New York State Common Retirement Fund cut its stake in MGM Resorts International (NYSE:MGM) by 2.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 887,600 shares of the company’s stock after selling 26,600 shares during the period. New York State Common Retirement Fund’s holdings in MGM Resorts International were worth $10,474,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the business. State Street Corp increased its position in MGM Resorts International by 0.5% in the fourth quarter. State Street Corp now owns 21,084,415 shares of the company’s stock worth $701,478,000 after buying an additional 114,176 shares during the period. Geode Capital Management LLC increased its position in MGM Resorts International by 7.6% in the fourth quarter. Geode Capital Management LLC now owns 9,304,118 shares of the company’s stock worth $309,007,000 after buying an additional 653,416 shares during the period. Bank of New York Mellon Corp increased its position in MGM Resorts International by 10.0% in the fourth quarter. Bank of New York Mellon Corp now owns 7,870,497 shares of the company’s stock worth $261,850,000 after buying an additional 718,276 shares during the period. Renaissance Technologies LLC increased its position in MGM Resorts International by 23.2% in the fourth quarter. Renaissance Technologies LLC now owns 5,793,540 shares of the company’s stock worth $192,751,000 after buying an additional 1,090,900 shares during the period. Finally, Norges Bank acquired a new stake in MGM Resorts International in the fourth quarter worth $160,950,000. 84.38% of the stock is currently owned by hedge funds and other institutional investors.

Shares of MGM stock opened at $15.90 on Friday. The stock has a 50-day simple moving average of $14.19 and a 200 day simple moving average of $24.96. MGM Resorts International has a fifty-two week low of $5.90 and a fifty-two week high of $34.63. The stock has a market capitalization of $8.14 billion, a P/E ratio of 2.86 and a beta of 2.22. The company has a quick ratio of 2.85, a current ratio of 2.89 and a debt-to-equity ratio of 1.51.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Thursday, April 30th. The company reported ($0.45) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.32) by ($0.13). MGM Resorts International had a net margin of 23.59% and a return on equity of 0.81%. The firm had revenue of $2.25 billion for the quarter, compared to the consensus estimate of $2.26 billion. During the same period in the prior year, the business earned $0.12 EPS. The company’s quarterly revenue was down 29.1% compared to the same quarter last year. On average, sell-side analysts anticipate that MGM Resorts International will post -3.12 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Wednesday, June 10th will be given a $0.002 dividend. The ex-dividend date of this dividend is Tuesday, June 9th. This represents a $0.01 dividend on an annualized basis and a dividend yield of 0.05%. MGM Resorts International’s dividend payout ratio (DPR) is 77.92%.

In related news, Director Keith A. Meister purchased 500,000 shares of the firm’s stock in a transaction that occurred on Monday, March 30th. The stock was acquired at an average price of $11.80 per share, for a total transaction of $5,900,000.00. Following the transaction, the director now directly owns 19,266 shares of the company’s stock, valued at approximately $227,338.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gregory M. Spierkel purchased 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 9th. The stock was bought at an average price of $14.70 per share, with a total value of $73,500.00. Following the transaction, the director now directly owns 5,000 shares in the company, valued at $73,500. The disclosure for this purchase can be found here. Insiders purchased a total of 834,832 shares of company stock valued at $10,178,535 in the last quarter. 5.06% of the stock is currently owned by corporate insiders.

A number of research analysts have recently commented on MGM shares. Deutsche Bank reissued a “hold” rating and set a $13.00 price target on shares of MGM Resorts International in a report on Friday, May 1st. Stifel Nicolaus lowered their price target on MGM Resorts International from $38.00 to $20.00 and set a “hold” rating on the stock in a report on Friday, May 1st. Credit Suisse Group started coverage on MGM Resorts International in a report on Thursday. They set a “neutral” rating and a $15.00 price target on the stock. TheStreet raised MGM Resorts International from a “c” rating to a “b+” rating in a report on Wednesday, February 12th. Finally, Argus lowered MGM Resorts International from a “buy” rating to a “hold” rating in a report on Thursday, March 12th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $20.67.

MGM Resorts International Company Profile

MGM Resorts International, through its subsidiaries, owns and operates integrated 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.

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

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