Teachers Retirement System of The State of Kentucky Decreases Stake in MGM Resorts International (NYSE:MGM)

Teachers Retirement System of The State of Kentucky reduced its stake in shares of MGM Resorts International (NYSE:MGM) by 2.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 23,253 shares of the company’s stock after selling 611 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in MGM Resorts International were worth $1,033,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. UMB Bank n.a. grew its holdings in MGM Resorts International by 33.3% in the 2nd quarter. UMB Bank n.a. now owns 949 shares of the company’s stock valued at $42,000 after buying an additional 237 shares in the last quarter. Texas Permanent School Fund Corp grew its holdings in shares of MGM Resorts International by 0.4% in the first quarter. Texas Permanent School Fund Corp now owns 56,487 shares of the company’s stock valued at $2,667,000 after purchasing an additional 245 shares during the period. Envestnet Portfolio Solutions Inc. increased its position in MGM Resorts International by 1.2% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 22,900 shares of the company’s stock worth $1,018,000 after purchasing an additional 278 shares during the last quarter. HB Wealth Management LLC increased its position in MGM Resorts International by 6.3% during the second quarter. HB Wealth Management LLC now owns 4,917 shares of the company’s stock worth $219,000 after purchasing an additional 293 shares during the last quarter. Finally, US Bancorp DE raised its stake in MGM Resorts International by 1.3% during the first quarter. US Bancorp DE now owns 23,558 shares of the company’s stock worth $1,112,000 after purchasing an additional 298 shares during the period. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Keith A. Meister sold 121,000 shares of MGM Resorts International stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $36.72, for a total value of $4,443,120.00. Following the completion of the transaction, the director now owns 5,738,478 shares in the company, valued at $210,716,912.16. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other MGM Resorts International news, Director Paul J. Salem acquired 147,500 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were acquired at an average price of $33.80 per share, for a total transaction of $4,985,500.00. Following the acquisition, the director now owns 1,702,500 shares in the company, valued at $57,544,500. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Keith A. Meister sold 121,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $36.72, for a total value of $4,443,120.00. Following the sale, the director now owns 5,738,478 shares of the company’s stock, valued at approximately $210,716,912.16. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 216,400 shares of company stock worth $7,312,197. Company insiders own 2.13% of the company’s stock.

MGM Resorts International Stock Up 1.9 %

MGM Resorts International stock opened at $40.43 on Friday. The firm has a market capitalization of $12.68 billion, a P/E ratio of 15.55, a P/E/G ratio of 0.68 and a beta of 2.23. The company has a current ratio of 1.47, a quick ratio of 1.42 and a debt-to-equity ratio of 1.65. MGM Resorts International has a twelve month low of $33.44 and a twelve month high of $48.24. The stock’s fifty day simple moving average is $37.79 and its 200-day simple moving average is $40.91.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.20. The company had revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.21 billion. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. MGM Resorts International’s revenue was up 9.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.59 EPS. As a group, equities analysts expect that MGM Resorts International will post 2.63 earnings per share for the current fiscal year.

Analyst Ratings Changes

MGM has been the subject of a number of recent analyst reports. Morgan Stanley cut their price target on shares of MGM Resorts International from $44.00 to $43.00 and set an “equal weight” rating for the company in a report on Wednesday, September 4th. Susquehanna lifted their target price on MGM Resorts International from $54.00 to $55.00 and gave the company a “positive” rating in a research report on Thursday, August 1st. Macquarie lowered their price target on MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. BTIG Research started coverage on shares of MGM Resorts International in a report on Wednesday, July 3rd. They issued a “buy” rating and a $52.00 price objective on the stock. Finally, Wells Fargo & Company lowered their target price on shares of MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $53.93.

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.