Savoir Faire Capital Management L.P. Acquires 22,660 Shares of MGM Resorts International $MGM

Savoir Faire Capital Management L.P. grew its holdings in shares of MGM Resorts International (NYSE:MGM) by 46.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 71,368 shares of the company’s stock after buying an additional 22,660 shares during the quarter. Savoir Faire Capital Management L.P.’s holdings in MGM Resorts International were worth $2,474,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. CYBER HORNET ETFs LLC purchased a new stake in MGM Resorts International during the second quarter valued at approximately $25,000. Mendota Financial Group LLC bought a new position in shares of MGM Resorts International during the 3rd quarter valued at approximately $27,000. Mather Group LLC. bought a new position in shares of MGM Resorts International during the 3rd quarter valued at approximately $33,000. Employees Retirement System of Texas purchased a new stake in MGM Resorts International during the 2nd quarter valued at $45,000. Finally, Assetmark Inc. raised its holdings in MGM Resorts International by 120.3% during 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 own 68.11% of the company’s stock.

Insider Transactions at MGM Resorts International

In other news, major shareholder Iac Inc. acquired 1,098,748 shares of the company’s stock in a transaction that occurred on Friday, December 5th. The shares were bought at an average price of $36.30 per share, with a total value of $39,884,552.40. Following the completion of the purchase, the insider directly owned 65,822,350 shares in the company, valued at $2,389,351,305. This trade represents a 1.70% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.06% of the stock is currently owned by company insiders.

MGM Resorts International Trading Down 1.1%

MGM stock opened at $34.05 on Monday. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $41.32. The firm’s 50-day moving average is $35.28 and its 200 day moving average is $35.22. The company has a market capitalization of $9.31 billion, a PE ratio of 212.83 and a beta of 1.46. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.23 and a quick ratio of 1.19.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, October 29th. The company reported $0.24 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.13). The company had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $4.24 billion. MGM Resorts International had a return on equity of 17.23% and a net margin of 0.40%.MGM Resorts International’s revenue was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.54 earnings per share. On average, research analysts anticipate that MGM Resorts International will post 2.21 EPS for the current year.

Wall Street Analyst Weigh In

MGM has been the topic of a number of analyst reports. UBS Group cut their price objective on shares of MGM Resorts International from $39.00 to $37.00 and set a “neutral” rating on the stock in a research report on Monday, November 17th. Citigroup dropped their price target on shares of MGM Resorts International from $51.00 to $47.50 and set a “buy” rating for the company in a research note on Thursday, October 30th. The Goldman Sachs Group reiterated a “sell” rating and set a $33.00 price target on shares of MGM Resorts International in a report on Monday, December 15th. Macquarie decreased their price objective on shares of MGM Resorts International from $48.00 to $46.00 and set an “outperform” rating for the company in a research note on Thursday, October 2nd. Finally, Stifel Nicolaus set a $45.00 target price on MGM Resorts International in a research report on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, ten have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $44.68.

MGM Resorts International 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.