State of Alaska Department of Revenue Trims Stock Position in MGM Resorts International $MGM

State of Alaska Department of Revenue cut its stake in shares of MGM Resorts International (NYSE:MGM) by 11.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 23,180 shares of the company’s stock after selling 3,030 shares during the quarter. State of Alaska Department of Revenue’s holdings in MGM Resorts International were worth $797,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of MGM. Golden State Wealth Management LLC boosted its stake in shares of MGM Resorts International by 83.5% during the first quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company’s stock valued at $30,000 after purchasing an additional 455 shares in the last quarter. CX Institutional bought a new position in shares of MGM Resorts International during the first quarter valued at approximately $36,000. MassMutual Private Wealth & Trust FSB boosted its stake in shares of MGM Resorts International by 66.9% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the company’s stock valued at $45,000 after purchasing an additional 529 shares in the last quarter. Bayforest Capital Ltd bought a new position in shares of MGM Resorts International during the first quarter valued at approximately $43,000. Finally, UMB Bank n.a. boosted its stake in shares of MGM Resorts International by 91.0% during the first quarter. UMB Bank n.a. now owns 1,616 shares of the company’s stock valued at $48,000 after purchasing an additional 770 shares in the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at MGM Resorts International

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

MGM Resorts International Price Performance

Shares of MGM opened at $33.92 on Tuesday. The company has a market cap of $9.23 billion, a price-to-earnings ratio of 18.64, a price-to-earnings-growth ratio of 1.44 and a beta of 1.67. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $42.53. 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 company has a 50 day moving average of $36.17 and a two-hundred day moving average of $34.04.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.21. The company had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.28 billion. MGM Resorts International had a net margin of 3.13% and a return on equity of 19.39%. MGM Resorts International’s revenue was up 1.8% compared to the same quarter last year. During the same period last year, the firm earned $0.86 earnings per share. As a group, analysts predict that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on MGM shares. Stifel Nicolaus increased their price objective on shares of MGM Resorts International from $48.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, July 31st. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of MGM Resorts International from $54.00 to $53.00 in a research note on Monday, September 22nd. The Goldman Sachs Group dropped their price objective on shares of MGM Resorts International from $37.00 to $34.00 and set a “sell” rating on the stock in a research note on Wednesday, October 1st. Weiss Ratings reiterated a “sell (d+)” rating on shares of MGM Resorts International in a research note on Saturday, September 27th. Finally, Morgan Stanley increased their price objective on shares of MGM Resorts International from $41.00 to $43.00 and gave the company an “equal weight” rating in a research note on Thursday, September 11th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $48.50.

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.