap of $10.23 billion, a P/E ratio of 16.79, a PEG ratio of 2.59 and a beta of 1.76. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $47.26. The business has a 50-day simple moving average of $33.21 and a 200 day simple moving average of $32.88.

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 analysts' consensus estimates of $0.50 by $0.19. The firm had revenue of $4.28 billion for the quarter, compared to analysts' expectations of $4.29 billion. MGM Resorts International had a net margin of 3.95% and a return on equity of 20.64%. The company's quarterly revenue was down 2.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.74 earnings per share. On average, analysts expect that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International announced that its board has initiated a stock repurchase plan on Wednesday, April 30th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 22.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on MGM shares. Susquehanna raised their price target on shares of MGM Resorts International from $45.00 to $50.00 and gave the company a "positive" rating in a research note on Thursday, May 1st. Morgan Stanley lowered their target price on shares of MGM Resorts International from $37.00 to $36.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 16th. The Goldman Sachs Group assumed coverage on shares of MGM Resorts International in a research note on Monday. They set a "sell" rating and a $34.00 target price for the company. JPMorgan Chase & Co. initiated coverage on shares of MGM Resorts International in a research note on Monday, June 23rd. They set a "neutral" rating and a $38.00 target price for the company. Finally, Macquarie decreased their price target on shares of 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. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $46.94.

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.