Wedge Capital Management L L P NC Acquires Shares of 74,580 MGM Resorts International (NYSE:MGM)

Wedge Capital Management L L P NC bought a new position in MGM Resorts International (NYSE:MGM) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 74,580 shares of the company’s stock, valued at approximately $3,314,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Texas Permanent School Fund Corp grew its stake in shares of MGM Resorts International by 0.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 56,487 shares of the company’s stock worth $2,667,000 after purchasing an additional 245 shares during the period. Mendota Financial Group LLC boosted its holdings in MGM Resorts International by 36.0% during the first quarter. Mendota Financial Group LLC now owns 1,004 shares of the company’s stock worth $47,000 after buying an additional 266 shares in the last quarter. Lindbrook Capital LLC grew its position in MGM Resorts International by 8.2% during the first quarter. Lindbrook Capital LLC now owns 3,550 shares of the company’s stock valued at $168,000 after buying an additional 268 shares during the period. Envestnet Portfolio Solutions Inc. increased its holdings in MGM Resorts International by 1.2% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 22,900 shares of the company’s stock valued at $1,018,000 after buying an additional 278 shares in the last quarter. Finally, Spire Wealth Management raised its position in shares of MGM Resorts International by 10.7% in the first quarter. Spire Wealth Management now owns 3,011 shares of the company’s stock worth $142,000 after acquiring an additional 291 shares during the period. 68.11% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on MGM shares. Morgan Stanley dropped their target price on MGM Resorts International from $47.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Friday, July 12th. Wells Fargo & Company cut their price objective on MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. Stifel Nicolaus increased their target price on MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. BTIG Research initiated coverage on shares of MGM Resorts International in a report on Wednesday, July 3rd. They issued a “buy” rating and a $52.00 price target for the company. Finally, Barclays increased their price objective on shares of MGM Resorts International from $55.00 to $56.00 and gave the company an “overweight” rating in a report on Thursday, May 2nd. Three equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, MGM Resorts International has an average rating of “Moderate Buy” and an average target price of $54.00.

MGM Resorts International Price Performance

MGM traded up $1.12 on Thursday, reaching $39.20. 4,142,119 shares of the company’s stock were exchanged, compared to its average volume of 4,003,196. The stock has a market cap of $12.30 billion, a PE ratio of 15.08, a P/E/G ratio of 0.77 and a beta of 2.24. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.47 and a quick ratio of 1.46. MGM Resorts International has a twelve month low of $33.44 and a twelve month high of $48.24. The stock’s fifty day moving average price is $41.57 and its 200-day moving average price is $42.38.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, July 31st. The company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.20. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. The business had revenue of $4.33 billion for the quarter, compared to analysts’ expectations of $4.21 billion. During the same period in the previous year, the firm posted $0.59 EPS. The business’s revenue for the quarter was up 9.8% compared to the same quarter last year. Sell-side analysts expect that MGM Resorts International will post 3 EPS for the current year.

Insiders Place Their Bets

In other MGM Resorts International news, Director Alexis Herman sold 4,344 shares of the firm’s stock in a transaction on Friday, May 17th. The stock was sold at an average price of $41.50, for a total value of $180,276.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other MGM Resorts International news, Director Paul J. Salem acquired 147,500 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was bought at an average cost of $33.80 per share, for a total transaction of $4,985,500.00. Following the completion of the transaction, the director now owns 1,702,500 shares of the company’s stock, valued at approximately $57,544,500. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Alexis Herman sold 4,344 shares of the firm’s stock in a transaction on Friday, May 17th. The stock was sold at an average price of $41.50, for a total value of $180,276.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 216,400 shares of company stock valued at $7,312,197 and have sold 147,988 shares valued at $5,991,759. 2.13% of the stock is currently owned by corporate insiders.

MGM Resorts International 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.