MGM Resorts International $MGM Shares Bought by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp lifted its holdings in shares of MGM Resorts International (NYSE:MGM) by 105.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 49,002 shares of the company’s stock after buying an additional 25,186 shares during the quarter. Texas Permanent School Fund Corp’s holdings in MGM Resorts International were worth $1,685,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Raymond James Financial Inc. increased its holdings in MGM Resorts International by 26.9% in the 1st quarter. Raymond James Financial Inc. now owns 734,445 shares of the company’s stock worth $21,769,000 after acquiring an additional 155,709 shares in the last quarter. Norinchukin Bank The increased its stake in shares of MGM Resorts International by 15.2% during the first quarter. Norinchukin Bank The now owns 12,309 shares of the company’s stock worth $365,000 after purchasing an additional 1,628 shares in the last quarter. Allstate Corp increased its stake in shares of MGM Resorts International by 190.8% during the first quarter. Allstate Corp now owns 18,682 shares of the company’s stock worth $554,000 after purchasing an additional 12,258 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of MGM Resorts International by 12.6% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 25,246 shares of the company’s stock worth $748,000 after purchasing an additional 2,830 shares during the last quarter. Finally, Comerica Bank lifted its stake in MGM Resorts International by 59.2% in the 1st quarter. Comerica Bank now owns 64,737 shares of the company’s stock valued at $1,919,000 after buying an additional 24,078 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Stock Up 0.7%

Shares of MGM opened at $37.56 on Tuesday. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $41.32. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 1.80. The stock has a fifty day simple moving average of $33.72 and a two-hundred day simple moving average of $35.07. The company has a market capitalization of $10.27 billion, a PE ratio of 234.72, a price-to-earnings-growth ratio of 2.46 and a beta of 1.48.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, October 29th. The company reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.13). MGM Resorts International had a net margin of 0.40% and a return on equity of 17.23%. The firm had revenue of $4.25 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same period in the prior year, the company posted $0.54 EPS. The company’s revenue for the quarter was up 1.6% compared to the same quarter last year. As a group, equities analysts forecast that MGM Resorts International will post 2.21 EPS for the current year.

Wall Street Analyst Weigh In

MGM has been the subject of several research reports. Weiss Ratings reiterated a “sell (d)” rating on shares of MGM Resorts International in a research note on Monday, December 15th. Argus dropped their price target on MGM Resorts International from $45.00 to $40.00 and set a “buy” rating for the company in a research report on Friday, November 14th. Truist Financial reduced their price objective on MGM Resorts International from $48.00 to $47.00 and set a “buy” rating for the company in a research note on Thursday, October 30th. Zacks Research cut shares of MGM Resorts International from a “hold” rating to a “strong sell” rating in a research note on Tuesday, November 4th. Finally, Capital One Financial reduced their target price on shares of MGM Resorts International from $47.00 to $46.00 and set an “overweight” rating for the company in a research report on Friday, December 5th. Twelve equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $45.31.

Insider Buying and Selling at MGM Resorts International

In other news, major shareholder Iac Inc. purchased 1,098,748 shares of the company’s stock in a transaction dated Friday, December 5th. The stock was acquired at an average price of $36.30 per share, with a total value of $39,884,552.40. Following the purchase, the insider directly owned 65,822,350 shares in the company, valued at approximately $2,389,351,305. This represents a 1.70% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 3.06% of the stock is currently owned by company insiders.

MGM Resorts International Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.