MGM Resorts International $MGM Shares Sold by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund trimmed its holdings in MGM Resorts International (NYSE:MGM) by 64.3% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 23,231 shares of the company’s stock after selling 41,838 shares during the period. Illinois Municipal Retirement Fund’s holdings in MGM Resorts International were worth $805,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in MGM. CYBER HORNET ETFs LLC acquired a new position in MGM Resorts International in the 2nd quarter valued at about $25,000. Mendota Financial Group LLC acquired a new stake in MGM Resorts International during the 3rd quarter worth approximately $27,000. Mather Group LLC. purchased a new position in shares of MGM Resorts International in the 3rd quarter valued at approximately $33,000. Employees Retirement System of Texas acquired a new position in shares of MGM Resorts International in the second quarter valued at approximately $45,000. Finally, Assetmark Inc. raised its stake in shares of MGM Resorts International by 120.3% during the second quarter. Assetmark Inc. now owns 1,813 shares of the company’s stock worth $62,000 after purchasing an additional 990 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Insiders Place Their Bets

In other news, major shareholder Iac Inc. purchased 1,098,748 shares of the company’s stock in a transaction dated Friday, December 5th. The stock was acquired at an average price of $36.30 per share, for a total transaction of $39,884,552.40. Following the completion of the transaction, the insider directly owned 65,822,350 shares in the company, valued at $2,389,351,305. This represents a 1.70% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Company insiders own 3.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on MGM shares. Mizuho set a $62.00 price objective on shares of MGM Resorts International in a research report on Thursday, October 30th. Capital One Financial lowered their target price on shares of MGM Resorts International from $47.00 to $46.00 and set an “overweight” rating on the stock in a report on Friday, December 5th. Barclays set a $37.00 price target on shares of MGM Resorts International in a research note on Friday, February 6th. JPMorgan Chase & Co. raised their price objective on shares of MGM Resorts International from $39.00 to $41.00 and gave the company a “neutral” rating in a research report on Friday, February 6th. Finally, The Goldman Sachs Group reiterated a “sell” rating and set a $33.00 target price on shares of MGM Resorts International in a research report on Monday, December 15th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $41.94.

MGM Resorts International Trading Down 1.9%

Shares of MGM opened at $36.47 on Friday. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $40.16. The company has a current ratio of 1.23, a quick ratio of 1.20 and a debt-to-equity ratio of 1.91. The firm has a market capitalization of $9.33 billion, a P/E ratio of 48.63 and a beta of 1.44. The firm’s 50-day moving average is $35.59 and its two-hundred day moving average is $34.92.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, February 4th. The company reported $1.60 EPS for the quarter, topping the consensus estimate of $0.64 by $0.96. The business had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.42 billion. MGM Resorts International had a return on equity of 26.04% and a net margin of 1.17%.During the same quarter in the previous year, the company earned $0.45 EPS. On average, research analysts predict that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

About MGM Resorts International

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.