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

Savoir Faire Capital Management L.P. increased its holdings in MGM Resorts International (NYSE:MGM) by 46.5% in the third quarter, Holdings Channel reports. The fund owned 71,368 shares of the company’s stock after purchasing 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 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in MGM. Corient Private Wealth LLC raised its stake in MGM Resorts International by 356.6% in the second quarter. Corient Private Wealth LLC now owns 528,526 shares of the company’s stock worth $18,176,000 after buying an additional 412,767 shares in the last quarter. American Assets Inc. increased its holdings in shares of MGM Resorts International by 66.7% in the 2nd quarter. American Assets Inc. now owns 30,000 shares of the company’s stock valued at $950,000 after acquiring an additional 12,000 shares during the period. WINTON GROUP Ltd bought a new position in shares of MGM Resorts International in the 2nd quarter worth $6,351,000. Permanent Capital Management LP purchased a new stake in shares of MGM Resorts International during the 3rd quarter worth $738,000. Finally, Goldentree Asset Management LP boosted its position in MGM Resorts International by 20.7% during the second quarter. Goldentree Asset Management LP now owns 5,402,092 shares of the company’s stock valued at $185,778,000 after purchasing an additional 924,810 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on MGM. Texas Capital upgraded shares of MGM Resorts International to a “strong-buy” rating in a report on Thursday, January 8th. Capital One Financial lowered their price target on shares of MGM Resorts International from $47.00 to $46.00 and set an “overweight” rating on the stock in a report on Friday, December 5th. Barclays set a $38.00 price objective on shares of MGM Resorts International and gave the stock an “equal weight” rating in a research report on Wednesday, December 17th. JPMorgan Chase & Co. increased their target price on shares of MGM Resorts International from $38.00 to $39.00 and gave the company a “neutral” rating in a research report on Friday, January 9th. Finally, Macquarie lowered their target price 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. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, ten have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $44.68.

Insider Activity

In other news, major shareholder Iac Inc. bought 1,098,748 shares of MGM Resorts International stock in a transaction that occurred on Friday, December 5th. The stock was bought at an average price of $36.30 per share, for a total transaction of $39,884,552.40. Following the purchase, the insider directly owned 65,822,350 shares of the company’s stock, valued at approximately $2,389,351,305. The trade was a 1.70% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 3.06% of the stock is currently owned by insiders.

MGM Resorts International Stock Performance

Shares of MGM Resorts International stock opened at $34.05 on Monday. The company has a 50 day moving average price of $35.28 and a 200 day moving average price of $35.22. The firm has a market capitalization of $9.31 billion, a P/E ratio of 212.83 and a beta of 1.46. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 1.80. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $41.32.

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

About MGM Resorts International

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.