State of Michigan Retirement System Cuts Stock Position in MGM Resorts International (NYSE:MGM)

State of Michigan Retirement System lessened its stake in MGM Resorts International (NYSE:MGM) by 2.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 74,844 shares of the company’s stock after selling 2,100 shares during the period. State of Michigan Retirement System’s holdings in MGM Resorts International were worth $3,344,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. T. Rowe Price Investment Management Inc. grew its stake in MGM Resorts International by 17.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 21,276,150 shares of the company’s stock valued at $713,390,000 after purchasing an additional 3,098,142 shares during the last quarter. State Street Corp grew its stake in shares of MGM Resorts International by 2.0% during the second quarter. State Street Corp now owns 12,105,457 shares of the company’s stock worth $531,672,000 after acquiring an additional 234,058 shares during the last quarter. Davis Selected Advisers purchased a new stake in shares of MGM Resorts International during the third quarter worth about $361,915,000. Morgan Stanley grew its stake in shares of MGM Resorts International by 12.8% during the fourth quarter. Morgan Stanley now owns 6,717,202 shares of the company’s stock worth $225,228,000 after acquiring an additional 764,699 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of MGM Resorts International by 0.9% during the first quarter. Geode Capital Management LLC now owns 6,484,714 shares of the company’s stock worth $287,398,000 after acquiring an additional 60,969 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Trading Down 1.9 %

Shares of NYSE:MGM opened at $45.86 on Friday. MGM Resorts International has a 12-month low of $34.12 and a 12-month high of $51.35. The company has a market capitalization of $14.54 billion, a PE ratio of 14.47, a PEG ratio of 1.55 and a beta of 2.19. The business has a 50 day moving average of $44.07 and a two-hundred day moving average of $41.41. The company has a current ratio of 1.57, a quick ratio of 1.53 and a debt-to-equity ratio of 1.46.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Tuesday, February 13th. The company reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.39. MGM Resorts International had a return on equity of 20.51% and a net margin of 7.07%. The company had revenue of $4.38 billion during the quarter, compared to the consensus estimate of $4.14 billion. During the same period in the previous year, the company posted $0.69 earnings per share. MGM Resorts International’s revenue for the quarter was up 21.8% on a year-over-year basis. As a group, analysts forecast that MGM Resorts International will post 2.5 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on MGM. Morgan Stanley boosted their price target on MGM Resorts International from $44.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 28th. Macquarie restated an “outperform” rating and set a $58.00 price target on shares of MGM Resorts International in a research note on Wednesday, February 14th. JMP Securities restated a “market outperform” rating and set a $57.00 price target on shares of MGM Resorts International in a research note on Wednesday, February 14th. TheStreet raised MGM Resorts International from a “c+” rating to a “b-” rating in a report on Tuesday, February 13th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on MGM Resorts International from $50.00 to $52.00 and gave the stock a “buy” rating in a report on Wednesday, February 14th. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, MGM Resorts International presently has a consensus rating of “Moderate Buy” and an average price target of $55.28.

Insider Transactions at MGM Resorts International

In other news, Director Keith A. Meister sold 325,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was 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 sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 2.13% of the company’s stock.

MGM Resorts International Company 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.