Illinois Municipal Retirement Fund Cuts Stake in MGM Resorts International $MGM

Illinois Municipal Retirement Fund cut its holdings in shares of MGM Resorts International (NYSE:MGM) by 64.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 23,231 shares of the company’s stock after selling 41,838 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in MGM Resorts International were worth $805,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. CYBER HORNET ETFs LLC acquired a new stake in shares of MGM Resorts International in the second quarter valued at $25,000. Mendota Financial Group LLC acquired a new position in MGM Resorts International during the 3rd quarter worth $27,000. Mather Group LLC. purchased a new stake in MGM Resorts International during the 3rd quarter worth about $33,000. Employees Retirement System of Texas acquired a new stake in MGM Resorts International in the 2nd quarter valued at about $45,000. Finally, Assetmark Inc. boosted its stake in shares of MGM Resorts International by 120.3% in the 2nd quarter. Assetmark Inc. now owns 1,813 shares of the company’s stock valued at $62,000 after buying an additional 990 shares during the period. Institutional investors and hedge funds own 68.11% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on MGM. Wells Fargo & Company raised their target price on shares of MGM Resorts International from $29.00 to $31.00 and gave the company an “underweight” rating in a report on Friday, January 16th. Zacks Research raised shares of MGM Resorts International from a “strong sell” rating to a “hold” rating in a research report on Monday, December 22nd. Berenberg Bank reaffirmed a “buy” rating on shares of MGM Resorts International in a research report on Wednesday, February 11th. Susquehanna lowered their target price on shares of MGM Resorts International from $46.00 to $45.00 and set a “positive” rating for the company in a research note on Friday, February 6th. Finally, Truist Financial raised their price target on MGM Resorts International from $38.00 to $39.00 and gave the company a “hold” rating in a research note on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have assigned a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $41.94.

MGM Resorts International Price Performance

Shares of MGM opened at $36.47 on Friday. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.23 and a quick ratio of 1.20. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $40.16. The stock has a market cap of $9.33 billion, a PE ratio of 48.63 and a beta of 1.44. The firm has a fifty day moving average price of $35.59 and a 200 day moving average price of $34.92.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, February 4th. The company reported $1.60 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.96. The business had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.42 billion. MGM Resorts International had a return on equity of 26.04% and a net margin of 1.17%.During the same quarter in the previous year, the firm earned $0.45 earnings per share. As a group, sell-side analysts anticipate that MGM Resorts International will post 2.21 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Iac Inc. acquired 1,098,748 shares of the firm’s stock in a transaction dated Friday, December 5th. The stock was acquired at an average cost of $36.30 per share, with a total value of $39,884,552.40. Following the completion of the acquisition, the insider owned 65,822,350 shares of the company’s stock, valued at $2,389,351,305. The trade was a 1.70% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.06% of the company’s stock.

MGM Resorts International Company 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.