New York State Common Retirement Fund Cuts Holdings in MGM Resorts International (NYSE:MGM)

New York State Common Retirement Fund trimmed its holdings in shares of MGM Resorts International (NYSE:MGM) by 3.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 914,200 shares of the company’s stock after selling 32,000 shares during the period. New York State Common Retirement Fund owned about 0.18% of MGM Resorts International worth $30,415,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of MGM. Price Wealth LLC purchased a new position in MGM Resorts International in the 4th quarter valued at approximately $38,000. NuWave Investment Management LLC increased its stake in MGM Resorts International by 436.9% in the 4th quarter. NuWave Investment Management LLC now owns 1,396 shares of the company’s stock valued at $46,000 after purchasing an additional 1,136 shares in the last quarter. Quadrant Capital Group LLC increased its stake in MGM Resorts International by 22.8% in the 4th quarter. Quadrant Capital Group LLC now owns 1,965 shares of the company’s stock valued at $57,000 after purchasing an additional 365 shares in the last quarter. Stephens Inc. AR increased its stake in MGM Resorts International by 33.6% in the 3rd quarter. Stephens Inc. AR now owns 2,193 shares of the company’s stock valued at $61,000 after purchasing an additional 552 shares in the last quarter. Finally, Jacobi Capital Management LLC increased its stake in MGM Resorts International by 258.9% in the 4th quarter. Jacobi Capital Management LLC now owns 1,877 shares of the company’s stock valued at $62,000 after purchasing an additional 1,354 shares in the last quarter. 81.58% of the stock is owned by institutional investors and hedge funds.

MGM Resorts International stock opened at $31.52 on Friday. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.84 and a current ratio of 0.87. The stock has a fifty day moving average of $32.62 and a two-hundred day moving average of $30.35. The company has a market capitalization of $16.58 billion, a price-to-earnings ratio of 7.96, a PEG ratio of 2.12 and a beta of 1.50. MGM Resorts International has a fifty-two week low of $23.68 and a fifty-two week high of $34.63.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.16). The company had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.21 billion. MGM Resorts International had a return on equity of 3.64% and a net margin of 15.89%. The business’s quarterly revenue was up 4.4% on a year-over-year basis. During the same period in the previous year, the business posted ($0.06) EPS. On average, analysts forecast that MGM Resorts International will post 1.49 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Tuesday, March 10th will be given a dividend of $0.15 per share. This is an increase from MGM Resorts International’s previous quarterly dividend of $0.13. The ex-dividend date is Monday, March 9th. This represents a $0.60 annualized dividend and a yield of 1.90%. MGM Resorts International’s dividend payout ratio (DPR) is presently 67.53%.

Several equities analysts recently weighed in on MGM shares. Roth Capital reaffirmed a “buy” rating on shares of MGM Resorts International in a research note on Thursday, October 31st. Morgan Stanley dropped their price objective on MGM Resorts International from $36.00 to $34.00 and set an “equal weight” rating for the company in a research note on Thursday. TheStreet raised MGM Resorts International from a “c” rating to a “b+” rating in a research note on Wednesday. Zacks Investment Research raised MGM Resorts International from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research note on Friday, February 7th. Finally, Barclays raised their price objective on MGM Resorts International from $37.00 to $40.00 and gave the company an “overweight” rating in a research note on Thursday, January 23rd. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $32.92.

About MGM Resorts International

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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