Granite Investment Partners LLC Has $10.08 Million Stock Position in MGM Resorts International (NYSE:MGM)

Granite Investment Partners LLC lowered its position in MGM Resorts International (NYSE:MGM) by 4.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 226,877 shares of the company’s stock after selling 9,740 shares during the period. Granite Investment Partners LLC’s holdings in MGM Resorts International were worth $10,082,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in MGM. International Assets Investment Management LLC acquired a new stake in MGM Resorts International in the 2nd quarter valued at $28,000. EverSource Wealth Advisors LLC lifted its stake in shares of MGM Resorts International by 60.7% in the first quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock valued at $41,000 after buying an additional 329 shares in the last quarter. UMB Bank n.a. grew its holdings in shares of MGM Resorts International by 33.3% during the second quarter. UMB Bank n.a. now owns 949 shares of the company’s stock valued at $42,000 after buying an additional 237 shares during the last quarter. Accent Capital Management LLC bought a new stake in shares of MGM Resorts International during the fourth quarter worth about $45,000. Finally, Mendota Financial Group LLC increased its position in shares of MGM Resorts International by 36.0% during the first quarter. Mendota Financial Group LLC now owns 1,004 shares of the company’s stock worth $47,000 after acquiring an additional 266 shares in the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

Insider Buying and Selling at MGM Resorts International

In other news, Director Paul J. Salem acquired 147,500 shares of the stock in a transaction dated Monday, August 5th. The stock was purchased at an average cost of $33.80 per share, with a total value of $4,985,500.00. Following the completion of the purchase, the director now owns 1,702,500 shares in the company, valued at approximately $57,544,500. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO William Hornbuckle purchased 58,900 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were acquired at an average price of $33.73 per share, for a total transaction of $1,986,697.00. Following the completion of the acquisition, the chief executive officer now directly owns 377,112 shares in the company, valued at approximately $12,719,987.76. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul J. Salem acquired 147,500 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was bought at an average price of $33.80 per share, with a total value of $4,985,500.00. Following the completion of the acquisition, the director now directly owns 1,702,500 shares in the company, valued at approximately $57,544,500. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 216,400 shares of company stock worth $7,312,197. 2.13% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

MGM has been the topic of a number of recent research reports. Morgan Stanley dropped their target price on MGM Resorts International from $44.00 to $43.00 and set an “equal weight” rating on the stock in a report on Wednesday, September 4th. Susquehanna lifted their price objective on shares of MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a report on Thursday, August 1st. BTIG Research began coverage on shares of MGM Resorts International in a research note on Wednesday, July 3rd. They issued a “buy” rating and a $52.00 target price for the company. Wells Fargo & Company dropped their price target on shares of MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. Finally, Macquarie reduced their price objective on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $53.93.

MGM Resorts International Trading Up 2.1 %

Shares of MGM stock opened at $37.75 on Friday. The business has a 50-day moving average of $39.26 and a 200 day moving average of $41.27. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.47 and a quick ratio of 1.42. MGM Resorts International has a 1-year low of $33.44 and a 1-year high of $48.24. The stock has a market capitalization of $11.84 billion, a PE ratio of 14.52, a P/E/G ratio of 0.64 and a beta of 2.22.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, July 31st. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.20. MGM Resorts International had a net margin of 5.15% and a return on equity of 26.36%. The firm had revenue of $4.33 billion for the quarter, compared to analysts’ expectations of $4.21 billion. During the same quarter last year, the business earned $0.59 earnings per share. The business’s revenue was up 9.8% on a year-over-year basis. As a group, sell-side analysts anticipate that MGM Resorts International will post 2.68 earnings per share for the current year.

MGM Resorts International 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.