Arizona State Retirement System Decreases Stock Holdings in MGM Resorts International (NYSE:MGM)

Arizona State Retirement System trimmed its holdings in shares of MGM Resorts International (NYSE:MGM) by 1.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 66,174 shares of the company’s stock after selling 1,228 shares during the quarter. Arizona State Retirement System’s holdings in MGM Resorts International were worth $2,293,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Empower Advisory Group LLC increased its position in shares of MGM Resorts International by 4.2% during the third quarter. Empower Advisory Group LLC now owns 1,571,492 shares of the company’s stock valued at $61,430,000 after acquiring an additional 62,997 shares during the last quarter. Goldentree Asset Management LP increased its position in shares of 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 valued at $117,270,000 after acquiring an additional 1,390,599 shares during the last quarter. Miracle Mile Advisors LLC purchased a new stake in shares of MGM Resorts International during the fourth quarter valued at approximately $2,010,000. ACR Alpine Capital Research LLC increased its position in shares of MGM Resorts International by 23.3% during the fourth quarter. ACR Alpine Capital Research LLC now owns 161,990 shares of the company’s stock valued at $5,613,000 after acquiring an additional 30,605 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its position in shares of MGM Resorts International by 80.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 358,186 shares of the company’s stock valued at $12,411,000 after acquiring an additional 159,522 shares during the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

MGM Resorts International Price Performance

NYSE:MGM opened at $31.86 on Tuesday. The firm has a market capitalization of $9.10 billion, a price-to-earnings ratio of 13.27, a P/E/G ratio of 0.98 and a beta of 2.18. MGM Resorts International has a 52-week low of $30.69 and a 52-week high of $48.24. The stock has a fifty day moving average of $34.40 and a 200 day moving average of $36.48. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.08. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. On average, research analysts expect that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 51,000 shares of MGM Resorts International stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $36.57, for a total transaction of $1,865,070.00. Following the completion of the sale, the director now owns 5,687,478 shares of the company’s stock, valued at $207,991,070.46. The trade was a 0.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Todd Meinert sold 6,000 shares of MGM Resorts International stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total value of $227,040.00. Following the sale, the chief accounting officer now directly owns 18,301 shares of the company’s stock, valued at approximately $692,509.84. This trade represents a 24.69 % decrease in their position. The disclosure for this sale can be found here. 2.13% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on MGM shares. Capital One Financial increased their price target on MGM Resorts International from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Macquarie reissued an “outperform” rating and issued a $50.00 target price on shares of MGM Resorts International in a research report on Thursday, February 13th. Mizuho raised their target price on MGM Resorts International from $56.00 to $60.00 and gave the stock an “outperform” rating in a research report on Thursday, February 13th. Canaccord Genuity Group reissued a “buy” rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Finally, Wedbush reissued an “outperform” rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Six investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $51.29.

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.