MGM Resorts International (NYSE:MGM) Shares Sold by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio lessened its position in shares of MGM Resorts International (NYSE:MGM - Free Report) by 38.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 78,679 shares of the company's stock after selling 48,719 shares during the quarter. Public Employees Retirement System of Ohio's holdings in MGM Resorts International were worth $2,726,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. ArrowMark Colorado Holdings LLC raised its stake in shares of 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 acquiring an additional 280,700 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of MGM Resorts International by 1.7% during 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 stake in shares of MGM Resorts International by 964.3% during 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. ACR Alpine Capital Research LLC raised its stake in shares of MGM Resorts International by 23.3% during the 4th quarter. ACR Alpine Capital Research LLC now owns 161,990 shares of the company's stock worth $5,613,000 after acquiring an additional 30,605 shares in the last quarter. Finally, Davis Selected Advisers raised its stake 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 acquiring an additional 882,417 shares in the last quarter. Institutional investors own 68.11% of the company's stock.

MGM Resorts International Price Performance

MGM traded up $0.07 during midday trading on Wednesday, hitting $32.03. 3,640,399 shares of the company traded hands, compared to its average volume of 4,819,268. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73. The company has a market capitalization of $8.72 billion, a price-to-earnings ratio of 13.35, a PEG ratio of 0.98 and a beta of 1.78. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $47.26. The business has a 50 day simple moving average of $30.90 and a two-hundred day simple moving average of $33.33.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.19. The business had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.29 billion. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. The company's revenue was down 2.4% compared to the same quarter last year. During the same period last year, the firm posted $0.74 earnings per share. On average, equities analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International declared that its board has authorized a stock buyback program on Wednesday, April 30th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 22.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

A number of brokerages have issued reports on MGM. Wedbush restated an "outperform" rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Capital One Financial upped their price objective on shares of MGM Resorts International from $52.00 to $56.00 and gave the company an "overweight" rating in a report on Wednesday, February 12th. JMP Securities dropped their price objective on shares of MGM Resorts International from $50.00 to $45.00 and set a "market outperform" rating on the stock in a report on Thursday, April 17th. Citigroup upped their price objective on shares of MGM Resorts International from $48.00 to $50.00 and gave the company a "buy" rating in a report on Thursday, February 13th. Finally, Truist Financial dropped their price objective on shares of MGM Resorts International from $50.00 to $45.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Five analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $48.94.

Insider Transactions at MGM Resorts International

In other news, Director Daniel J. Taylor sold 5,261 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total value of $183,766.73. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Jonathan S. Halkyard purchased 10,000 shares of the firm's stock in a transaction dated Thursday, March 6th. The stock was acquired at an average cost of $32.17 per share, for a total transaction of $321,700.00. Following the completion of the purchase, the chief financial officer now owns 75,648 shares of the company's stock, valued at approximately $2,433,596.16. This represents a 15.23% increase in their position. The disclosure for this purchase can be found here. Insiders own 3.06% of the company's stock.

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.