Maryland State Retirement & Pension System Trims Stake in MGM Resorts International (NYSE:MGM)

Maryland State Retirement & Pension System cut its stake in shares of MGM Resorts International (NYSE:MGM) by 7.1% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 12,932 shares of the company’s stock after selling 994 shares during the period. Maryland State Retirement & Pension System’s holdings in MGM Resorts International were worth $448,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of MGM. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of MGM Resorts International by 0.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 53,200 shares of the company’s stock valued at $2,080,000 after buying an additional 309 shares in the last quarter. Ballentine Partners LLC raised its stake in MGM Resorts International by 5.4% during the 4th quarter. Ballentine Partners LLC now owns 6,553 shares of the company’s stock worth $227,000 after acquiring an additional 333 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors lifted its holdings in MGM Resorts International by 1.7% during the fourth quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 19,749 shares of the company’s stock valued at $684,000 after purchasing an additional 333 shares in the last quarter. Global Retirement Partners LLC boosted its position in shares of MGM Resorts International by 47.8% in the fourth quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock worth $43,000 after purchasing an additional 404 shares during the period. Finally, Assetmark Inc. raised its position in shares of MGM Resorts International by 104.1% during the 4th quarter. Assetmark Inc. now owns 806 shares of the company’s stock valued at $28,000 after purchasing an additional 411 shares during the period. Institutional investors own 68.11% of the company’s stock.

Insider Transactions at MGM Resorts International

In other news, CAO Todd Meinert sold 6,000 shares of MGM Resorts International stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total transaction of $227,040.00. Following the completion of the sale, the chief accounting officer now owns 18,301 shares of the company’s stock, valued at approximately $692,509.84. The trade was a 24.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Jonathan S. Halkyard acquired 10,000 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average cost of $32.17 per share, for a total transaction of $321,700.00. Following the purchase, the chief financial officer now owns 75,648 shares of the company’s stock, valued at $2,433,596.16. This represents a 15.23 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 2.13% of the company’s stock.

MGM Resorts International Trading Down 1.2 %

MGM stock opened at $32.03 on Wednesday. MGM Resorts International has a twelve month low of $29.99 and a twelve month high of $48.25. The stock has a market capitalization of $9.15 billion, a price-to-earnings ratio of 13.35, a price-to-earnings-growth ratio of 0.98 and a beta of 2.18. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73. The firm’s fifty day simple moving average is $34.00 and its two-hundred day simple moving average is $36.02.

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

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Wells Fargo & Company upped their target price on shares of MGM Resorts International from $44.00 to $46.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Argus upgraded MGM Resorts International from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Friday, February 14th. Stifel Nicolaus boosted their price target on MGM Resorts International from $47.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Citigroup increased their price objective on shares of MGM Resorts International from $48.00 to $50.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Finally, Capital One Financial boosted their target price on shares of MGM Resorts International from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Six analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $51.29.

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.