Granite Investment Partners LLC Lowers Stake in MGM Resorts International (NYSE:MGM)

Granite Investment Partners LLC trimmed its position in shares of MGM Resorts International (NYSE:MGM - Free Report) by 93.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 13,447 shares of the company's stock after selling 200,387 shares during the period. Granite Investment Partners LLC's holdings in MGM Resorts International were worth $466,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Rockefeller Capital Management L.P. grew its position in shares of MGM Resorts International by 3.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 21,505 shares of the company's stock valued at $751,000 after purchasing an additional 720 shares in the last quarter. Sterling Capital Management LLC lifted its holdings in shares of MGM Resorts International by 54.3% in the fourth quarter. Sterling Capital Management LLC now owns 13,849 shares of the company's stock worth $480,000 after buying an additional 4,876 shares in the last quarter. Covestor Ltd boosted its position in shares of MGM Resorts International by 260.1% in the fourth quarter. Covestor Ltd now owns 1,923 shares of the company's stock valued at $67,000 after acquiring an additional 1,389 shares during the period. Raymond James Financial Inc. bought a new stake in MGM Resorts International during the 4th quarter worth approximately $20,053,000. Finally, Applied Finance Capital Management LLC bought a new position in MGM Resorts International in the 4th quarter valued at $253,000. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Wedbush reiterated an "outperform" rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Stifel Nicolaus increased their price target on shares of MGM Resorts International from $47.00 to $50.00 and gave the stock a "buy" rating in a research note on Thursday, February 13th. Capital One Financial increased their price objective on MGM Resorts International from $52.00 to $56.00 and gave the company an "overweight" rating in a research report on Wednesday, February 12th. Needham & Company LLC reaffirmed a "buy" rating on shares of MGM Resorts International in a report on Thursday, February 13th. Finally, Leerink Partners downgraded shares of MGM Resorts International to a "market perform" rating in a research report on Thursday, February 13th. Six research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $50.71.

MGM Resorts International Price Performance

Shares of MGM Resorts International stock traded up $0.43 on Friday, hitting $28.89. 4,333,562 shares of the company traded hands, compared to its average volume of 4,613,043. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $47.26. The business has a 50-day simple moving average of $32.23 and a 200 day simple moving average of $35.00. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30. The stock has a market capitalization of $8.18 billion, a P/E ratio of 12.04, a price-to-earnings-growth ratio of 0.98 and a beta of 1.96.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.45 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%. Research analysts expect that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

About MGM Resorts International

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.