New York State Common Retirement Fund Has $4.89 Million Position in MGM Resorts International (NYSE:MGM)

New York State Common Retirement Fund grew its holdings in shares of MGM Resorts International (NYSE:MGM) by 4.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 165,061 shares of the company’s stock after acquiring an additional 6,900 shares during the period. New York State Common Retirement Fund owned 0.06% of MGM Resorts International worth $4,892,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of MGM. Ballentine Partners LLC lifted its holdings in shares of MGM Resorts International by 32.3% in the 1st quarter. Ballentine Partners LLC now owns 8,667 shares of the company’s stock worth $257,000 after purchasing an additional 2,114 shares in the last quarter. POM Investment Strategies LLC increased its stake in shares of MGM Resorts International by 145.5% in the first quarter. POM Investment Strategies LLC now owns 2,700 shares of the company’s stock worth $80,000 after purchasing an additional 1,600 shares in the last quarter. Beverly Hills Private Wealth LLC purchased a new stake in shares of MGM Resorts International during the 1st quarter valued at approximately $1,311,000. IFM Investors Pty Ltd boosted its position in shares of MGM Resorts International by 8.2% in the first quarter. IFM Investors Pty Ltd now owns 50,262 shares of the company’s stock valued at $1,490,000 after acquiring an additional 3,792 shares during the period. Finally, D.A. Davidson & CO. boosted its position in shares of MGM Resorts International by 3.7% in the first quarter. D.A. Davidson & CO. now owns 303,470 shares of the company’s stock valued at $8,995,000 after acquiring an additional 10,690 shares during the period. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Price Performance

MGM opened at $37.17 on Tuesday. The business’s 50-day moving average is $34.29 and its two-hundred day moving average is $33.08. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $45.54. The company has a debt-to-equity ratio of 1.79, a current ratio of 1.31 and a quick ratio of 1.26. The firm has a market capitalization of $10.12 billion, a PE ratio of 16.60, a price-to-earnings-growth ratio of 2.40 and a beta of 1.76.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.19. The business had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.29 billion. MGM Resorts International had a return on equity of 20.64% and a net margin of 3.95%. The company’s quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter last year, the company earned $0.74 earnings per share. Research analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International announced that its Board of Directors has approved a stock buyback program on Wednesday, April 30th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to purchase up to 22.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at MGM Resorts International

In other news, Director Daniel J. Taylor sold 5,261 shares of the business’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total value of $183,766.73. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Keith A. Meister sold 60,000 shares of the business’s stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $32.09, for a total value of $1,925,400.00. Following the completion of the sale, the director owned 5,627,478 shares of the company’s stock, valued at $180,585,769.02. This trade represents a 1.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 105,261 shares of company stock valued at $3,486,367. 3.06% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have commented on MGM. JPMorgan Chase & Co. began coverage on shares of MGM Resorts International in a research note on Monday, June 23rd. They set a “neutral” rating and a $38.00 price target on the stock. Morgan Stanley reaffirmed a “sell” rating on shares of MGM Resorts International in a research report on Friday, July 11th. JMP Securities reaffirmed a “market perform” rating on shares of MGM Resorts International in a research report on Thursday, June 26th. Citigroup upgraded shares of MGM Resorts International from a “hold” rating to a “strong-buy” rating and upped their price target for the stock from $55.00 to $57.00 in a research note on Wednesday, July 9th. Finally, Truist Financial upped their price target on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, July 16th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $48.00.

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.