Public Sector Pension Investment Board Acquires 4,984 Shares of MGM Resorts International (NYSE:MGM)

Public Sector Pension Investment Board raised its holdings in MGM Resorts International (NYSE:MGM) by 78.6% in the 2nd quarter, HoldingsChannel reports. The fund owned 11,325 shares of the company’s stock after acquiring an additional 4,984 shares during the period. Public Sector Pension Investment Board’s holdings in MGM Resorts International were worth $503,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. International Assets Investment Management LLC acquired a new stake in MGM Resorts International in the second quarter valued at $28,000. EverSource Wealth Advisors LLC grew its position in shares of MGM Resorts International by 60.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock valued at $41,000 after buying an additional 329 shares during the last quarter. UMB Bank n.a. increased 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 valued at $42,000 after buying an additional 237 shares during the period. Accent Capital Management LLC bought a new position in shares of MGM Resorts International during the fourth quarter worth about $45,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in shares of MGM Resorts International in the second quarter worth approximately $49,000. Institutional investors own 68.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on MGM shares. Stifel Nicolaus raised their price objective 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. Morgan Stanley lowered their price objective on shares of MGM Resorts International from $44.00 to $43.00 and set an “equal weight” rating on the stock in a report on Wednesday, September 4th. JMP Securities lowered their target price 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. BTIG Research began coverage on MGM Resorts International in a report on Wednesday, July 3rd. They set a “buy” rating and a $52.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on MGM Resorts International from $57.00 to $52.00 and set a “buy” rating on the stock in a report on Tuesday. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, MGM Resorts International has a consensus rating of “Moderate Buy” and a consensus target price of $53.93.

Insider Buying and Selling at MGM Resorts International

In other news, Director Paul J. Salem purchased 147,500 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was bought at an average price of $33.80 per share, for a total transaction of $4,985,500.00. Following the purchase, the director now owns 1,702,500 shares of the company’s stock, valued at $57,544,500. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other MGM Resorts International news, Director Paul J. Salem bought 147,500 shares of the business’s stock in a transaction on Monday, August 5th. The stock was purchased at an average price of $33.80 per share, for a total transaction of $4,985,500.00. Following the completion of the transaction, the director now directly owns 1,702,500 shares of the company’s stock, valued at $57,544,500. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Jonathan S. Halkyard purchased 10,000 shares of the stock in a transaction dated Monday, August 5th. The stock was acquired 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 disclosure for this purchase can be found here. Insiders have bought a total of 216,400 shares of company stock worth $7,312,197 over the last ninety days. 2.13% of the stock is currently owned by company insiders.

MGM Resorts International Stock Performance

NYSE MGM opened at $39.67 on Friday. The company has a market capitalization of $12.44 billion, a PE ratio of 15.22, a price-to-earnings-growth ratio of 0.68 and a beta of 2.22. 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 52-week low of $33.44 and a 52-week high of $48.24. The company has a 50-day simple moving average of $37.86 and a 200 day simple moving average of $40.97.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results 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 net margin of 5.15% and a return on equity of 26.36%. The company had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.21 billion. During the same quarter last year, the business posted $0.59 EPS. MGM Resorts International’s quarterly revenue was up 9.8% compared to the same quarter last year. On average, research analysts predict that MGM Resorts International will post 2.63 EPS for the current year.

MGM Resorts International 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.