State of Michigan Retirement System Has $2.13 Million Holdings in MGM Resorts International (NYSE:MGM)

State of Michigan Retirement System reduced its stake in shares of MGM Resorts International (NYSE:MGM) by 2.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 61,444 shares of the company’s stock after selling 1,400 shares during the quarter. State of Michigan Retirement System’s holdings in MGM Resorts International were worth $2,129,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in MGM Resorts International by 0.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 53,200 shares of the company’s stock valued at $2,080,000 after purchasing an additional 309 shares during the last quarter. Ballentine Partners LLC raised its stake in MGM Resorts International by 5.4% during the 4th quarter. Ballentine Partners LLC now owns 6,553 shares of the company’s stock valued at $227,000 after purchasing an additional 333 shares during the last quarter. Global Retirement Partners LLC raised its stake in shares of MGM Resorts International by 47.8% in the 4th quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock valued at $43,000 after buying an additional 404 shares in the last quarter. Daiwa Securities Group Inc. raised its stake in shares of MGM Resorts International by 1.6% in the 3rd quarter. Daiwa Securities Group Inc. now owns 28,466 shares of the company’s stock valued at $1,113,000 after buying an additional 459 shares in the last quarter. Finally, Blueshift Asset Management LLC raised its stake in shares of MGM Resorts International by 1.9% in the 3rd quarter. Blueshift Asset Management LLC now owns 25,436 shares of the company’s stock valued at $994,000 after buying an additional 482 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Stock Performance

MGM Resorts International stock opened at $32.05 on Friday. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73. MGM Resorts International has a 1 year low of $30.69 and a 1 year high of $48.24. The company has a market cap of $9.15 billion, a PE ratio of 13.35, a PEG ratio of 0.98 and a beta of 2.18. The company’s 50-day moving average is $34.40 and its two-hundred day moving average is $36.51.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.08. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. Equities analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MGM. Susquehanna Bancshares increased their price objective on shares of MGM Resorts International from $53.00 to $56.00 in a research note on Wednesday, February 12th. Needham & Company LLC reaffirmed a “buy” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Leerink Partners lowered shares of MGM Resorts International to a “market perform” rating in a report on Thursday, February 13th. Canaccord Genuity Group reaffirmed a “buy” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Finally, Capital One Financial upped their target price on shares of MGM Resorts International from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Six investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $51.29.

Insider Activity at MGM Resorts International

In related news, Director Keith A. Meister sold 51,000 shares of the stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $36.57, for a total value of $1,865,070.00. Following the sale, the director now directly owns 5,687,478 shares in the company, valued at $207,991,070.46. This trade represents a 0.89 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Jonathan S. Halkyard purchased 10,000 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average price of $32.17 per share, for a total transaction of $321,700.00. Following the completion of the transaction, the chief financial officer now directly owns 75,648 shares in the company, valued at $2,433,596.16. This trade represents a 15.23 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.83% of the stock is currently owned by corporate insiders.

MGM Resorts International Company 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.