Kovitz Investment Group Partners LLC Sells 34,521 Shares of MGM Resorts International (NYSE:MGM)

Kovitz Investment Group Partners LLC decreased its stake in MGM Resorts International (NYSE:MGMFree Report) by 59.4% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 23,579 shares of the company’s stock after selling 34,521 shares during the period. Kovitz Investment Group Partners LLC’s holdings in MGM Resorts International were worth $867,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Fifth Third Bancorp boosted its position in MGM Resorts International by 2.4% during the third quarter. Fifth Third Bancorp now owns 12,173 shares of the company’s stock worth $447,000 after purchasing an additional 289 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in MGM Resorts International by 0.4% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 80,324 shares of the company’s stock valued at $2,953,000 after acquiring an additional 302 shares during the period. Brown Advisory Inc. raised its holdings in MGM Resorts International by 1.3% during the 3rd quarter. Brown Advisory Inc. now owns 23,233 shares of the company’s stock valued at $854,000 after acquiring an additional 309 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors lifted its position in shares of MGM Resorts International by 2.5% during the second quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 12,745 shares of the company’s stock worth $560,000 after acquiring an additional 310 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC boosted its holdings in shares of MGM Resorts International by 1.0% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 34,193 shares of the company’s stock worth $1,257,000 after acquiring an additional 336 shares during the period. 66.46% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider John Mcmanus sold 10,000 shares of MGM Resorts International stock in a transaction on Tuesday, December 12th. The shares were sold at an average price of $43.45, for a total value of $434,500.00. Following the transaction, the insider now directly owns 73,695 shares of the company’s stock, valued at $3,202,047.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider John Mcmanus sold 10,000 shares of the business’s stock in a transaction dated Tuesday, December 12th. The stock was sold at an average price of $43.45, for a total transaction of $434,500.00. Following the transaction, the insider now owns 73,695 shares in the company, valued at approximately $3,202,047.75. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Corey Ian Sanders sold 30,000 shares of MGM Resorts International stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $44.82, for a total value of $1,344,600.00. Following the completion of the sale, the chief operating officer now owns 227,674 shares in the company, valued at $10,204,348.68. The disclosure for this sale can be found here. Insiders have sold 50,000 shares of company stock valued at $2,229,100 in the last ninety days. Company insiders own 2.39% of the company’s stock.

Analyst Upgrades and Downgrades

MGM has been the topic of several research analyst reports. Morgan Stanley decreased their price target on shares of MGM Resorts International from $42.00 to $40.00 and set an “equal weight” rating on the stock in a report on Monday, November 13th. Truist Financial reaffirmed a “buy” rating and issued a $55.00 price target on shares of MGM Resorts International in a report on Tuesday, December 5th. HSBC started coverage on MGM Resorts International in a research report on Monday, October 23rd. They set a “buy” rating and a $49.00 price target for the company. Wells Fargo & Company decreased their price objective on shares of MGM Resorts International from $58.00 to $54.00 and set an “overweight” rating on the stock in a research report on Thursday, November 9th. Finally, Stifel Nicolaus cut their price target on shares of MGM Resorts International from $59.00 to $55.00 and set a “buy” rating for the company in a research note on Thursday, November 9th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, MGM Resorts International presently has an average rating of “Moderate Buy” and an average target price of $56.12.

Read Our Latest Stock Analysis on MGM Resorts International

MGM Resorts International Stock Performance

MGM Resorts International stock opened at $46.74 on Monday. The firm has a fifty day simple moving average of $43.64 and a two-hundred day simple moving average of $41.55. The company has a quick ratio of 1.73, a current ratio of 1.78 and a debt-to-equity ratio of 1.47. MGM Resorts International has a twelve month low of $34.12 and a twelve month high of $51.35. The company has a market capitalization of $15.97 billion, a PE ratio of 15.90 and a beta of 2.19.

MGM Resorts International declared that its board has authorized a share repurchase program on Wednesday, November 8th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to buy up to 14.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its shares are undervalued.

MGM Resorts International Company Profile

(Free Report)

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and Macau. 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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Institutional Ownership by Quarter for MGM Resorts International (NYSE:MGM)

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