Norges Bank Invests $88.03 Million in MGM Resorts International (NYSE:MGM)

Norges Bank purchased a new stake in shares of MGM Resorts International (NYSE:MGM - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 2,540,632 shares of the company's stock, valued at approximately $88,033,000. Norges Bank owned approximately 0.85% of MGM Resorts International at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. The Manufacturers Life Insurance Company lifted its position 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 buying an additional 28,568 shares in the last quarter. FMR LLC boosted its position in MGM Resorts International by 5.0% in the 3rd quarter. FMR LLC now owns 1,681,699 shares of the company's stock valued at $65,738,000 after buying an additional 79,486 shares during the last quarter. Townsquare Capital LLC acquired a new stake in shares of MGM Resorts International in the 3rd quarter valued at $259,000. Glenmede Trust Co. NA raised its position in shares of MGM Resorts International by 37.1% during the third quarter. Glenmede Trust Co. NA now owns 7,201 shares of the company's stock worth $281,000 after acquiring an additional 1,948 shares during the last quarter. Finally, CreativeOne Wealth LLC lifted its stake in shares of MGM Resorts International by 18.9% during the third quarter. CreativeOne Wealth LLC now owns 5,824 shares of the company's stock valued at $228,000 after acquiring an additional 927 shares during the period. Institutional investors own 68.11% of the company's stock.

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Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Needham & Company LLC reiterated a "buy" rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Argus raised MGM Resorts International from a "hold" rating to a "buy" rating and set a $50.00 target price on the stock in a research note on Friday, February 14th. Mizuho boosted their target price on MGM Resorts International from $56.00 to $60.00 and gave the stock an "outperform" rating in a research report on Thursday, February 13th. Jefferies Financial Group cut their price target on shares of MGM Resorts International from $52.00 to $50.00 and set a "buy" rating on the stock in a research report on Friday, January 3rd. Finally, Stifel Nicolaus upped their target price on shares of MGM Resorts International from $47.00 to $50.00 and gave the company a "buy" rating in a research note on Thursday, February 13th. Six research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $51.29.

MGM Resorts International Stock Down 2.2 %

Shares of MGM stock traded down $0.58 during trading on Monday, reaching $26.28. The company's stock had a trading volume of 11,381,050 shares, compared to its average volume of 4,495,915. MGM Resorts International has a one year low of $25.53 and a one year high of $47.26. The business has a fifty day moving average price of $33.36 and a 200-day moving average price of $35.60. The company has a market cap of $7.44 billion, a price-to-earnings ratio of 10.95, a price-to-earnings-growth ratio of 0.98 and a beta of 1.96. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings results 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 net margin of 4.33% and a return on equity of 21.08%. Analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current year.

Insider Activity at MGM Resorts International

In other news, CFO Jonathan S. Halkyard bought 10,000 shares of the firm's stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average cost of $32.17 per share, with a total value of $321,700.00. Following the completion of the purchase, the chief financial officer now owns 75,648 shares of the company's stock, valued at $2,433,596.16. This represents a 15.23 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, 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 transaction of $227,040.00. Following the sale, the chief accounting officer now directly owns 18,301 shares in the company, valued at $692,509.84. This trade represents 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.

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.