Texas Permanent School Fund Corp Grows Stock Position in MGM Resorts International $MGM

Texas Permanent School Fund Corp lifted its holdings in shares of MGM Resorts International (NYSE:MGM) by 105.8% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 49,002 shares of the company’s stock after acquiring an additional 25,186 shares during the period. Texas Permanent School Fund Corp’s holdings in MGM Resorts International were worth $1,685,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. CYBER HORNET ETFs LLC purchased a new stake in MGM Resorts International during the 2nd quarter worth approximately $25,000. Bayforest Capital Ltd acquired a new stake in shares of MGM Resorts International during the first quarter worth $43,000. MassMutual Private Wealth & Trust FSB grew its holdings in shares of MGM Resorts International by 66.9% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the company’s stock valued at $45,000 after buying an additional 529 shares during the last quarter. Employees Retirement System of Texas acquired a new position in shares of MGM Resorts International in the 2nd quarter valued at $45,000. Finally, Quarry LP raised its stake in MGM Resorts International by 24.1% in the 1st quarter. Quarry LP now owns 1,795 shares of the company’s stock worth $53,000 after acquiring an additional 349 shares during the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on MGM shares. Weiss Ratings reiterated a “sell (d)” rating on shares of MGM Resorts International in a research note on Monday, December 15th. JPMorgan Chase & Co. decreased their target price on MGM Resorts International from $41.00 to $38.00 and set a “neutral” rating for the company in a report on Thursday, October 30th. Wells Fargo & Company started coverage on shares of MGM Resorts International in a report on Tuesday, November 18th. They issued an “underweight” rating and a $29.00 price target on the stock. Morgan Stanley raised their price target on shares of MGM Resorts International from $41.00 to $43.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 11th. Finally, Zacks Research downgraded shares of MGM Resorts International from a “hold” rating to a “strong sell” rating in a report on Tuesday, November 4th. Twelve research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $45.31.

Insiders Place Their Bets

In other news, major shareholder Iac Inc. acquired 1,098,748 shares of the firm’s stock in a transaction on Friday, December 5th. The stock was acquired at an average price of $36.30 per share, for a total transaction of $39,884,552.40. Following the completion of the transaction, the insider owned 65,822,350 shares in the company, valued at approximately $2,389,351,305. The trade was a 1.70% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 3.06% of the company’s stock.

MGM Resorts International Trading Up 0.7%

MGM Resorts International stock opened at $37.56 on Tuesday. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 1.80. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $41.32. The stock’s 50 day simple moving average is $33.72 and its two-hundred day simple moving average is $35.07. The firm has a market cap of $10.27 billion, a PE ratio of 234.72, a P/E/G ratio of 2.46 and a beta of 1.48.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, October 29th. The company reported $0.24 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts’ expectations of $4.24 billion. During the same period last year, the firm earned $0.54 earnings per share. MGM Resorts International’s revenue for the quarter was up 1.6% compared to the same quarter last year. Analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current year.

About MGM Resorts International

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.