Public Employees Retirement Association of Colorado Sells 4,340 Shares of MGM Resorts International (NYSE:MGM)

Public Employees Retirement Association of Colorado reduced its position in shares of MGM Resorts International (NYSE:MGM) by 15.1% in the second quarter, Holdings Channel reports. The fund owned 24,325 shares of the company’s stock after selling 4,340 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in MGM Resorts International were worth $1,081,000 at the end of the most recent reporting period.

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

MGM Resorts International Stock Performance

Shares of MGM Resorts International stock opened at $37.35 on Wednesday. The company has a current ratio of 1.47, a quick ratio of 1.42 and a debt-to-equity ratio of 1.65. The stock’s fifty day moving average price is $38.54 and its 200-day moving average price is $41.13. The firm has a market cap of $11.72 billion, a P/E ratio of 14.37, a P/E/G ratio of 0.64 and a beta of 2.22. MGM Resorts International has a 12 month low of $33.44 and a 12 month high of $48.24.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, July 31st. The company reported $0.86 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.21 billion. During the same quarter last year, the firm posted $0.59 EPS. The company’s revenue for the quarter was up 9.8% on a year-over-year basis. On average, equities research analysts expect that MGM Resorts International will post 2.68 earnings per share for the current fiscal year.

Analysts Set New Price Targets

MGM has been the topic of several analyst reports. Wells Fargo & Company cut their target price on MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. Macquarie cut their price objective on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Stifel Nicolaus raised their target price on shares of MGM Resorts International from $60.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Susquehanna upped their price target on shares of MGM Resorts International from $54.00 to $55.00 and gave the company a “positive” rating in a report on Thursday, August 1st. Finally, BTIG Research began coverage on shares of MGM Resorts International in a research note on Wednesday, July 3rd. They issued a “buy” rating and a $52.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $53.93.

Insider Buying and Selling

In related news, CEO William Hornbuckle bought 58,900 shares of the company’s stock in a transaction on Monday, August 5th. The shares were acquired at an average price of $33.73 per share, with a total value of $1,986,697.00. Following the transaction, the chief executive officer now owns 377,112 shares of the company’s stock, valued at $12,719,987.76. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Keith A. Meister sold 121,000 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the transaction, the director now directly owns 5,738,478 shares of the company’s stock, valued at $210,716,912.16. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO William Hornbuckle acquired 58,900 shares of the stock in a transaction dated Monday, August 5th. The stock was acquired at an average cost of $33.73 per share, with a total value of $1,986,697.00. Following the transaction, the chief executive officer now directly owns 377,112 shares in the company, valued at $12,719,987.76. The disclosure for this purchase can be found here. Insiders acquired 216,400 shares of company stock valued at $7,312,197 over the last 90 days. Corporate insiders own 2.13% of the company’s stock.

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.