California Public Employees Retirement System Sells 77,711 Shares of MGM Resorts International (NYSE:MGM)

California Public Employees Retirement System cut its stake in MGM Resorts International (NYSE:MGM - Free Report) by 13.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 498,657 shares of the company's stock after selling 77,711 shares during the period. California Public Employees Retirement System owned about 0.15% of MGM Resorts International worth $22,280,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. CVA Family Office LLC bought a new position in shares of MGM Resorts International in the fourth quarter worth about $28,000. Sandy Spring Bank grew its holdings in shares of MGM Resorts International by 140.8% in the third quarter. Sandy Spring Bank now owns 855 shares of the company's stock worth $31,000 after purchasing an additional 500 shares during the last quarter. Sunbelt Securities Inc. grew its holdings in shares of MGM Resorts International by 510.2% in the third quarter. Sunbelt Securities Inc. now owns 1,196 shares of the company's stock worth $44,000 after purchasing an additional 1,000 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its holdings in shares of MGM Resorts International by 49.7% in the fourth quarter. Massmutual Trust Co. FSB ADV now owns 1,105 shares of the company's stock worth $49,000 after purchasing an additional 367 shares during the last quarter. Finally, Huntington National Bank grew its holdings in shares of MGM Resorts International by 46.7% in the third quarter. Huntington National Bank now owns 1,999 shares of the company's stock worth $73,000 after purchasing an additional 636 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 325,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $42.90, for a total transaction of $13,942,500.00. Following the completion of the transaction, the director now directly owns 6,098,778 shares of the company's stock, valued at approximately $261,637,576.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 2.83% of the stock is currently owned by insiders.

MGM Resorts International Stock Performance

Shares of MGM Resorts International stock traded up $0.52 during midday trading on Monday, hitting $41.61. The company had a trading volume of 4,180,882 shares, compared to its average volume of 3,808,499. The stock has a market cap of $13.19 billion, a price-to-earnings ratio of 13.18, a PEG ratio of 1.69 and a beta of 2.19. The company has a quick ratio of 1.53, a current ratio of 1.57 and a debt-to-equity ratio of 1.46. The company has a fifty day simple moving average of $43.71 and a 200 day simple moving average of $42.18. MGM Resorts International has a 12-month low of $34.12 and a 12-month high of $51.35.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly earnings data on Tuesday, February 13th. The company reported $1.06 EPS for the quarter, beating the consensus estimate of $0.67 by $0.39. The firm had revenue of $4.38 billion during the quarter, compared to analyst estimates of $4.14 billion. MGM Resorts International had a net margin of 7.07% and a return on equity of 20.51%. MGM Resorts International's revenue was up 21.8% on a year-over-year basis. During the same period last year, the firm posted $0.69 EPS. As a group, analysts predict that MGM Resorts International will post 2.46 earnings per share for the current fiscal year.

Analyst Ratings Changes

MGM has been the topic of several recent research reports. Barclays dropped their target price on shares of MGM Resorts International from $57.00 to $55.00 and set an "overweight" rating on the stock in a report on Wednesday, February 14th. TheStreet upgraded shares of MGM Resorts International from a "c+" rating to a "b-" rating in a report on Tuesday, February 13th. Deutsche Bank Aktiengesellschaft increased their target price on shares of MGM Resorts International from $50.00 to $52.00 and gave the stock a "buy" rating in a report on Wednesday, February 14th. Mizuho initiated coverage on shares of MGM Resorts International in a report on Tuesday, March 26th. They set a "buy" rating and a $61.00 target price on the stock. Finally, Macquarie reiterated an "outperform" rating and set a $58.00 target price on shares of MGM Resorts International in a report on Wednesday, February 14th. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $55.34.

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.