Retirement Systems of Alabama Has $4.13 Million Position in MGM Resorts International (NYSE:MGM)

Posted by Defense World Staff on Jul 27th, 2023

Retirement Systems of Alabama lowered its holdings in shares of MGM Resorts International (NYSE:MGM – Free Report) by 8.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 93,000 shares of the company’s stock after selling 9,110 shares during the quarter. Retirement Systems of Alabama’s holdings in MGM Resorts International were worth $4,131,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. James Investment Research Inc. acquired a new stake in shares of MGM Resorts International during the first quarter worth about $29,000. GPS Wealth Strategies Group LLC acquired a new stake in MGM Resorts International in the 1st quarter valued at approximately $34,000. ICA Group Wealth Management LLC acquired a new stake in MGM Resorts International in the 4th quarter valued at approximately $28,000. Tobam acquired a new stake in MGM Resorts International in the 4th quarter valued at approximately $34,000. Finally, Householder Group Estate & Retirement Specialist LLC acquired a new stake in MGM Resorts International in the 1st quarter valued at approximately $48,000. Institutional investors and hedge funds own 64.88% of the company’s stock.

Insider Activity

In other news, Director Keith A. Meister sold 250,000 shares of the company’s stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $43.79, for a total transaction of $10,947,500.00. Following the completion of the sale, the director now directly owns 6,423,778 shares in the company, valued at approximately $281,297,238.62. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Keith A. Meister sold 250,000 shares of the business’s stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $43.79, for a total transaction of $10,947,500.00. Following the completion of the transaction, the director now owns 6,423,778 shares of the company’s stock, valued at approximately $281,297,238.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider John Mcmanus sold 10,000 shares of the business’s stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $41.31, for a total value of $413,100.00. Following the transaction, the insider now directly owns 62,283 shares of the company’s stock, valued at approximately $2,572,910.73. The disclosure for this sale can be found here. In the last three months, insiders sold 272,350 shares of company stock worth $11,899,881. 2.39% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MGM. TheStreet raised MGM Resorts International from a “c+” rating to a “b-” rating in a research report on Thursday, April 6th. JPMorgan Chase & Co. boosted their price target on MGM Resorts International from $55.00 to $60.00 in a research report on Tuesday, May 2nd. StockNews.com lowered MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th. Susquehanna boosted their price target on MGM Resorts International from $38.00 to $51.00 in a research report on Wednesday, May 3rd. Finally, Morgan Stanley boosted their price target on MGM Resorts International from $47.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Friday, July 14th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $58.59.

MGM Resorts International Stock Performance

MGM opened at $50.17 on Thursday. The business has a fifty day simple moving average of $43.37 and a 200 day simple moving average of $42.80. The company has a market capitalization of $18.25 billion, a PE ratio of 10.62 and a beta of 2.06. MGM Resorts International has a 1 year low of $29.20 and a 1 year high of $51.03. The company has a debt-to-equity ratio of 1.31, a current ratio of 2.19 and a quick ratio of 2.15.

MGM Resorts International (NYSE:MGM – Get Free Report) last released its earnings results on Monday, May 1st. The company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.40. The firm had revenue of $3.90 billion during the quarter, compared to the consensus estimate of $3.61 billion. MGM Resorts International had a negative return on equity of 1.33% and a net margin of 13.84%. The company’s revenue was up 36.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.01 EPS. Research analysts expect that MGM Resorts International will post 1.94 EPS for the current year.

MGM Resorts International Profile

(Free Report)

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and Macau. 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.