MGM Resorts International (NYSE:MGM) Shares Sold by Kentucky Retirement Systems Insurance Trust Fund

Kentucky Retirement Systems Insurance Trust Fund lowered its stake in shares of MGM Resorts International (NYSE:MGM) by 7.4% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 9,018 shares of the company’s stock after selling 717 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in MGM Resorts International were worth $426,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of MGM. Price T Rowe Associates Inc. MD raised its holdings in shares of MGM Resorts International by 1.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 563,444 shares of the company’s stock worth $26,602,000 after purchasing an additional 5,968 shares during the period. Hyperion Capital Advisors LP acquired a new position in shares of MGM Resorts International in the first quarter worth about $229,000. Gamco Investors INC. ET AL lifted its position in shares of MGM Resorts International by 0.7% in the first quarter. Gamco Investors INC. ET AL now owns 537,671 shares of the company’s stock worth $25,383,000 after purchasing an additional 3,780 shares in the last quarter. Advisors Asset Management Inc. raised its position in MGM Resorts International by 106.8% during the first quarter. Advisors Asset Management Inc. now owns 8,542 shares of the company’s stock valued at $403,000 after acquiring an additional 4,412 shares in the last quarter. Finally, Axxcess Wealth Management LLC bought a new position in shares of MGM Resorts International in the first quarter valued at approximately $206,000. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Stock Performance

Shares of MGM Resorts International stock traded up $1.11 during trading hours on Monday, hitting $42.95. 1,698,744 shares of the company were exchanged, compared to its average volume of 3,699,896. The business has a 50-day moving average of $42.02 and a 200-day moving average of $42.83. MGM Resorts International has a 1 year low of $34.12 and a 1 year high of $51.35. The stock has a market capitalization of $13.47 billion, a price-to-earnings ratio of 16.09, a P/E/G ratio of 0.87 and a beta of 2.24. The company has a current ratio of 1.51, a quick ratio of 1.46 and a debt-to-equity ratio of 1.56.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, May 1st. The company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.18. MGM Resorts International had a return on equity of 23.62% and a net margin of 5.35%. The business had revenue of $4.38 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same period in the prior year, the company earned $0.44 EPS. MGM Resorts International’s revenue for the quarter was up 13.2% on a year-over-year basis. As a group, analysts expect that MGM Resorts International will post 3 EPS for the current fiscal year.

Insider Activity at MGM Resorts International

In related news, Director Alexis Herman sold 4,344 shares of the business’s stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $41.50, for a total transaction of $180,276.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Alexis Herman sold 4,344 shares of the company’s stock in a transaction on Friday, May 17th. The shares were sold at an average price of $41.50, for a total transaction of $180,276.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Keith A. Meister sold 139,300 shares of MGM Resorts International stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $40.44, for a total transaction of $5,633,292.00. Following the completion of the sale, the director now owns 5,859,478 shares of the company’s stock, valued at $236,957,290.32. The disclosure for this sale can be found here. In the last ninety days, insiders sold 147,988 shares of company stock worth $5,991,759. Corporate insiders own 2.13% of the company’s stock.

Wall Street Analyst Weigh In

MGM has been the subject of several research reports. Barclays raised their price target on shares of MGM Resorts International from $55.00 to $56.00 and gave the stock an “overweight” rating in a research note on Thursday, May 2nd. StockNews.com downgraded MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Friday, May 10th. JPMorgan Chase & Co. raised their price target on shares of MGM Resorts International from $54.00 to $57.00 and gave the company an “overweight” rating in a research report on Thursday, May 2nd. Mizuho upped their target price on shares of MGM Resorts International from $61.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. Finally, Wells Fargo & Company cut their price objective on shares of MGM Resorts International from $56.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday, July 16th. Three investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, MGM Resorts International currently has a consensus rating of “Moderate Buy” and an average price target of $54.66.

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.