Teachers Retirement System of The State of Kentucky Has $26.42 Million Stake in MGM Resorts International $MGM
by Scott Moore · The Cerbat GemTeachers Retirement System of The State of Kentucky increased its position in MGM Resorts International (NYSE:MGM – Free Report) by 9.0% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 724,014 shares of the company’s stock after purchasing an additional 59,770 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in MGM Resorts International were worth $26,419,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MGM. Asset Management One Co. Ltd. lifted its position in MGM Resorts International by 4.2% in the 4th quarter. Asset Management One Co. Ltd. now owns 7,700 shares of the company’s stock worth $286,000 after buying an additional 313 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its position in MGM Resorts International by 0.8% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 39,763 shares of the company’s stock worth $1,378,000 after buying an additional 328 shares in the last quarter. Public Employees Retirement System of Ohio lifted its position in MGM Resorts International by 0.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 64,006 shares of the company’s stock worth $2,218,000 after buying an additional 397 shares in the last quarter. NewEdge Advisors LLC lifted its position in MGM Resorts International by 12.1% in the 1st quarter. NewEdge Advisors LLC now owns 3,893 shares of the company’s stock worth $115,000 after buying an additional 421 shares in the last quarter. Finally, Hantz Financial Services Inc. lifted its position in MGM Resorts International by 22.5% in the 3rd quarter. Hantz Financial Services Inc. now owns 2,432 shares of the company’s stock worth $84,000 after buying an additional 446 shares in the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.
Wall Street Analysts Forecast Growth
MGM has been the subject of a number of research analyst reports. UBS Group cut their target price on shares of MGM Resorts International from $40.00 to $39.00 and set a “neutral” rating for the company in a research report on Friday, April 10th. Berenberg Bank reiterated a “buy” rating on shares of MGM Resorts International in a research report on Wednesday, February 11th. Capital One Financial increased their target price on shares of MGM Resorts International from $46.00 to $51.00 and gave the stock an “overweight” rating in a research report on Friday, April 17th. Susquehanna cut their target price on shares of MGM Resorts International from $46.00 to $45.00 and set a “positive” rating for the company in a research report on Friday, February 6th. Finally, Wells Fargo & Company cut their target price on shares of MGM Resorts International from $31.00 to $30.00 and set an “underweight” rating for the company in a research report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have issued a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, MGM Resorts International presently has a consensus rating of “Hold” and a consensus target price of $42.13.
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MGM Resorts International Stock Up 1.5%
MGM Resorts International stock opened at $39.51 on Friday. The company has a market capitalization of $10.11 billion, a P/E ratio of 52.68 and a beta of 1.35. The firm’s fifty day simple moving average is $36.82 and its 200-day simple moving average is $35.19. The company has a current ratio of 1.23, a quick ratio of 1.20 and a debt-to-equity ratio of 1.91. MGM Resorts International has a 1-year low of $29.18 and a 1-year high of $40.46.
MGM Resorts International (NYSE:MGM – Get Free Report) last released its quarterly earnings results on Wednesday, February 4th. The company reported $1.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.96. The business had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.42 billion. MGM Resorts International had a net margin of 1.17% and a return on equity of 26.04%. During the same quarter last year, the firm earned $0.45 EPS. Sell-side analysts forecast that MGM Resorts International will post 2.03 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other MGM Resorts International news, major shareholder Iac Inc. purchased 550,000 shares of the business’s stock in a transaction dated Monday, March 23rd. The shares were acquired at an average price of $37.30 per share, for a total transaction of $20,515,000.00. Following the acquisition, the insider owned 66,372,350 shares of the company’s stock, valued at $2,475,688,655. This trade represents a 0.84% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Keith A. Meister sold 37,500 shares of the firm’s stock in a transaction on Monday, March 9th. The shares were sold at an average price of $34.27, for a total transaction of $1,285,125.00. Following the transaction, the director owned 5,347,978 shares in the company, valued at $183,275,206.06. This represents a 0.70% decrease in their position. The SEC filing for this sale provides additional information. 3.38% of the stock is currently owned by company insiders.
MGM Resorts International Profile
MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.
The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.
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