MGM Resorts International (NYSE:MGM) Shares Bought by New York State Common Retirement Fund

New York State Common Retirement Fund increased its holdings in MGM Resorts International (NYSE:MGM - Free Report) by 4.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 165,061 shares of the company's stock after acquiring an additional 6,900 shares during the quarter. New York State Common Retirement Fund owned about 0.06% of MGM Resorts International worth $4,892,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Avantax Advisory Services Inc. increased its stake in MGM Resorts International by 11.8% during the 4th quarter. Avantax Advisory Services Inc. now owns 10,114 shares of the company's stock valued at $350,000 after purchasing an additional 1,071 shares in the last quarter. Royal London Asset Management Ltd. increased its stake in MGM Resorts International by 19.1% during the 4th quarter. Royal London Asset Management Ltd. now owns 114,666 shares of the company's stock valued at $3,973,000 after purchasing an additional 18,419 shares in the last quarter. Virtu Financial LLC increased its stake in MGM Resorts International by 5.0% during the 4th quarter. Virtu Financial LLC now owns 17,215 shares of the company's stock valued at $596,000 after purchasing an additional 814 shares in the last quarter. American Century Companies Inc. increased its stake in MGM Resorts International by 1.9% during the 4th quarter. American Century Companies Inc. now owns 38,941 shares of the company's stock valued at $1,349,000 after purchasing an additional 708 shares in the last quarter. Finally, Signature Estate & Investment Advisors LLC bought a new stake in MGM Resorts International during the 4th quarter valued at about $275,000. 68.11% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other MGM Resorts International news, Director Keith A. Meister sold 60,000 shares of the stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $32.09, for a total transaction of $1,925,400.00. Following the completion of the sale, the director directly owned 5,627,478 shares of the company's stock, valued at approximately $180,585,769.02. This represents a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Corey Ian Sanders sold 40,000 shares of the stock in a transaction dated 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 sale, the chief operating officer directly owned 281,530 shares of the company's stock, valued at approximately $9,693,077.90. The trade was a 12.44% decrease in their ownership of the stock. 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 over the last three months. 3.06% of the stock is owned by company insiders.

MGM Resorts International Trading Down 1.4%

MGM stock traded down $0.53 during mid-day trading on Thursday, reaching $37.80. 2,235,204 shares of the stock traded hands, compared to its average volume of 5,375,247. 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 has a one year low of $25.30 and a one year high of $43.99. The stock has a market capitalization of $10.29 billion, a PE ratio of 16.86, a PEG ratio of 2.46 and a beta of 1.76. The business has a 50-day moving average price of $34.47 and a two-hundred day moving average price of $33.17.

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

MGM Resorts International declared that its board has initiated a stock buyback plan 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 plans are usually an indication that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Stifel Nicolaus raised their price objective on shares of MGM Resorts International from $44.00 to $48.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Macquarie reduced 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. Morgan Stanley reiterated a "sell" rating on shares of MGM Resorts International in a research note on Friday, July 11th. Truist Financial raised their price objective on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Finally, Seaport Res Ptn downgraded shares of MGM Resorts International from a "strong-buy" rating to a "hold" rating in a report on Monday. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, MGM Resorts International presently has an average rating of "Moderate Buy" and an average target price of $48.00.

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.