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

New York State Teachers Retirement System decreased its holdings in shares of MGM Resorts International (NYSE:MGM - Free Report) by 16.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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 SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in MGM. Davis Selected Advisers lifted its position in shares of MGM Resorts International by 4.6% during the 4th quarter. Davis Selected Advisers now owns 19,920,713 shares of the company's stock worth $690,253,000 after buying an additional 882,417 shares during the period. Invesco Ltd. lifted its holdings 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 period. Marshall Wace LLP boosted its stake in shares of MGM Resorts International by 50.9% in the 4th quarter. Marshall Wace LLP now owns 3,233,718 shares of the company's stock valued at $112,048,000 after purchasing an additional 1,090,533 shares in the last quarter. Norges Bank acquired a new stake in shares of MGM Resorts International in the 4th quarter valued at $88,033,000. Finally, Southeastern Asset Management Inc. TN grew its holdings in shares of MGM Resorts International by 9.6% in the 4th quarter. Southeastern Asset Management Inc. TN now owns 2,409,147 shares of the company's stock worth $83,477,000 after purchasing an additional 211,245 shares during the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

MGM Resorts International Trading Down 1.5%

MGM traded down $0.55 during trading on Monday, reaching $37.04. 5,116,791 shares of the company's stock were exchanged, compared to its average volume of 4,945,605. The company's fifty day moving average price is $33.11 and its 200-day moving average price is $32.86. The firm has a market capitalization of $10.08 billion, a PE ratio of 16.54, a P/E/G ratio of 2.59 and a beta of 1.76. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $47.26. The company has a debt-to-equity ratio of 1.79, a quick ratio of 1.26 and a current ratio of 1.31.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $4.29 billion. During the same quarter in the prior year, the company posted $0.74 earnings per share. The firm's revenue was down 2.4% on a year-over-year basis. As a group, equities analysts forecast that MGM Resorts International will post 2.21 EPS for the current year.

MGM Resorts International announced that its Board of Directors has approved a stock buyback program on Wednesday, April 30th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to buy up to 22.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

MGM has been the subject of several analyst reports. Wall Street Zen raised shares of MGM Resorts International from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. The Goldman Sachs Group began coverage on shares of MGM Resorts International in a research note on Monday. They issued a "sell" rating and a $34.00 target price for the company. Barclays increased their price target 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. Truist Financial cut their price objective on MGM Resorts International from $50.00 to $45.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Finally, Morgan Stanley decreased their target price on MGM Resorts International from $37.00 to $36.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $47.24.

Insider Activity

In other MGM Resorts International news, COO Corey Ian Sanders sold 40,000 shares of the company'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 value of $1,377,200.00. Following the completion of the sale, the chief operating officer owned 281,530 shares of the company's stock, valued at approximately $9,693,077.90. This represents a 12.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniel J. Taylor sold 5,261 shares of MGM Resorts International stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total transaction 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 ninety days. 3.06% of the stock is owned by insiders.

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.