Arizona State Retirement System Decreases Stock Position in MGM Resorts International (NYSE:MGM)

Arizona State Retirement System lowered its stake in MGM Resorts International (NYSE:MGM) by 1.8% during the 4th quarter, Holdings Channel reports. The institutional investor owned 66,174 shares of the company’s stock after selling 1,228 shares during the period. Arizona State Retirement System’s holdings in MGM Resorts International were worth $2,293,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Empower Advisory Group LLC increased its holdings in shares of 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 worth $61,430,000 after buying an additional 62,997 shares during the period. Goldentree Asset Management LP increased its holdings in shares of MGM Resorts International by 86.4% in the third quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock worth $117,270,000 after buying an additional 1,390,599 shares during the period. Miracle Mile Advisors LLC purchased a new position in shares of MGM Resorts International in the fourth quarter worth about $2,010,000. ACR Alpine Capital Research LLC increased its holdings in shares of MGM Resorts International by 23.3% in the fourth quarter. ACR Alpine Capital Research LLC now owns 161,990 shares of the company’s stock worth $5,613,000 after buying an additional 30,605 shares during the period. Finally, Assenagon Asset Management S.A. increased its holdings in shares of MGM Resorts International by 80.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 358,186 shares of the company’s stock worth $12,411,000 after buying an additional 159,522 shares during the period. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Stock Performance

Shares of MGM opened at $31.86 on Tuesday. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73. The business’s 50 day moving average price is $34.40 and its 200-day moving average price is $36.48. MGM Resorts International has a 52 week low of $30.69 and a 52 week high of $48.24. The stock has a market cap of $9.10 billion, a P/E ratio of 13.27, a P/E/G ratio of 0.98 and a beta of 2.18.

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

Insider Transactions at MGM Resorts International

In related news, CFO Jonathan S. Halkyard purchased 10,000 shares of the company’s stock in a transaction dated Thursday, March 6th. The shares were purchased at an average cost of $32.17 per share, with a total value of $321,700.00. Following 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 position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Todd Meinert sold 6,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total value of $227,040.00. Following the completion of the sale, the chief accounting officer now directly owns 18,301 shares in the company, valued at approximately $692,509.84. This represents a 24.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.13% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on MGM. BTIG Research downgraded MGM Resorts International from a “buy” rating to a “neutral” rating in a report on Monday, February 3rd. Argus upgraded MGM Resorts International from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Friday, February 14th. Needham & Company LLC restated a “buy” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Macquarie restated an “outperform” rating and set a $50.00 price target on shares of MGM Resorts International in a report on Thursday, February 13th. Finally, Leerink Partners downgraded MGM Resorts International to a “market perform” rating in a report on Thursday, February 13th. Six research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $51.29.

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.