Teachers Retirement System of The State of Kentucky Decreases Stake in MGM Resorts International $MGM

Teachers Retirement System of The State of Kentucky lessened its holdings in shares of MGM Resorts International (NYSE:MGM) by 23.5% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 664,244 shares of the company’s stock after selling 204,440 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in MGM Resorts International were worth $23,023,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of MGM. Focus Partners Advisor Solutions LLC purchased a new position in MGM Resorts International in the 3rd quarter valued at approximately $1,014,000. Aster Capital Management DIFC Ltd boosted its holdings in shares of MGM Resorts International by 55.0% in the third quarter. Aster Capital Management DIFC Ltd now owns 10,618 shares of the company’s stock worth $368,000 after acquiring an additional 3,766 shares during the period. Waddell & Associates LLC purchased a new position in shares of MGM Resorts International in the third quarter valued at $286,000. TD Asset Management Inc lifted its holdings in MGM Resorts International by 146.9% during the 3rd quarter. TD Asset Management Inc now owns 92,957 shares of the company’s stock worth $3,222,000 after purchasing an additional 55,300 shares in the last quarter. Finally, Mufg Securities Americas Inc. grew its holdings in MGM Resorts International by 20.1% during the 3rd quarter. Mufg Securities Americas Inc. now owns 5,505 shares of the company’s stock valued at $191,000 after buying an additional 921 shares in the last quarter. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley reissued an “underweight” rating and issued a $34.00 price target on shares of MGM Resorts International in a report on Wednesday, February 11th. Barclays set a $37.00 price objective on MGM Resorts International in a research report on Friday, February 6th. Stifel Nicolaus raised their price target on MGM Resorts International from $45.00 to $50.00 and gave the company a “buy” rating in a report on Friday, February 6th. JPMorgan Chase & Co. boosted their price target on shares of MGM Resorts International from $39.00 to $41.00 and gave the stock a “neutral” rating in a research note on Friday, February 6th. Finally, Argus reduced their target price on MGM Resorts International from $45.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, November 14th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $41.94.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, major shareholder Iac Inc. purchased 1,098,748 shares of the stock in a transaction dated Friday, December 5th. The shares were purchased at an average cost of $36.30 per share, with a total value of $39,884,552.40. Following the completion of the acquisition, the insider directly owned 65,822,350 shares in the company, valued at $2,389,351,305. This trade represents a 1.70% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 3.06% of the company’s stock.

MGM Resorts International Stock Up 0.3%

Shares of NYSE:MGM opened at $35.81 on Wednesday. The firm has a market capitalization of $9.16 billion, a P/E ratio of 47.75 and a beta of 1.38. The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.20 and a current ratio of 1.23. The stock has a 50 day moving average price of $35.42 and a 200-day moving average price of $34.95. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $40.16.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, February 4th. The company reported $1.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.96. MGM Resorts International had a net margin of 1.17% and a return on equity of 26.04%. The firm had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.42 billion. During the same period in the prior year, the firm earned $0.45 EPS. As a group, equities research analysts anticipate that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International Company Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.