Edgestream Partners L.P. Buys Shares of 17,239 MGM Resorts International (NYSE:MGM)

Edgestream Partners L.P. bought a new position in MGM Resorts International (NYSE:MGM) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 17,239 shares of the company’s stock, valued at approximately $766,000.

Several other institutional investors have also made changes to their positions in the company. Capital World Investors raised its position in MGM Resorts International by 17.7% during the fourth quarter. Capital World Investors now owns 6,551,310 shares of the company’s stock valued at $292,713,000 after acquiring an additional 984,617 shares in the last quarter. Hsbc Holdings PLC grew its position in MGM Resorts International by 112.1% in the fourth quarter. Hsbc Holdings PLC now owns 1,505,982 shares of the company’s stock worth $67,466,000 after acquiring an additional 795,920 shares in the last quarter. Goldentree Asset Management LP acquired a new position in shares of MGM Resorts International during the 1st quarter worth $35,726,000. Boston Partners raised its holdings in shares of MGM Resorts International by 12.6% during the 1st quarter. Boston Partners now owns 6,111,930 shares of the company’s stock valued at $286,933,000 after purchasing an additional 684,676 shares in the last quarter. Finally, LSV Asset Management acquired a new stake in shares of MGM Resorts International in the 2nd quarter valued at $21,149,000. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Trading Down 1.2 %

MGM Resorts International stock opened at $37.31 on Friday. The business has a 50 day moving average price of $38.92 and a two-hundred day moving average price of $41.21. The company has a quick ratio of 1.42, a current ratio of 1.47 and a debt-to-equity ratio of 1.65. MGM Resorts International has a 12 month low of $33.44 and a 12 month high of $48.24. The stock has a market cap of $11.70 billion, a price-to-earnings ratio of 14.35, a price-to-earnings-growth 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 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.20. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. The business had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.21 billion. During the same period in the prior year, the company posted $0.59 earnings per share. MGM Resorts International’s revenue was up 9.8% on a year-over-year basis. As a group, equities analysts forecast that MGM Resorts International will post 2.68 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have commented on MGM. Susquehanna increased their target price on shares of MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a research report on Thursday, August 1st. Macquarie lowered their price objective on MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. JMP Securities decreased their target price on MGM Resorts International from $59.00 to $57.00 and set a “market outperform” rating for the company in a research report on Thursday, August 1st. Wells Fargo & Company reduced their price objective on shares of MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Finally, Stifel Nicolaus raised their target price on shares of MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, MGM Resorts International currently has an average rating of “Moderate Buy” and a consensus target price of $53.93.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, Director Paul J. Salem bought 147,500 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were acquired at an average price of $33.80 per share, with a total value of $4,985,500.00. Following the completion of the purchase, the director now directly owns 1,702,500 shares in the company, valued at approximately $57,544,500. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Keith A. Meister sold 121,000 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $36.72, for a total value of $4,443,120.00. Following the sale, the director now owns 5,738,478 shares in the company, valued at approximately $210,716,912.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paul J. Salem bought 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, for a total transaction of $4,985,500.00. Following the acquisition, the director now owns 1,702,500 shares in the company, valued at approximately $57,544,500. The disclosure for this purchase can be found here. In the last three months, insiders acquired 216,400 shares of company stock valued at $7,312,197. Company 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.