Artisan Partners Limited Partnership Has $28.41 Million Holdings in MGM Resorts International (NYSE:MGM)

Artisan Partners Limited Partnership cut its holdings in shares of MGM Resorts International (NYSE:MGM - Free Report) by 1.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 819,781 shares of the company's stock after selling 16,080 shares during the period. Artisan Partners Limited Partnership owned about 0.28% of MGM Resorts International worth $28,405,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of MGM. Korea Investment CORP grew its stake in MGM Resorts International by 964.3% during the 4th quarter. Korea Investment CORP now owns 145,287 shares of the company's stock valued at $5,034,000 after purchasing an additional 131,636 shares in the last quarter. Banco BTG Pactual S.A. purchased a new position in shares of MGM Resorts International during the 4th quarter valued at approximately $599,000. Signature Estate & Investment Advisors LLC bought a new stake in shares of MGM Resorts International in the fourth quarter worth $275,000. American Century Companies Inc. raised its holdings in MGM Resorts International by 1.9% in the fourth quarter. American Century Companies Inc. now owns 38,941 shares of the company's stock valued at $1,349,000 after acquiring an additional 708 shares in the last quarter. Finally, Virtu Financial LLC raised its holdings in MGM Resorts International by 5.0% in the fourth quarter. Virtu Financial LLC now owns 17,215 shares of the company's stock valued at $596,000 after acquiring an additional 814 shares in the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

Remove Ads

Insider Activity

In other MGM Resorts International news, CFO Jonathan S. Halkyard acquired 10,000 shares of the stock in a transaction dated Thursday, March 6th. The shares were bought at an average price of $32.17 per share, with a total value of $321,700.00. Following the purchase, the chief financial officer now directly owns 75,648 shares of the company's stock, valued at approximately $2,433,596.16. This trade represents a 15.23 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Todd Meinert sold 6,000 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total transaction of $227,040.00. Following the sale, the chief accounting officer now directly owns 18,301 shares of the company's stock, valued at approximately $692,509.84. This represents a 24.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.13% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on MGM shares. Susquehanna Bancshares boosted their target price on shares of MGM Resorts International from $53.00 to $56.00 in a research report on Wednesday, February 12th. Capital One Financial boosted their price objective on MGM Resorts International from $52.00 to $56.00 and gave the company an "overweight" rating in a report on Wednesday, February 12th. Morgan Stanley increased their target price on MGM Resorts International from $39.00 to $41.00 and gave the stock an "equal weight" rating in a report on Monday, February 24th. Stifel Nicolaus boosted their price target on MGM Resorts International from $47.00 to $50.00 and gave the company a "buy" rating in a report on Thursday, February 13th. Finally, Macquarie restated an "outperform" rating and set a $50.00 price objective on shares of MGM Resorts International in a research note on Thursday, February 13th. Six research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, MGM Resorts International currently has an average rating of "Moderate Buy" and a consensus target price of $51.29.

MGM Resorts International Price Performance

MGM stock traded up $0.10 during trading on Tuesday, hitting $29.74. The company had a trading volume of 3,838,462 shares, compared to its average volume of 4,358,373. The firm has a market capitalization of $8.49 billion, a price-to-earnings ratio of 12.39, a P/E/G ratio of 0.98 and a beta of 2.18. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73. The business has a 50 day moving average of $33.84 and a 200 day moving average of $35.90. MGM Resorts International has a fifty-two week low of $28.63 and a fifty-two week high of $48.25.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.08. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. As a group, research analysts predict that MGM Resorts International will post 2.21 earnings per share for the current year.

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.