Teacher Retirement System of Texas Takes Position in MGM Resorts International (NYSE:MGM)

Teacher Retirement System of Texas purchased a new stake in MGM Resorts International (NYSE:MGM - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 32,688 shares of the company's stock, valued at approximately $969,000.

A number of other large investors have also recently added to or reduced their stakes in MGM. TD Waterhouse Canada Inc. boosted its position in shares of MGM Resorts International by 8.9% in the fourth quarter. TD Waterhouse Canada Inc. now owns 3,190 shares of the company's stock valued at $111,000 after acquiring an additional 261 shares during the period. Amalgamated Bank increased its stake in shares of MGM Resorts International by 0.8% in the first quarter. Amalgamated Bank now owns 43,933 shares of the company's stock valued at $1,302,000 after buying an additional 329 shares in the last quarter. State of Alaska Department of Revenue increased its stake in shares of MGM Resorts International by 1.6% in the first quarter. State of Alaska Department of Revenue now owns 26,210 shares of the company's stock valued at $776,000 after buying an additional 410 shares in the last quarter. Assetmark Inc. boosted its holdings in MGM Resorts International by 104.1% in the fourth quarter. Assetmark Inc. now owns 806 shares of the company's stock valued at $28,000 after acquiring an additional 411 shares during the last quarter. Finally, Golden State Wealth Management LLC boosted its holdings in MGM Resorts International by 83.5% in the first quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company's stock valued at $30,000 after acquiring an additional 455 shares during the last quarter. Institutional investors own 68.11% of the company's stock.

Insider Transactions at MGM Resorts International

In related news, Director Daniel J. Taylor sold 5,261 shares of the firm's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total transaction of $183,766.73. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Keith A. Meister sold 60,000 shares of MGM Resorts International stock in a transaction that occurred on 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 completion of the sale, the director directly owned 5,627,478 shares in the company, valued at $180,585,769.02. This represents a 1.05% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 105,261 shares of company stock worth $3,486,367 over the last ninety days. Company insiders own 3.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on MGM shares. JMP Securities reaffirmed a "market perform" rating on shares of MGM Resorts International in a research report on Thursday, June 26th. Barclays boosted 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. Citigroup upgraded MGM Resorts International from a "hold" rating to a "strong-buy" rating and lifted their target price for the stock from $55.00 to $57.00 in a research note on Wednesday, July 9th. Susquehanna boosted their price target on MGM Resorts International from $45.00 to $50.00 and gave the company a "positive" rating in a research note on Thursday, May 1st. Finally, The Goldman Sachs Group began coverage on MGM Resorts International in a research note on Monday, July 7th. They issued a "sell" rating and a $34.00 price target for the company. One research analyst has 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, the stock has a consensus rating of "Moderate Buy" and an average price target of $47.67.

MGM Resorts International Trading Down 2.3%

Shares of NYSE MGM opened at $37.94 on Monday. The firm has a market cap of $10.33 billion, a PE ratio of 16.94, a price-to-earnings-growth ratio of 2.58 and a beta of 1.76. 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 has a twelve month low of $25.30 and a twelve month high of $47.26. The business has a fifty day simple moving average of $33.73 and a two-hundred day simple moving average of $32.97.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its 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 firm had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.29 billion. During the same quarter in the prior year, the business earned $0.74 earnings per share. The company's revenue was down 2.4% compared to the same quarter last year. Analysts expect that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International declared that its Board of Directors has authorized a stock buyback plan on Wednesday, April 30th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to repurchase up to 22.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its stock is undervalued.

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.

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