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

Retirement Systems of Alabama cut its holdings in MGM Resorts International (NYSE:MGM) by 5.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 60,225 shares of the company’s stock after selling 3,247 shares during the quarter. Retirement Systems of Alabama’s holdings in MGM Resorts International were worth $2,691,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Davis Selected Advisers acquired a new position in shares of MGM Resorts International in the third quarter worth $361,915,000. Boston Partners raised its stake in MGM Resorts International by 1,447.6% in the 3rd quarter. Boston Partners now owns 3,980,892 shares of the company’s stock valued at $145,916,000 after purchasing an additional 3,723,659 shares during the last quarter. Qube Research & Technologies Ltd lifted its holdings in MGM Resorts International by 544.8% in the 3rd quarter. Qube Research & Technologies Ltd now owns 1,995,768 shares of the company’s stock valued at $73,364,000 after purchasing an additional 1,686,267 shares in the last quarter. Invesco Ltd. boosted its stake in shares of MGM Resorts International by 14.6% during the 3rd quarter. Invesco Ltd. now owns 3,940,156 shares of the company’s stock worth $144,840,000 after purchasing an additional 500,566 shares during the last quarter. Finally, QRG Capital Management Inc. purchased a new stake in shares of MGM Resorts International during the third quarter worth about $13,930,000. 68.11% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Keith A. Meister sold 325,000 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $42.90, for a total transaction of $13,942,500.00. Following the transaction, the director now directly owns 6,098,778 shares of the company’s stock, valued at $261,637,576.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.83% of the stock is owned by company insiders.

MGM Resorts International Stock Performance

NYSE:MGM opened at $40.64 on Wednesday. The firm’s fifty day simple moving average is $43.48 and its 200 day simple moving average is $42.40. The company has a current ratio of 1.51, a quick ratio of 1.46 and a debt-to-equity ratio of 1.56. MGM Resorts International has a twelve month low of $34.12 and a twelve month high of $51.35. The firm has a market capitalization of $12.75 billion, a price-to-earnings ratio of 15.63, a PEG ratio of 0.95 and a beta of 2.22.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, May 1st. The company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.18. The company had revenue of $4.38 billion for the quarter, compared to analysts’ expectations of $4.24 billion. MGM Resorts International had a return on equity of 23.62% and a net margin of 5.35%. The firm’s quarterly revenue was up 13.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.44 earnings per share. As a group, equities research analysts expect that MGM Resorts International will post 2.76 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

MGM has been the topic of a number of analyst reports. Susquehanna upgraded shares of MGM Resorts International from a “neutral” rating to a “positive” rating and raised their target price for the stock from $46.00 to $54.00 in a research report on Thursday, May 2nd. Morgan Stanley lifted their price objective on MGM Resorts International from $45.00 to $46.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 9th. JPMorgan Chase & Co. increased their target price on MGM Resorts International from $54.00 to $57.00 and gave the stock an “overweight” rating in a research report on Thursday, May 2nd. JMP Securities lifted their price target on MGM Resorts International from $57.00 to $58.00 and gave the company a “market outperform” rating in a report on Monday. Finally, Mizuho increased their price objective on shares of MGM Resorts International from $61.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $54.83.

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.