Teachers Retirement System of The State of Kentucky Decreases Holdings in MGM Resorts International (NYSE:MGM)

Teachers Retirement System of The State of Kentucky lowered its stake in MGM Resorts International (NYSE:MGM) by 15.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,602 shares of the company’s stock after selling 3,651 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in MGM Resorts International were worth $766,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. HG Vora Capital Management LLC purchased a new position in shares of MGM Resorts International in the 3rd quarter worth approximately $97,725,000. Goldentree Asset Management LP boosted its stake in MGM Resorts International by 86.4% during 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. Marshall Wace LLP increased its position in MGM Resorts International by 174.8% during the second quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock valued at $49,330,000 after acquiring an additional 706,159 shares during the last quarter. LSV Asset Management purchased a new stake in shares of MGM Resorts International in the second quarter valued at $21,149,000. Finally, Jacobs Levy Equity Management Inc. bought a new stake in shares of MGM Resorts International in the 3rd quarter worth about $17,622,000. 68.11% of the stock is owned by institutional investors.

MGM Resorts International Stock Performance

Shares of MGM stock opened at $33.80 on Thursday. The firm has a market cap of $10.06 billion, a price-to-earnings ratio of 12.07, a PEG ratio of 3.16 and a beta of 2.20. MGM Resorts International has a 52-week low of $33.44 and a 52-week high of $48.24. The company has a quick ratio of 1.21, a current ratio of 1.24 and a debt-to-equity ratio of 1.63. The company’s 50 day moving average is $38.16 and its 200 day moving average is $39.31.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.54 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.04). The company had revenue of $4.18 billion during the quarter, compared to the consensus estimate of $4.21 billion. MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. The company’s revenue was up 5.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.64 earnings per share. On average, sell-side analysts anticipate that MGM Resorts International will post 2.48 EPS for the current fiscal year.

Insider Buying and Selling at MGM Resorts International

In related news, Director Keith A. Meister sold 51,000 shares of the business’s stock in a transaction that occurred on 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 owns 5,687,478 shares in the company, valued at $207,991,070.46. The trade was a 0.89 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 2.13% of the company’s stock.

Analyst Upgrades and Downgrades

MGM has been the topic of several analyst reports. Mizuho cut their price target on shares of MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating on the stock in a report on Thursday, October 31st. UBS Group upgraded MGM Resorts International to a “hold” rating in a report on Friday, August 23rd. JMP Securities dropped their price objective on MGM Resorts International from $54.00 to $50.00 and set a “market outperform” rating for the company in a report on Monday, November 25th. Barclays reduced their target price on MGM Resorts International from $50.00 to $46.00 and set an “overweight” rating on the stock in a research note on Friday, December 13th. Finally, Morgan Stanley upped their price target 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. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.54.

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.