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

Retirement Systems of Alabama trimmed its holdings in shares of MGM Resorts International (NYSE:MGM) by 1.6% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 48,992 shares of the company’s stock after selling 803 shares during the quarter. Retirement Systems of Alabama’s holdings in MGM Resorts International were worth $1,698,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. MidAtlantic Capital Management Inc. purchased a new position in MGM Resorts International in the third quarter valued at $28,000. Global Trust Asset Management LLC acquired a new position in MGM Resorts International in the 4th quarter valued at about $28,000. Eastern Bank acquired a new position in MGM Resorts International in the 3rd quarter valued at about $35,000. Brooklyn Investment Group acquired a new position in MGM Resorts International in the 3rd quarter valued at about $44,000. Finally, Planning Capital Management Corp acquired a new position in MGM Resorts International in the 3rd quarter valued at about $45,000. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Stock Down 0.3 %

Shares of NYSE MGM opened at $34.26 on Wednesday. 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 has a 52 week low of $31.61 and a 52 week high of $48.24. The firm has a 50-day moving average price of $34.31 and a 200 day moving average price of $36.83. The stock has a market capitalization of $10.20 billion, a price-to-earnings ratio of 12.23, a price-to-earnings-growth ratio of 2.94 and a beta of 2.20.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 51,000 shares of the firm’s stock in a transaction dated 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 transaction, the director now directly owns 5,687,478 shares in the company, valued at approximately $207,991,070.46. This trade represents a 0.89 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 2.13% of the company’s stock.

Analyst Ratings Changes

MGM has been the topic of several recent analyst reports. BTIG Research lowered shares of MGM Resorts International from a “buy” rating to a “neutral” rating in a report on Monday, February 3rd. Barclays decreased their price objective on shares of MGM Resorts International from $50.00 to $46.00 and set an “overweight” rating on the stock in a report on Friday, December 13th. Morgan Stanley upped their price objective on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 22nd. Wells Fargo & Company decreased their price objective on shares of MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Finally, JMP Securities restated a “market outperform” rating and issued a $50.00 price objective on shares of MGM Resorts International in a report on Thursday, January 16th. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $51.93.

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.