Savoir Faire Capital Management L.P. Has $1.68 Million Position in MGM Resorts International $MGM

Savoir Faire Capital Management L.P. raised its holdings in MGM Resorts International (NYSE:MGM) by 35.0% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 48,708 shares of the company’s stock after acquiring an additional 12,621 shares during the quarter. Savoir Faire Capital Management L.P.’s holdings in MGM Resorts International were worth $1,675,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MGM. Vontobel Holding Ltd. lifted its stake in MGM Resorts International by 74.6% in the first quarter. Vontobel Holding Ltd. now owns 21,778 shares of the company’s stock valued at $646,000 after acquiring an additional 9,304 shares during the last quarter. Key Colony Management LLC increased its stake in shares of MGM Resorts International by 9.8% during the 2nd quarter. Key Colony Management LLC now owns 615,000 shares of the company’s stock worth $21,150,000 after purchasing an additional 55,000 shares during the last quarter. D.A. Davidson & CO. increased its stake in shares of MGM Resorts International by 3.7% during the 1st quarter. D.A. Davidson & CO. now owns 303,470 shares of the company’s stock worth $8,995,000 after purchasing an additional 10,690 shares during the last quarter. Ground Swell Capital LLC acquired a new position in shares of MGM Resorts International during the 1st quarter worth about $248,000. Finally, Chemistry Wealth Management LLC increased its stake in shares of MGM Resorts International by 147.4% during the 2nd quarter. Chemistry Wealth Management LLC now owns 20,536 shares of the company’s stock worth $706,000 after purchasing an additional 12,236 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Stock Performance

Shares of MGM stock opened at $30.68 on Friday. The company has a market capitalization of $8.35 billion, a price-to-earnings ratio of 191.74, a PEG ratio of 1.40 and a beta of 1.67. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.18 and a current ratio of 1.22. The company has a 50-day simple moving average of $34.83 and a 200 day simple moving average of $34.35. 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 announced its earnings results on Wednesday, October 29th. The company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.13). The company had revenue of $4.25 billion for the quarter, compared to the consensus estimate of $4.24 billion. MGM Resorts International had a return on equity of 16.95% and a net margin of 0.40%.The business’s quarterly revenue was up 1.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.54 EPS. On average, sell-side analysts predict that MGM Resorts International will post 2.21 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. UBS Group lowered their price objective on shares of MGM Resorts International from $44.00 to $39.00 and set a “neutral” rating on the stock in a research note on Thursday, September 11th. Seaport Res Ptn lowered shares of MGM Resorts International from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 21st. Macquarie lowered their price objective on shares of MGM Resorts International from $48.00 to $46.00 and set an “outperform” rating on the stock in a research note on Thursday, October 2nd. Truist Financial lowered their price objective on shares of MGM Resorts International from $48.00 to $47.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, Mizuho set a $62.00 price objective on shares of MGM Resorts International in a research note on Thursday. Fourteen investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $47.58.

Insider Transactions at MGM Resorts International

In related news, Director Keith A. Meister sold 242,000 shares of the firm’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $35.42, for a total transaction of $8,571,640.00. Following the transaction, the director directly owned 5,385,478 shares of the company’s stock, valued at approximately $190,753,630.76. This trade represents a 4.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John Mcmanus sold 60,000 shares of the business’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $36.12, for a total transaction of $2,167,200.00. Following the completion of the sale, the insider directly owned 31,521 shares of the company’s stock, valued at $1,138,538.52. This represents a 65.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 3.06% of the stock is currently owned by company 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.