MGM Resorts International (NYSE:MGM) Shares Sold by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System lessened its position in MGM Resorts International (NYSE:MGM) by 8.5% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 13,000 shares of the company’s stock after selling 1,200 shares during the period. Louisiana State Employees Retirement System’s holdings in MGM Resorts International were worth $508,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Boston Partners lifted its stake in shares of MGM Resorts International by 12.6% in the 1st quarter. Boston Partners now owns 6,111,930 shares of the company’s stock worth $286,933,000 after acquiring an additional 684,676 shares during the period. Bamco Inc. NY lifted its stake in shares of MGM Resorts International by 3.6% in the first quarter. Bamco Inc. NY now owns 2,101,065 shares of the company’s stock valued at $99,191,000 after purchasing an additional 73,515 shares during the period. Marshall Wace LLP lifted its stake in shares of MGM Resorts International by 174.8% in the second quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock valued at $49,330,000 after purchasing an additional 706,159 shares during the period. Key Colony Management LLC lifted its stake in shares of MGM Resorts International by 11.1% in the third quarter. Key Colony Management LLC now owns 883,000 shares of the company’s stock valued at $34,516,000 after purchasing an additional 88,000 shares during the period. Finally, Goldentree Asset Management LP acquired a new stake in shares of MGM Resorts International in the first quarter valued at about $35,726,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

Insider Activity

In other news, Director Keith A. Meister sold 121,000 shares of the company’s stock in a transaction 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 directly owns 5,738,478 shares in the company, valued at approximately $210,716,912.16. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.83% of the company’s stock.

MGM Resorts International Price Performance

MGM Resorts International stock opened at $36.23 on Wednesday. MGM Resorts International has a 52-week low of $33.44 and a 52-week high of $48.24. The firm has a fifty day moving average of $38.38 and a 200-day moving average of $40.10. The firm has a market capitalization of $10.79 billion, a P/E ratio of 12.94, a PEG ratio of 2.60 and a beta of 2.23. The company has a quick ratio of 1.21, a current ratio of 1.24 and a debt-to-equity ratio of 1.63.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.04). The firm had revenue of $4.18 billion during the quarter, compared to analysts’ expectations of $4.21 billion. MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. MGM Resorts International’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.64 earnings per share. As a group, analysts predict that MGM Resorts International will post 2.5 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently commented on MGM. UBS Group upgraded shares of MGM Resorts International to a “hold” rating in a research note on Friday, August 23rd. Deutsche Bank Aktiengesellschaft cut their target price on shares of MGM Resorts International from $57.00 to $52.00 and set a “buy” rating for the company in a research report on Tuesday, October 1st. Macquarie cut their target price on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Truist Financial cut their target price on shares of MGM Resorts International from $58.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, October 23rd. Finally, Stifel Nicolaus lifted their price target 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. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, MGM Resorts International currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.15.

About MGM Resorts International

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.