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

DnB Asset Management AS lessened its stake in shares of MGM Resorts International (NYSE:MGM) by 49.0% in the fourth quarter, according to the company in its most recent filing with the SEC. 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 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of MGM. Global Trust Asset Management LLC bought a new position in MGM Resorts International in the 4th quarter valued at about $28,000. Assetmark Inc. increased its stake in shares of MGM Resorts International by 104.1% during the fourth quarter. Assetmark Inc. now owns 806 shares of the company’s stock worth $28,000 after purchasing an additional 411 shares during the period. Global Retirement Partners LLC lifted its holdings in MGM Resorts International by 47.8% during 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 last quarter. Modus Advisors LLC acquired a new stake in MGM Resorts International during the 4th quarter worth approximately $46,000. Finally, EverSource Wealth Advisors LLC boosted its stake in MGM Resorts International by 74.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,478 shares of the company’s stock valued at $51,000 after purchasing an additional 633 shares during the period. Institutional investors own 68.11% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on MGM shares. Leerink Partners cut MGM Resorts International to a “market perform” rating in a research report on Thursday, February 13th. Jefferies Financial Group lowered 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. Macquarie reissued an “outperform” rating and issued a $50.00 price objective on shares of MGM Resorts International in a report on Thursday, February 13th. BTIG Research cut shares of MGM Resorts International from a “buy” rating to a “neutral” rating in a report on Monday, February 3rd. Finally, Capital One Financial lifted their price target on shares of MGM Resorts International from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Six research analysts have rated the stock with a hold rating and sixteen have issued 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.

Insider Buying and Selling

In other news, CAO Todd Meinert sold 6,000 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total transaction of $227,040.00. Following the completion of the transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jonathan S. Halkyard bought 10,000 shares of MGM Resorts International stock in a transaction that occurred on Thursday, March 6th. The stock was bought at an average price of $32.17 per share, for a total transaction of $321,700.00. Following the completion of the acquisition, the chief financial officer now directly owns 75,648 shares of the company’s stock, valued at $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. 2.13% of the stock is owned by corporate insiders.

MGM Resorts International Stock Up 1.0 %

Shares of MGM opened at $29.93 on Wednesday. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30. MGM Resorts International has a 52 week low of $28.63 and a 52 week high of $47.45. 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. The stock has a fifty day moving average of $33.77 and a 200-day moving average of $35.85.

MGM Resorts International (NYSE:MGM) last posted its 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 return on equity of 21.08% and a net margin of 4.33%. As a group, sell-side analysts anticipate that MGM Resorts International will post 2.21 earnings per share 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.