Kovitz Investment Group Partners LLC Acquires 23,428 Shares of MGM Resorts International (NYSE:MGM)

Kovitz Investment Group Partners LLC increased its holdings in MGM Resorts International (NYSE:MGM) by 9.9% during the 1st quarter, HoldingsChannel.com reports. The firm owned 260,913 shares of the company’s stock after purchasing an additional 23,428 shares during the period. Kovitz Investment Group Partners LLC’s holdings in MGM Resorts International were worth $7,733,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Mascagni Wealth Management Inc. bought a new stake in shares of MGM Resorts International in the fourth quarter worth $28,000. Golden State Wealth Management LLC grew its stake in shares of MGM Resorts International by 83.5% in the first quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company’s stock worth $30,000 after purchasing an additional 455 shares during the last quarter. True Wealth Design LLC bought a new stake in shares of MGM Resorts International in the fourth quarter worth $33,000. CX Institutional bought a new stake in MGM Resorts International during the first quarter valued at $36,000. Finally, Bayforest Capital Ltd bought a new stake in MGM Resorts International during the first quarter valued at $43,000. Institutional investors own 68.11% of the company’s stock.

MGM Resorts International Trading Down 1.1%

MGM opened at $35.92 on Friday. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.22 and a quick ratio of 1.18. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $42.53. The firm has a market capitalization of $9.78 billion, a PE ratio of 19.74, a P/E/G ratio of 1.71 and a beta of 1.81. The company’s 50-day moving average is $35.85 and its 200 day moving average is $33.55.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.21. MGM Resorts International had a net margin of 3.13% and a return on equity of 19.39%. The company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.28 billion. During the same quarter in the prior year, the business posted $0.86 EPS. The firm’s revenue was up 1.8% compared to the same quarter last year. As a group, research analysts predict that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International announced that its board has approved a stock buyback plan on Wednesday, April 30th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to reacquire up to 22.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

MGM has been the topic of a number of research analyst reports. JPMorgan Chase & Co. initiated coverage on shares of MGM Resorts International in a research report on Monday, June 23rd. They set a “neutral” rating and a $38.00 price target on the stock. Citizens Jmp cut shares of MGM Resorts International from an “outperform” rating to a “market perform” rating in a research report on Thursday, June 26th. Morgan Stanley upped their price target on shares of MGM Resorts International from $38.00 to $41.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 6th. Stifel Nicolaus upped their price target on shares of MGM Resorts International from $48.00 to $50.00 and gave the company a “buy” rating in a research report on Thursday, July 31st. Finally, UBS Group upped their price target on shares of MGM Resorts International from $37.00 to $42.00 and gave the company a “neutral” rating in a research report on Tuesday, July 8th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, MGM Resorts International presently has a consensus rating of “Moderate Buy” and an average price target of $48.72.

Insider Buying and Selling at MGM Resorts International

In related news, Director Keith A. Meister sold 60,000 shares of the company’s stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $32.09, for a total value of $1,925,400.00. Following the sale, the director owned 5,627,478 shares in the company, valued at $180,585,769.02. This represents a 1.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 3.06% of the stock is owned by corporate insiders.

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.