Retirement Systems of Alabama Lowers Stock Holdings in MGM Resorts International (NYSE:MGM)

Retirement Systems of Alabama cut its holdings in shares of MGM Resorts International (NYSE:MGM) by 10.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 49,795 shares of the company’s stock after selling 5,560 shares during the quarter. Retirement Systems of Alabama’s holdings in MGM Resorts International were worth $1,946,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Marshall Wace LLP increased its stake in shares of MGM Resorts International by 174.8% during the 2nd quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock valued at $49,330,000 after acquiring an additional 706,159 shares during the last quarter. Empower Advisory Group LLC grew its holdings in MGM Resorts International by 4.2% in the third quarter. Empower Advisory Group LLC now owns 1,571,492 shares of the company’s stock valued at $61,430,000 after purchasing an additional 62,997 shares during the period. Goldentree Asset Management LP increased its position in MGM Resorts International by 86.4% during the third quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock worth $117,270,000 after purchasing an additional 1,390,599 shares during the last quarter. Maverick Capital Ltd. purchased a new position in MGM Resorts International during the second quarter worth approximately $1,211,000. Finally, American Assets Capital Advisers LLC boosted its holdings in shares of MGM Resorts International by 135.0% in the 3rd quarter. American Assets Capital Advisers LLC now owns 469,552 shares of the company’s stock valued at $18,355,000 after purchasing an additional 269,761 shares during the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently weighed in on MGM. Deutsche Bank Aktiengesellschaft cut their target price on MGM Resorts International from $57.00 to $52.00 and set a “buy” rating on the stock in a research report on Tuesday, October 1st. Morgan Stanley raised their price objective on MGM Resorts International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 22nd. Barclays reduced their price objective on MGM Resorts International from $50.00 to $46.00 and set an “overweight” rating on the stock in a research note on Friday, December 13th. Truist Financial dropped 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, UBS Group raised shares of MGM Resorts International to a “hold” rating in a research report on Friday, August 23rd. Four investment 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 an average rating of “Moderate Buy” and an average target price of $52.54.

MGM Resorts International Price Performance

MGM opened at $34.16 on Friday. MGM Resorts International has a twelve month low of $33.28 and a twelve month high of $48.24. The company has a current ratio of 1.24, a quick ratio of 1.21 and a debt-to-equity ratio of 1.63. The firm has a market cap of $10.17 billion, a price-to-earnings ratio of 12.20, a PEG ratio of 3.16 and a beta of 2.20. The company has a fifty day simple moving average of $37.91 and a 200 day simple moving average of $39.24.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). The business had revenue of $4.18 billion for the quarter, compared to analysts’ expectations of $4.21 billion. MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. The firm’s revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.64 earnings per share. Equities research analysts expect that MGM Resorts International will post 2.48 EPS for the current fiscal year.

Insider Buying and Selling at MGM Resorts International

In other news, Director Keith A. Meister sold 51,000 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $36.57, for a total transaction of $1,865,070.00. Following the completion of the sale, the director now owns 5,687,478 shares of the company’s stock, valued at approximately $207,991,070.46. This trade represents a 0.89 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.13% of the stock is currently owned by corporate insiders.

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.