3,124,416 Shares in MGM Resorts International (NYSE:MGM) Bought by Norges Bank

Norges Bank acquired a new stake in shares of MGM Resorts International (NYSE:MGM) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 3,124,416 shares of the company’s stock, valued at approximately $139,599,000.

A number of other hedge funds have also recently bought and sold shares of MGM. Regatta Capital Group LLC lifted its position in shares of MGM Resorts International by 1.8% during the fourth quarter. Regatta Capital Group LLC now owns 13,753 shares of the company’s stock valued at $614,000 after purchasing an additional 247 shares in the last quarter. Sandy Spring Bank lifted its position in shares of MGM Resorts International by 33.7% during the 4th quarter. Sandy Spring Bank now owns 1,143 shares of the company’s stock worth $51,000 after buying an additional 288 shares in the last quarter. Kingswood Wealth Advisors LLC boosted its stake in shares of MGM Resorts International by 3.1% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 9,587 shares of the company’s stock worth $428,000 after buying an additional 292 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of MGM Resorts International by 0.4% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 80,324 shares of the company’s stock worth $2,953,000 after buying an additional 302 shares during the last quarter. Finally, 180 Wealth Advisors LLC grew its holdings in shares of MGM Resorts International by 2.7% in the fourth quarter. 180 Wealth Advisors LLC now owns 11,731 shares of the company’s stock valued at $534,000 after acquiring an additional 312 shares in the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Alexis Herman sold 4,344 shares of the company’s stock in a transaction on Friday, May 17th. The shares were sold at an average price of $41.50, for a total value of $180,276.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other MGM Resorts International news, Director Alexis Herman sold 4,344 shares of MGM Resorts International stock in a transaction that occurred 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 legal filing with the SEC, which can be accessed through the SEC website. Also, Director Keith A. Meister sold 325,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $42.90, for a total value of $13,942,500.00. Following the completion of the sale, the director now owns 6,098,778 shares of the company’s stock, valued at approximately $261,637,576.20. The disclosure for this sale can be found here. Insiders sold 333,688 shares of company stock worth $14,300,967 in the last quarter. 2.13% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on MGM. StockNews.com cut MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Friday, May 10th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of MGM Resorts International from $50.00 to $52.00 and gave the stock a “buy” rating in a report on Wednesday, February 14th. Morgan Stanley raised their price objective on shares of MGM Resorts International from $45.00 to $46.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 9th. Bank Of America (Bofa) increased their price objective on MGM Resorts International from $45.00 to $50.00 and gave the company a “neutral” rating in a report on Wednesday, February 14th. Finally, Barclays raised their price objective on shares of MGM Resorts International from $55.00 to $56.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. Three investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $54.83.

MGM Resorts International Trading Down 3.2 %

Shares of MGM stock opened at $38.93 on Friday. The company has a market capitalization of $12.21 billion, a PE ratio of 14.97, a price-to-earnings-growth ratio of 0.89 and a beta of 2.22. MGM Resorts International has a 52-week low of $34.12 and a 52-week high of $51.35. The business’s fifty day moving average is $43.04 and its 200 day moving average is $42.73. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.46 and a current ratio of 1.51.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, May 1st. The company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.18. MGM Resorts International had a net margin of 5.35% and a return on equity of 23.62%. The firm had revenue of $4.38 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same quarter in the prior year, the firm earned $0.44 EPS. The business’s revenue for the quarter was up 13.2% compared to the same quarter last year. On average, equities research analysts anticipate that MGM Resorts International will post 2.9 EPS for the current fiscal year.

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.