California Public Employees Retirement System Sells 28,982 Shares of MGM Resorts International (NYSE:MGM)

California Public Employees Retirement System lessened its holdings in shares of MGM Resorts International (NYSE:MGM) by 6.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 388,792 shares of the company’s stock after selling 28,982 shares during the period. California Public Employees Retirement System’s holdings in MGM Resorts International were worth $13,472,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of MGM. Charles Schwab Investment Management Inc. raised its stake in shares of MGM Resorts International by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,283,110 shares of the company’s stock valued at $79,110,000 after purchasing an additional 38,749 shares during the period. Korea Investment CORP grew its holdings in shares of MGM Resorts International by 964.3% during the fourth quarter. Korea Investment CORP now owns 145,287 shares of the company’s stock worth $5,034,000 after buying an additional 131,636 shares in the last quarter. ACR Alpine Capital Research LLC raised its position in MGM Resorts International by 23.3% in the 4th quarter. ACR Alpine Capital Research LLC now owns 161,990 shares of the company’s stock valued at $5,613,000 after buying an additional 30,605 shares during the last quarter. Davis Selected Advisers lifted its stake in MGM Resorts International by 4.6% in the 4th quarter. Davis Selected Advisers now owns 19,920,713 shares of the company’s stock valued at $690,253,000 after acquiring an additional 882,417 shares in the last quarter. Finally, Miracle Mile Advisors LLC acquired a new position in MGM Resorts International during the 4th quarter worth approximately $2,010,000. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CAO Todd Meinert sold 6,000 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total value of $227,040.00. Following the completion of the sale, the chief accounting officer now directly owns 18,301 shares in the company, valued at $692,509.84. This represents a 24.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Jonathan S. Halkyard bought 10,000 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were bought at an average cost of $32.17 per share, with a total value of $321,700.00. Following the completion of the transaction, the chief financial officer now owns 75,648 shares in the company, valued at $2,433,596.16. The trade was a 15.23 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.13% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

MGM has been the topic of a number of recent research reports. Canaccord Genuity Group reiterated a “buy” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Susquehanna Bancshares lifted their price target on shares of MGM Resorts International from $53.00 to $56.00 in a research note on Wednesday, February 12th. Stifel Nicolaus increased their price objective on shares of MGM Resorts International from $47.00 to $50.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Needham & Company LLC reaffirmed 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 research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.29.

MGM Resorts International Trading Down 3.7 %

Shares of MGM stock opened at $26.86 on Friday. The company has a market capitalization of $7.60 billion, a PE ratio of 11.19, a price-to-earnings-growth ratio of 0.98 and a beta of 1.96. The firm has a 50 day moving average price of $33.50 and a two-hundred day moving average price of $35.69. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73. MGM Resorts International has a 12-month low of $25.61 and a 12-month high of $47.26.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 predict that MGM Resorts International will post 2.21 earnings per share for the current year.

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.