MGM Resorts International $MGM Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System cut its holdings in shares of MGM Resorts International (NYSE:MGM) by 2.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 190,402 shares of the company’s stock after selling 4,071 shares during the period. New York State Teachers Retirement System’s holdings in MGM Resorts International were worth $6,548,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Triton Wealth Management PLLC acquired a new stake in MGM Resorts International during the second quarter valued at approximately $528,000. RMR Capital Management LLC raised its holdings in shares of MGM Resorts International by 142.4% during the second quarter. RMR Capital Management LLC now owns 21,093 shares of the company’s stock valued at $725,000 after acquiring an additional 12,393 shares during the period. Atria Wealth Solutions Inc. acquired a new stake in shares of MGM Resorts International during the second quarter valued at approximately $249,000. MGO One Seven LLC acquired a new stake in shares of MGM Resorts International during the second quarter valued at approximately $224,000. Finally, CWM LLC raised its holdings in shares of MGM Resorts International by 20.8% during the second quarter. CWM LLC now owns 67,829 shares of the company’s stock valued at $2,333,000 after acquiring an additional 11,698 shares during the period. 68.11% of the stock is owned by institutional investors and hedge funds.

MGM Resorts International Stock Performance

Shares of MGM opened at $31.58 on Monday. The company’s fifty day moving average is $35.50 and its 200-day moving average is $34.12. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $42.53. The firm has a market cap of $8.60 billion, a price-to-earnings ratio of 17.35, a price-to-earnings-growth ratio of 1.30 and a beta of 1.67. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $0.79 EPS for the quarter, topping the consensus estimate of $0.58 by $0.21. MGM Resorts International had a net margin of 3.13% and a return on equity of 19.39%. The company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.28 billion. During the same quarter in the prior year, the business posted $0.86 EPS. MGM Resorts International’s quarterly revenue was up 1.8% on a year-over-year basis. Equities analysts expect that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on MGM. Susquehanna boosted their price target on shares of MGM Resorts International from $50.00 to $60.00 and gave the company a “positive” rating in a report on Tuesday, July 29th. Truist Financial upped their price objective on shares of MGM Resorts International from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, July 16th. JPMorgan Chase & Co. dropped their price objective on shares of MGM Resorts International from $43.00 to $41.00 and set a “neutral” rating on the stock in a research note on Thursday. Barclays upped their price objective on shares of MGM Resorts International from $43.00 to $44.00 and gave the company an “overweight” rating in a research note on Friday, July 18th. Finally, Seaport Res Ptn lowered shares of MGM Resorts International from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $48.78.

Insider Buying and Selling at MGM Resorts International

In other news, Director Keith A. Meister sold 242,000 shares of the stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $35.42, for a total transaction of $8,571,640.00. Following the transaction, the director owned 5,385,478 shares in the company, valued at $190,753,630.76. This represents a 4.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider John Mcmanus sold 60,000 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $36.12, for a total transaction of $2,167,200.00. Following the transaction, the insider owned 31,521 shares in the company, valued at approximately $1,138,538.52. This trade represents a 65.56% decrease in their position. The disclosure for this sale can be found here. Corporate 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.