Retirement Systems of Alabama Decreases Holdings in MGM Resorts International (NYSE:MGM)

Retirement Systems of Alabama reduced its position in MGM Resorts International (NYSE:MGM) by 8.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 55,355 shares of the company’s stock after selling 4,959 shares during the quarter. Retirement Systems of Alabama’s holdings in MGM Resorts International were worth $2,460,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank purchased a new position in MGM Resorts International during the 4th quarter worth $139,599,000. Boston Partners raised its position in shares of MGM Resorts International by 36.3% in the 4th quarter. Boston Partners now owns 5,427,254 shares of the company’s stock valued at $242,002,000 after purchasing an additional 1,446,362 shares during the last quarter. Capital World Investors raised its position in shares of MGM Resorts International by 17.7% in the 4th quarter. Capital World Investors now owns 6,551,310 shares of the company’s stock valued at $292,713,000 after purchasing an additional 984,617 shares during the last quarter. Hsbc Holdings PLC grew its position in MGM Resorts International by 112.1% during the 4th quarter. Hsbc Holdings PLC now owns 1,505,982 shares of the company’s stock worth $67,466,000 after purchasing an additional 795,920 shares during the last quarter. Finally, Goldentree Asset Management LP purchased a new position in shares of MGM Resorts International in the first quarter worth $35,726,000. 68.11% of the stock is owned by hedge funds and other institutional investors.

MGM Resorts International Trading Down 0.1 %

Shares of MGM stock opened at $38.01 on Wednesday. MGM Resorts International has a 1-year low of $33.44 and a 1-year high of $48.24. The company has a market cap of $11.92 billion, a price-to-earnings ratio of 14.62, a PEG ratio of 0.77 and a beta of 2.24. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.47 and a quick ratio of 1.46. The stock has a 50 day simple moving average of $41.32 and a 200-day simple moving average of $42.02.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.20. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. The company had revenue of $4.33 billion for the quarter, compared to analysts’ expectations of $4.21 billion. During the same period in the previous year, the firm posted $0.59 EPS. MGM Resorts International’s revenue was up 9.8% compared to the same quarter last year. On average, equities research analysts expect that MGM Resorts International will post 3 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

MGM has been the topic of several research reports. JPMorgan Chase & Co. upped their target price on MGM Resorts International from $54.00 to $57.00 and gave the company an “overweight” rating in a research report on Thursday, May 2nd. Stifel Nicolaus lifted their target price on MGM Resorts International from $60.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. JMP Securities cut their price target on shares of MGM Resorts International from $59.00 to $57.00 and set a “market outperform” rating on the stock in a report on Thursday, August 1st. Susquehanna raised their price target on shares of MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a research report on Thursday, August 1st. Finally, StockNews.com lowered shares of MGM Resorts International from a “buy” rating to a “hold” rating in a report on Friday, May 10th. Three analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, MGM Resorts International currently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Insider Activity

In other news, Director Keith A. Meister sold 139,300 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $40.44, for a total value of $5,633,292.00. Following the completion of the sale, the director now directly owns 5,859,478 shares in the company, valued at $236,957,290.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Jonathan S. Halkyard purchased 10,000 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was acquired at an average price of $34.00 per share, with a total value of $340,000.00. Following the purchase, the chief financial officer now directly owns 38,299 shares in the company, valued at approximately $1,302,166. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Keith A. Meister sold 139,300 shares of MGM Resorts International stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $40.44, for a total transaction of $5,633,292.00. Following the sale, the director now directly owns 5,859,478 shares in the company, valued at approximately $236,957,290.32. The disclosure for this sale can be found here. Insiders acquired 216,400 shares of company stock worth $7,312,197 over the last three months. 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.