Kentucky Retirement Systems Insurance Trust Fund Cuts Position in MGM Resorts International (NYSE:MGM)

Kentucky Retirement Systems Insurance Trust Fund lowered its position in MGM Resorts International (NYSE:MGMFree Report) by 8.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,735 shares of the company’s stock after selling 860 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in MGM Resorts International were worth $435,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. CVA Family Office LLC purchased a new position in shares of MGM Resorts International in the fourth quarter valued at $28,000. Massmutual Trust Co. FSB ADV increased its position 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 valued at $49,000 after buying an additional 367 shares in the last quarter. Sandy Spring Bank increased its position in shares of MGM Resorts International by 33.7% in the fourth quarter. Sandy Spring Bank now owns 1,143 shares of the company’s stock valued at $51,000 after buying an additional 288 shares in the last quarter. Sunbelt Securities Inc. increased its position 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 valued at $44,000 after buying an additional 1,000 shares in the last quarter. Finally, RIA Advisory Group LLC purchased a new position in shares of MGM Resorts International in the fourth quarter valued at $83,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on MGM. Barclays raised their price target on MGM Resorts International from $55.00 to $56.00 and gave the company an “overweight” rating in a research report on Thursday, May 2nd. Morgan Stanley lifted their price objective on MGM Resorts International from $45.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 9th. Bank Of America (Bofa) lifted their price objective on MGM Resorts International from $45.00 to $50.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 14th. JPMorgan Chase & Co. lifted their price objective on MGM Resorts International from $54.00 to $57.00 and gave the stock an “overweight” rating in a research report on Thursday, May 2nd. Finally, Macquarie reiterated an “outperform” rating and set a $58.00 price objective on shares of MGM Resorts International in a research report on Wednesday, February 14th. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, MGM Resorts International currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.83.

Read Our Latest Stock Analysis on MGM Resorts International

Insider Activity

In other news, Director Keith A. Meister sold 325,000 shares of MGM Resorts International stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $42.90, for a total value of $13,942,500.00. Following 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.83% of the company’s stock.

MGM Resorts International Stock Up 0.8 %

Shares of NYSE:MGM opened at $41.35 on Tuesday. The stock’s 50-day moving average price is $43.21 and its two-hundred day moving average price is $42.76. The company has a current ratio of 1.51, a quick ratio of 1.46 and a debt-to-equity ratio of 1.56. MGM Resorts International has a 12-month low of $34.12 and a 12-month high of $51.35. The firm has a market cap of $12.97 billion, a price-to-earnings ratio of 15.90, a PEG ratio of 0.91 and a beta of 2.22.

MGM Resorts International (NYSE:MGMGet Free Report) last released its quarterly earnings data on Wednesday, May 1st. The company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.18. The business had revenue of $4.38 billion for the quarter, compared to analyst estimates of $4.24 billion. MGM Resorts International had a return on equity of 23.62% and a net margin of 5.35%. The company’s revenue was up 13.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.44 EPS. On average, research analysts forecast that MGM Resorts International will post 2.9 EPS for the current year.

MGM Resorts International Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for MGM Resorts International (NYSE:MGM)

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