DnB Asset Management AS Sells 44,027 Shares of MGM Resorts International (NYSE:MGM)

DnB Asset Management AS lessened its holdings in MGM Resorts International (NYSE:MGM) by 49.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 45,884 shares of the company’s stock after selling 44,027 shares during the quarter. DnB Asset Management AS’s holdings in MGM Resorts International were worth $1,590,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. The Manufacturers Life Insurance Company grew its holdings in MGM Resorts International by 18.8% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 180,470 shares of the company’s stock worth $7,055,000 after acquiring an additional 28,568 shares during the period. FMR LLC grew its stake in shares of MGM Resorts International by 5.0% during the third quarter. FMR LLC now owns 1,681,699 shares of the company’s stock worth $65,738,000 after purchasing an additional 79,486 shares during the period. Townsquare Capital LLC acquired a new stake in shares of MGM Resorts International during the third quarter worth $259,000. Glenmede Trust Co. NA increased its holdings in MGM Resorts International by 37.1% in the third quarter. Glenmede Trust Co. NA now owns 7,201 shares of the company’s stock valued at $281,000 after purchasing an additional 1,948 shares during the last quarter. Finally, CreativeOne Wealth LLC boosted its holdings in MGM Resorts International by 18.9% during the third quarter. CreativeOne Wealth LLC now owns 5,824 shares of the company’s stock worth $228,000 after buying an additional 927 shares during the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

Insider Buying and Selling at MGM Resorts International

In other news, CAO Todd Meinert sold 6,000 shares of the company’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total value of $227,040.00. Following the sale, the chief accounting officer now directly owns 18,301 shares of the company’s stock, valued at approximately $692,509.84. This represents a 24.69 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Jonathan S. Halkyard purchased 10,000 shares of MGM Resorts International stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average price of $32.17 per share, with a total value of $321,700.00. Following the acquisition, the chief financial officer now directly owns 75,648 shares of the company’s stock, valued at $2,433,596.16. This trade represents a 15.23 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 2.13% of the company’s stock.

Analyst Upgrades and Downgrades

MGM has been the subject of a number of recent analyst reports. Morgan Stanley upped their price target on MGM Resorts International from $39.00 to $41.00 and gave the company an “equal weight” rating in a research note on Monday, February 24th. Argus upgraded shares of MGM Resorts International from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Friday, February 14th. Stifel Nicolaus lifted their price target on shares of MGM Resorts International from $47.00 to $50.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Citigroup upped their price objective on shares of MGM Resorts International from $48.00 to $50.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Finally, Susquehanna Bancshares lifted their target price on MGM Resorts International from $53.00 to $56.00 in a report on Wednesday, February 12th. Six equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $51.29.

MGM Resorts International Stock Performance

Shares of MGM opened at $29.93 on Wednesday. The stock has a market capitalization of $8.55 billion, a price-to-earnings ratio of 12.47, a PEG ratio of 0.98 and a beta of 2.18. MGM Resorts International has a 12 month low of $28.63 and a 12 month high of $47.45. The firm has a fifty day simple moving average of $33.77 and a 200 day simple moving average of $35.85. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.08. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. Research analysts forecast that MGM Resorts International will post 2.21 EPS for the current fiscal year.

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.