Illinois Municipal Retirement Fund Raises Stock Position in MGM Resorts International (NYSE:MGM)

Illinois Municipal Retirement Fund lifted its stake in shares of MGM Resorts International (NYSE:MGM) by 70.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 46,388 shares of the company’s stock after buying an additional 19,142 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in MGM Resorts International were worth $2,073,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. MCF Advisors LLC raised its position in MGM Resorts International by 11.2% in the 4th quarter. MCF Advisors LLC now owns 16,242 shares of the company’s stock valued at $726,000 after purchasing an additional 1,635 shares during the last quarter. OLD National Bancorp IN grew its stake in shares of MGM Resorts International by 36.7% during the 4th quarter. OLD National Bancorp IN now owns 8,085 shares of the company’s stock worth $361,000 after purchasing an additional 2,169 shares during the period. Signaturefd LLC grew its stake in shares of MGM Resorts International by 3.1% during the 4th quarter. Signaturefd LLC now owns 14,049 shares of the company’s stock worth $628,000 after purchasing an additional 425 shares during the period. Lindbrook Capital LLC boosted its position in shares of MGM Resorts International by 12.9% in the 4th quarter. Lindbrook Capital LLC now owns 3,282 shares of the company’s stock worth $147,000 after buying an additional 375 shares in the last quarter. Finally, abrdn plc boosted its position in shares of MGM Resorts International by 45.4% in the 4th quarter. abrdn plc now owns 126,372 shares of the company’s stock worth $5,646,000 after buying an additional 39,438 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Stock Down 1.2 %

Shares of NYSE:MGM opened at $42.18 on Friday. The company has a quick ratio of 1.53, a current ratio of 1.57 and a debt-to-equity ratio of 1.46. MGM Resorts International has a 52-week low of $34.12 and a 52-week high of $51.35. The company has a 50 day moving average of $43.76 and a two-hundred day moving average of $42.09. The company has a market capitalization of $13.37 billion, a price-to-earnings ratio of 13.31, a price-to-earnings-growth ratio of 1.76 and a beta of 2.19.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Tuesday, February 13th. The company reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.39. MGM Resorts International had a net margin of 7.07% and a return on equity of 20.51%. The business had revenue of $4.38 billion during the quarter, compared to the consensus estimate of $4.14 billion. During the same quarter last year, the company earned $0.69 earnings per share. The business’s quarterly revenue was up 21.8% compared to the same quarter last year. As a group, analysts forecast that MGM Resorts International will post 2.46 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MGM. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of MGM Resorts International from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday, February 14th. Bank Of America (Bofa) boosted their price objective on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 14th. JPMorgan Chase & Co. boosted their price objective on shares of MGM Resorts International from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 14th. Barclays decreased their price objective on shares of MGM Resorts International from $57.00 to $55.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 14th. Finally, JMP Securities restated a “market outperform” rating and issued a $57.00 target price on shares of MGM Resorts International in a report on Wednesday, February 14th. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $55.34.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 325,000 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $42.90, for a total value of $13,942,500.00. Following the sale, the director now directly owns 6,098,778 shares in the company, valued at $261,637,576.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.13% of the company’s stock.

MGM Resorts International Company Profile

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. 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.