DnB Asset Management AS Decreases Stake in MGM Resorts International (NYSE:MGM)

DnB Asset Management AS trimmed its holdings in shares of MGM Resorts International (NYSE:MGM - Free Report) by 49.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm 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 quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Assetmark Inc. boosted its holdings in MGM Resorts International by 104.1% in the 4th quarter. Assetmark Inc. now owns 806 shares of the company's stock worth $28,000 after buying an additional 411 shares during the period. Global Trust Asset Management LLC purchased a new position in MGM Resorts International in the 4th quarter worth approximately $28,000. Global Retirement Partners LLC boosted its stake in MGM Resorts International by 47.8% in the 4th quarter. Global Retirement Partners LLC now owns 1,250 shares of the company's stock worth $43,000 after purchasing an additional 404 shares during the period. Modus Advisors LLC purchased a new stake in MGM Resorts International during the 4th quarter valued at approximately $46,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of MGM Resorts International in the third quarter worth $55,000. 68.11% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Jonathan S. Halkyard bought 10,000 shares of the stock in a transaction on Thursday, March 6th. The stock was bought at an average cost of $32.17 per share, for a total transaction of $321,700.00. Following the completion of the purchase, the chief financial officer now directly owns 75,648 shares in the company, valued at approximately $2,433,596.16. The trade was a 15.23 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Todd Meinert sold 6,000 shares of the company's stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total value of $227,040.00. Following the transaction, the chief accounting officer now directly owns 18,301 shares in the company, valued at approximately $692,509.84. The trade was a 24.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.13% of the stock is owned by company insiders.

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MGM Resorts International Trading Down 3.7 %

Shares of MGM traded down $1.05 during trading hours on Friday, reaching $26.86. 11,273,696 shares of the company traded hands, compared to its average volume of 4,451,276. The stock's fifty day moving average price is $33.63 and its 200 day moving average price is $35.76. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73. The firm has a market cap of $7.60 billion, a price-to-earnings ratio of 11.19, a PEG ratio of 0.98 and a beta of 1.96. MGM Resorts International has a 12-month low of $25.65 and a 12-month high of $47.45.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.45 EPS for the quarter, topping the consensus estimate of $0.37 by $0.08. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. Sell-side analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently weighed in on MGM. Barclays reaffirmed an "equal weight" rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Wells Fargo & Company boosted their target price on MGM Resorts International from $44.00 to $46.00 and gave the stock an "overweight" rating in a research report on Thursday, February 13th. Susquehanna Bancshares increased their price target on MGM Resorts International from $53.00 to $56.00 in a research note on Wednesday, February 12th. Stifel Nicolaus lifted their price objective on MGM Resorts International from $47.00 to $50.00 and gave the stock a "buy" rating in a research note on Thursday, February 13th. Finally, BTIG Research downgraded MGM Resorts International from a "buy" rating to a "neutral" rating in a research report on Monday, February 3rd. Six research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $51.29.

About MGM Resorts International

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.