Edgestream Partners L.P. Acquires Shares of 11,608 MGM Resorts International (NYSE:MGM)

Edgestream Partners L.P. bought a new position in MGM Resorts International (NYSE:MGM - Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 11,608 shares of the company's stock, valued at approximately $344,000.

Several other institutional investors also recently modified their holdings of MGM. CWM LLC increased its holdings in MGM Resorts International by 48.0% during the first quarter. CWM LLC now owns 56,131 shares of the company's stock worth $1,664,000 after buying an additional 18,209 shares during the last quarter. New York State Common Retirement Fund grew its position in shares of MGM Resorts International by 4.4% during the 1st quarter. New York State Common Retirement Fund now owns 165,061 shares of the company's stock valued at $4,892,000 after acquiring an additional 6,900 shares during the period. Ballentine Partners LLC increased its stake in shares of MGM Resorts International by 32.3% during the 1st quarter. Ballentine Partners LLC now owns 8,667 shares of the company's stock worth $257,000 after purchasing an additional 2,114 shares during the last quarter. POM Investment Strategies LLC increased its stake in shares of MGM Resorts International by 145.5% during the 1st quarter. POM Investment Strategies LLC now owns 2,700 shares of the company's stock worth $80,000 after purchasing an additional 1,600 shares during the last quarter. Finally, Beverly Hills Private Wealth LLC bought a new stake in shares of MGM Resorts International in the 1st quarter worth approximately $1,311,000. 68.11% of the stock is owned by institutional investors.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 60,000 shares of MGM Resorts International stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $32.09, for a total transaction of $1,925,400.00. Following the completion of the sale, the director owned 5,627,478 shares of the company's stock, valued at $180,585,769.02. The trade was a 1.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Daniel J. Taylor sold 5,261 shares of the company's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total value of $183,766.73. The disclosure for this sale can be found here. Insiders have sold 105,261 shares of company stock valued at $3,486,367 in the last quarter. Insiders own 3.06% of the company's stock.

MGM Resorts International Price Performance

NYSE:MGM opened at $37.24 on Monday. The firm has a market capitalization of $10.13 billion, a price-to-earnings ratio of 16.63, a P/E/G ratio of 2.40 and a beta of 1.76. The company has a debt-to-equity ratio of 1.79, a quick ratio of 1.26 and a current ratio of 1.31. The stock has a fifty day moving average of $34.29 and a 200 day moving average of $33.08. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $45.54.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.50 by $0.19. The company had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.29 billion. MGM Resorts International had a return on equity of 20.64% and a net margin of 3.95%. MGM Resorts International's revenue was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.74 earnings per share. On average, research analysts expect that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International announced that its Board of Directors has initiated a stock buyback program on Wednesday, April 30th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to buy up to 22.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. started coverage on MGM Resorts International in a report on Monday, June 23rd. They set a "neutral" rating and a $38.00 price objective for the company. The Goldman Sachs Group began coverage on MGM Resorts International in a research report on Monday, July 7th. They set a "sell" rating and a $34.00 price target on the stock. JMP Securities reiterated a "market perform" rating on shares of MGM Resorts International in a research note on Thursday, June 26th. Macquarie lowered their price objective on MGM Resorts International from $50.00 to $48.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. Finally, Stifel Nicolaus upped their price objective on shares of MGM Resorts International from $44.00 to $48.00 and gave the company a "buy" rating in a report on Friday, July 11th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.00.

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.

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