Maryland State Retirement & Pension System Sells 2,556 Shares of MGM Resorts International (NYSE:MGM)

Maryland State Retirement & Pension System reduced its stake in shares of MGM Resorts International (NYSE:MGM) by 11.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,998 shares of the company’s stock after selling 2,556 shares during the quarter. Maryland State Retirement & Pension System’s holdings in MGM Resorts International were worth $844,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. International Assets Investment Management LLC bought a new stake in shares of MGM Resorts International in the second quarter worth about $28,000. EverSource Wealth Advisors LLC grew its stake in shares of MGM Resorts International by 60.7% in the first quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock worth $41,000 after purchasing an additional 329 shares during the last quarter. UMB Bank n.a. grew its stake in shares of MGM Resorts International by 33.3% in the second quarter. UMB Bank n.a. now owns 949 shares of the company’s stock worth $42,000 after purchasing an additional 237 shares during the last quarter. Accent Capital Management LLC bought a new stake in shares of MGM Resorts International in the fourth quarter worth about $45,000. Finally, Mendota Financial Group LLC grew its stake in shares of MGM Resorts International by 36.0% in the first quarter. Mendota Financial Group LLC now owns 1,004 shares of the company’s stock worth $47,000 after purchasing an additional 266 shares during the last quarter. 68.11% of the stock is owned by institutional investors.

MGM Resorts International Stock Up 0.5 %

MGM opened at $37.59 on Monday. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.42 and a current ratio of 1.47. MGM Resorts International has a fifty-two week low of $33.44 and a fifty-two week high of $48.24. The firm’s fifty day moving average is $41.08 and its 200 day moving average is $41.85. The stock has a market cap of $11.42 billion, a price-to-earnings ratio of 14.46, a price-to-earnings-growth ratio of 0.66 and a beta of 2.24.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.86 EPS for the quarter, topping the consensus estimate of $0.66 by $0.20. The business had revenue of $4.33 billion for the quarter, compared to analysts’ expectations of $4.21 billion. MGM Resorts International had a net margin of 5.15% and a return on equity of 26.36%. The business’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.59 EPS. On average, sell-side analysts forecast that MGM Resorts International will post 2.75 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have commented on MGM. JMP Securities lowered their price objective on shares of MGM Resorts International from $59.00 to $57.00 and set a “market outperform” rating for the company in a report on Thursday, August 1st. Morgan Stanley decreased their price objective on shares of MGM Resorts International from $47.00 to $44.00 and set an “equal weight” rating for the company in a report on Friday, July 12th. StockNews.com lowered shares of MGM Resorts International from a “buy” rating to a “hold” rating in a report on Friday, May 10th. Susquehanna boosted their price objective on shares of MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a report on Thursday, August 1st. Finally, Stifel Nicolaus lifted their target price on shares of MGM Resorts International from $60.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus 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 dated 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other MGM Resorts International news, CFO Jonathan S. Halkyard bought 10,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were purchased at an average cost of $34.00 per share, for a total transaction of $340,000.00. Following the transaction, the chief financial officer now owns 38,299 shares of the company’s stock, valued at $1,302,166. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Keith A. Meister sold 139,300 shares of the company’s stock in a transaction dated 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 owns 5,859,478 shares in the company, valued at $236,957,290.32. The disclosure for this sale can be found here. In the last three months, insiders have acquired 216,400 shares of company stock worth $7,312,197. 2.13% of the stock is currently owned by corporate insiders.

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.