Norges Bank Makes New $88.03 Million Investment in MGM Resorts International (NYSE:MGM)

Norges Bank acquired a new stake in MGM Resorts International (NYSE:MGM) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,540,632 shares of the company’s stock, valued at approximately $88,033,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Davis Selected Advisers grew its position in MGM Resorts International by 4.6% in the 4th quarter. Davis Selected Advisers now owns 19,920,713 shares of the company’s stock valued at $690,253,000 after acquiring an additional 882,417 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of MGM Resorts International by 1.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,283,110 shares of the company’s stock valued at $79,110,000 after purchasing an additional 38,749 shares during the period. FMR LLC grew its holdings in shares of MGM Resorts International by 5.0% in the third quarter. FMR LLC now owns 1,681,699 shares of the company’s stock valued at $65,738,000 after purchasing an additional 79,486 shares in the last quarter. Bank of New York Mellon Corp increased its stake in MGM Resorts International by 3.3% during the 4th quarter. Bank of New York Mellon Corp now owns 1,323,992 shares of the company’s stock worth $45,876,000 after buying an additional 42,256 shares during the period. Finally, Hosking Partners LLP lifted its holdings in MGM Resorts International by 1.9% during the 4th quarter. Hosking Partners LLP now owns 849,534 shares of the company’s stock worth $29,436,000 after buying an additional 15,577 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Insider Activity

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

MGM Resorts International Trading Up 2.9 %

MGM opened at $30.80 on Thursday. 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 has a 52 week low of $28.63 and a 52 week high of $47.45. The business’s 50 day moving average is $33.73 and its two-hundred day moving average is $35.82. The firm has a market cap of $8.79 billion, a price-to-earnings ratio of 12.83, a price-to-earnings-growth ratio of 0.98 and a beta of 2.18.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.45 EPS for the quarter, beating 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%. On average, research analysts predict that MGM Resorts International will post 2.21 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have commented on MGM shares. Jefferies Financial Group dropped their price target on shares of MGM Resorts International from $52.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, January 3rd. Truist Financial lowered their target price on MGM Resorts International from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Susquehanna Bancshares increased their price target on MGM Resorts International from $53.00 to $56.00 in a research report on Wednesday, February 12th. BTIG Research downgraded MGM Resorts International from a “buy” rating to a “neutral” rating in a research report on Monday, February 3rd. Finally, Morgan Stanley raised their target price on shares of MGM Resorts International from $39.00 to $41.00 and gave the company an “equal weight” rating in a report on Monday, February 24th. Six equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, MGM Resorts International has a consensus rating of “Moderate Buy” and a consensus price target 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.