Public Employees Retirement System of Ohio Cuts Stock Position in MGM Resorts International $MGM

Public Employees Retirement System of Ohio cut its holdings in MGM Resorts International (NYSE:MGM) by 9.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 63,609 shares of the company’s stock after selling 6,914 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in MGM Resorts International were worth $2,188,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vontobel Holding Ltd. increased its position in shares of MGM Resorts International by 74.6% in the first quarter. Vontobel Holding Ltd. now owns 21,778 shares of the company’s stock valued at $646,000 after buying an additional 9,304 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of MGM Resorts International by 60.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 61,748 shares of the company’s stock worth $1,830,000 after purchasing an additional 23,234 shares in the last quarter. Achmea Investment Management B.V. increased its position in shares of MGM Resorts International by 46.3% during the first quarter. Achmea Investment Management B.V. now owns 35,227 shares of the company’s stock worth $1,045,000 after purchasing an additional 11,152 shares in the last quarter. Osborne Partners Capital Management LLC increased its position in shares of MGM Resorts International by 4.1% during the first quarter. Osborne Partners Capital Management LLC now owns 326,197 shares of the company’s stock worth $9,668,000 after purchasing an additional 12,833 shares in the last quarter. Finally, D.A. Davidson & CO. increased its position in shares of MGM Resorts International by 3.7% during the first quarter. D.A. Davidson & CO. now owns 303,470 shares of the company’s stock worth $8,995,000 after purchasing an additional 10,690 shares in the last quarter. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MGM has been the subject of several research reports. Susquehanna boosted their price target on MGM Resorts International from $50.00 to $60.00 and gave the stock a “positive” rating in a research report on Tuesday, July 29th. Seaport Res Ptn cut MGM Resorts International from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 21st. Deutsche Bank Aktiengesellschaft dropped their price target on MGM Resorts International from $54.00 to $53.00 in a research report on Monday, September 22nd. Morgan Stanley boosted their price target on MGM Resorts International from $41.00 to $43.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 11th. Finally, Stifel Nicolaus boosted their price target on MGM Resorts International from $48.00 to $50.00 and gave the stock a “buy” rating in a research report on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $48.61.

MGM Resorts International Stock Up 0.2%

Shares of NYSE:MGM opened at $34.76 on Friday. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67. The business has a fifty day moving average of $36.35 and a two-hundred day moving average of $33.99. The stock has a market cap of $9.46 billion, a P/E ratio of 19.10, a PEG ratio of 1.48 and a beta of 1.67. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $42.53.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.21. The business had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.28 billion. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%.The company’s revenue was up 1.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.86 EPS. On average, research analysts expect that MGM Resorts International will post 2.21 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider John Mcmanus sold 60,000 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $36.12, for a total transaction of $2,167,200.00. Following the completion of the transaction, the insider directly owned 31,521 shares in the company, valued at approximately $1,138,538.52. This represents a 65.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Keith A. Meister sold 242,000 shares of the stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $35.42, for a total value of $8,571,640.00. Following the transaction, the director owned 5,385,478 shares of the company’s stock, valued at approximately $190,753,630.76. This represents a 4.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.06% 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.