MGM Resorts International (NYSE:MGM) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System reduced its position in MGM Resorts International (NYSE:MGM) by 13.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 498,657 shares of the company’s stock after selling 77,711 shares during the quarter. California Public Employees Retirement System’s holdings in MGM Resorts International were worth $22,280,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Davis Selected Advisers acquired a new position in MGM Resorts International in the 3rd quarter valued at about $361,915,000. Boston Partners grew its position in MGM Resorts International by 1,447.6% in the 3rd quarter. Boston Partners now owns 3,980,892 shares of the company’s stock valued at $145,916,000 after acquiring an additional 3,723,659 shares in the last quarter. Invesco Ltd. grew its position in MGM Resorts International by 14.6% in the 3rd quarter. Invesco Ltd. now owns 3,940,156 shares of the company’s stock valued at $144,840,000 after acquiring an additional 500,566 shares in the last quarter. Ameriprise Financial Inc. grew its position in MGM Resorts International by 4.4% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,527,893 shares of the company’s stock valued at $92,923,000 after acquiring an additional 106,158 shares in the last quarter. Finally, Qube Research & Technologies Ltd grew its position in MGM Resorts International by 544.8% in the 3rd quarter. Qube Research & Technologies Ltd now owns 1,995,768 shares of the company’s stock valued at $73,364,000 after acquiring an additional 1,686,267 shares in the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have weighed in on MGM. Mizuho started coverage on MGM Resorts International in a research report on Tuesday, March 26th. They issued a “buy” rating and a $61.00 target price for the company. Morgan Stanley lifted their price objective on MGM Resorts International from $45.00 to $46.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 9th. JPMorgan Chase & Co. lifted their price objective on MGM Resorts International from $52.00 to $54.00 and gave the company an “overweight” rating in a research note on Wednesday, February 14th. TheStreet upgraded MGM Resorts International from a “c+” rating to a “b-” rating in a research note on Tuesday, February 13th. Finally, Bank Of America (Bofa) lifted their price objective on MGM Resorts International from $45.00 to $50.00 and gave the company a “neutral” rating in a research note on Wednesday, February 14th. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, MGM Resorts International currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.34.

MGM Resorts International Price Performance

Shares of NYSE MGM opened at $41.09 on Monday. The company has a current ratio of 1.57, a quick ratio of 1.53 and a debt-to-equity ratio of 1.46. MGM Resorts International has a twelve month low of $34.12 and a twelve month high of $51.35. The stock has a 50 day moving average of $43.71 and a two-hundred day moving average of $42.16. The stock has a market cap of $13.03 billion, a P/E ratio of 12.96, a P/E/G ratio of 1.69 and a beta of 2.19.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Tuesday, February 13th. The company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.39. MGM Resorts International had a return on equity of 20.51% and a net margin of 7.07%. The company had revenue of $4.38 billion during the quarter, compared to analysts’ expectations of $4.14 billion. During the same quarter in the previous year, the business earned $0.69 earnings per share. The firm’s revenue for the quarter was up 21.8% on a year-over-year basis. On average, research analysts forecast that MGM Resorts International will post 2.46 earnings per share for the current year.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 325,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $42.90, for a total value of $13,942,500.00. Following the completion of the sale, the director now owns 6,098,778 shares in the company, valued at $261,637,576.20. The sale was disclosed in a document filed with the SEC, which is available through this link. 2.83% of the stock is owned by company insiders.

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.