New York State Teachers Retirement System cut its stake in shares of MGM Resorts International (NYSE:MGM - Free Report) by 16.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 194,473 shares of the company's stock after selling 37,151 shares during the quarter. New York State Teachers Retirement System owned approximately 0.07% of MGM Resorts International worth $5,764,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. ArrowMark Colorado Holdings LLC lifted its holdings in MGM Resorts International by 42.8% during the 4th quarter. ArrowMark Colorado Holdings LLC now owns 937,175 shares of the company's stock worth $32,473,000 after buying an additional 280,700 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of 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 worth $79,110,000 after acquiring an additional 38,749 shares in the last quarter. Korea Investment CORP raised its position in shares of MGM Resorts International by 964.3% in the 4th quarter. Korea Investment CORP now owns 145,287 shares of the company's stock worth $5,034,000 after acquiring an additional 131,636 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of MGM Resorts International by 60.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 61,748 shares of the company's stock worth $1,830,000 after acquiring an additional 23,234 shares in the last quarter. Finally, Davis Selected Advisers raised its position in shares of MGM Resorts International by 4.6% in the 4th quarter. Davis Selected Advisers now owns 19,920,713 shares of the company's stock worth $690,253,000 after acquiring an additional 882,417 shares in the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several research analysts have recently weighed in on the company. Wall Street Zen raised MGM Resorts International from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Morgan Stanley lowered their price objective on MGM Resorts International from $37.00 to $36.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 16th. Barclays lifted their price objective on MGM Resorts International from $41.00 to $43.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. JMP Securities reaffirmed a "market perform" rating on shares of MGM Resorts International in a research report on Thursday, June 26th. Finally, 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 report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $47.33.
Read Our Latest Stock Analysis on MGM Resorts International
Insider Activity at MGM Resorts International
In related news, COO Corey Ian Sanders sold 40,000 shares of the company's stock in a transaction that occurred on 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 transaction, the chief operating officer owned 281,530 shares in the company, valued at approximately $9,693,077.90. This represents a 12.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Keith A. Meister sold 60,000 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of $32.09, for a total value of $1,925,400.00. Following the sale, the director owned 5,627,478 shares in the company, valued at approximately $180,585,769.02. This represents a 1.05% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 105,261 shares of company stock worth $3,486,367. Insiders own 3.06% of the company's stock.
MGM Resorts International Stock Performance
MGM Resorts International stock traded up $0.17 during mid-day trading on Wednesday, reaching $37.69. 2,892,326 shares of the company's stock were exchanged, compared to its average volume of 4,950,486. The business's fifty day simple moving average is $33.45 and its 200 day simple moving average is $32.94. The firm has a market capitalization of $10.26 billion, a PE ratio of 16.83, a P/E/G ratio of 2.58 and a beta of 1.76. MGM Resorts International has a one year low of $25.30 and a one year high of $47.26. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 1.79.
MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly 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 return on equity of 20.64% and a net margin of 3.95%. The business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.29 billion. During the same period last year, the company posted $0.74 earnings per share. MGM Resorts International's quarterly revenue was down 2.4% compared to the same quarter last year. On average, sell-side analysts expect that MGM Resorts International will post 2.21 earnings per share for the current year.
MGM Resorts International announced that its board has initiated a stock repurchase program on Wednesday, April 30th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 22.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's board of directors believes its stock is undervalued.
MGM Resorts International Profile
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Free Report)
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.
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