MGM Resorts International (MGM) Holdings Lifted by California Public Employees Retirement System

California Public Employees Retirement System grew its holdings in shares of MGM Resorts International (NYSE:MGM) by 0.2% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,120,202 shares of the company’s stock after purchasing an additional 2,286 shares during the quarter. California Public Employees Retirement System owned approximately 0.21% of MGM Resorts International worth $32,519,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. MUFG Americas Holdings Corp purchased a new position in shares of MGM Resorts International during the 2nd quarter worth $102,000. Piedmont Investment Advisors LLC purchased a new position in shares of MGM Resorts International during the 2nd quarter worth $170,000. Moors & Cabot Inc. purchased a new position in shares of MGM Resorts International during the 1st quarter worth $207,000. Princeton Capital Management LLC purchased a new position in shares of MGM Resorts International during the 2nd quarter worth $218,000. Finally, Point72 Hong Kong Ltd purchased a new position in shares of MGM Resorts International during the 2nd quarter worth $221,000. 79.75% of the stock is currently owned by institutional investors.

In other news, CFO Daniel D’arrigo sold 29,377 shares of the company’s stock in a transaction on Friday, August 31st. The stock was sold at an average price of $29.23, for a total transaction of $858,689.71. Following the completion of the sale, the chief financial officer now directly owns 260,676 shares in the company, valued at approximately $7,619,559.48. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Alexis Herman sold 1,750 shares of the company’s stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $28.28, for a total value of $49,490.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 34,627 shares of company stock valued at $1,009,155. Insiders own 0.43% of the company’s stock.

A number of research analysts have weighed in on MGM shares. Morgan Stanley reduced their price target on MGM Resorts International from $39.00 to $38.00 and set an “overweight” rating on the stock in a research note on Friday, July 20th. ValuEngine lowered MGM Resorts International from a “hold” rating to a “sell” rating in a research note on Wednesday, July 4th. Nomura reduced their price target on MGM Resorts International from $40.00 to $39.00 and set a “buy” rating on the stock in a research note on Monday, July 9th. Goldman Sachs Group lowered MGM Resorts International from a “buy” rating to a “neutral” rating and set a $37.00 price target on the stock. in a research note on Monday, June 25th. Finally, Zacks Investment Research raised MGM Resorts International from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 8th. One research analyst has rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $37.14.

MGM stock opened at $27.87 on Wednesday. The firm has a market cap of $15.32 billion, a PE ratio of 27.32, a PEG ratio of 3.66 and a beta of 1.45. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.68 and a quick ratio of 0.64. MGM Resorts International has a 52 week low of $26.31 and a 52 week high of $38.41.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Thursday, August 2nd. The company reported $0.26 EPS for the quarter, hitting analysts’ consensus estimates of $0.26. The business had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.97 billion. MGM Resorts International had a return on equity of 5.07% and a net margin of 17.11%. The business’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.28 EPS. analysts forecast that MGM Resorts International will post 1.16 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 14th. Stockholders of record on Monday, September 10th were issued a dividend of $0.12 per share. The ex-dividend date was Friday, September 7th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.72%. MGM Resorts International’s payout ratio is 47.06%.

About MGM Resorts International

MGM Resorts International, through its subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts in the United States and China. The company operates through two segments, Domestic Resorts and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.

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Institutional Ownership by Quarter for MGM Resorts International (NYSE:MGM)

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