2,256,731 Shares in MGM Resorts International $MGM Bought by Norges Bank

Norges Bank purchased a new position in MGM Resorts International (NYSE:MGM) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 2,256,731 shares of the company’s stock, valued at approximately $82,348,000. Norges Bank owned approximately 0.83% of MGM Resorts International as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MGM. AQR Capital Management LLC increased its holdings in MGM Resorts International by 202.5% in the 3rd quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company’s stock worth $292,772,000 after acquiring an additional 5,654,757 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of MGM Resorts International by 81.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company’s stock worth $264,874,000 after buying an additional 3,429,946 shares in the last quarter. Davis Selected Advisers grew its holdings in shares of MGM Resorts International by 12.0% during the fourth quarter. Davis Selected Advisers now owns 26,820,202 shares of the company’s stock worth $978,669,000 after buying an additional 2,866,750 shares in the last quarter. Samlyn Capital LLC purchased a new stake in shares of MGM Resorts International during the third quarter worth $62,787,000. Finally, SG Americas Securities LLC grew its holdings in shares of MGM Resorts International by 461.5% during the fourth quarter. SG Americas Securities LLC now owns 607,164 shares of the company’s stock worth $22,155,000 after buying an additional 499,024 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Key Headlines Impacting MGM Resorts International

Here are the key news stories impacting MGM Resorts International this week:

• Positive Sentiment: People Incorporated, formerly IAC, reportedly proposed an $18 billion buyout of MGM Resorts, valuing the company at about $48.30 per share and sparking a sharp rally in the stock. Barry Diller’s People Makes Move To Take Casino Giant MGM Private
• Positive Sentiment: UBS raised its price target on MGM Resorts to $50 from $39 while keeping a neutral rating, signaling a higher valuation floor than before. MGM Resorts price target raised by UBS
• Positive Sentiment: MGM highlighted its Las Vegas summer marketing push, including events, sports watch parties, pool offerings and vacation packages, which could help support near-term visitation and revenue. MGM Resorts Sets Ultimate Summer Stage for Spectacle, Sports and Sun in Las Vegas
• Neutral Sentiment: Several recent articles flagged MGM as a casino, hotel, and entertainment stock to watch, but these pieces were mostly list-style mentions rather than company-specific catalysts. Casino Stocks To Follow Today – June 2nd
• Negative Sentiment: Broader investor caution around consumer discretionary stocks and rising Treasury yields could weigh on MGM, a cyclical leisure and gaming name. 3 Consumer Stocks with Warning Signs
• Negative Sentiment: Higher rates have also hit rate-sensitive sectors, which can pressure sentiment across travel, hospitality, and casino stocks like MGM. Investing.com’s stocks of the week

Insider Buying and Selling at MGM Resorts International

In related news, major shareholder Iac Inc. bought 550,000 shares of the firm’s stock in a transaction on Monday, March 23rd. The shares were bought at an average price of $37.30 per share, with a total value of $20,515,000.00. Following the completion of the transaction, the insider directly owned 66,372,350 shares of the company’s stock, valued at $2,475,688,655. This represents a 0.84% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Daniel J. Taylor sold 6,675 shares of the company’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $38.44, for a total transaction of $256,587.00. The disclosure for this sale is available in the SEC filing. 3.38% of the stock is currently owned by corporate insiders.

MGM Resorts International Trading Down 0.7%

NYSE MGM opened at $47.58 on Friday. The firm’s 50-day moving average is $39.19 and its two-hundred day moving average is $36.79. MGM Resorts International has a 12 month low of $29.18 and a 12 month high of $51.59. The company has a debt-to-equity ratio of 1.93, a current ratio of 1.33 and a quick ratio of 1.30. The stock has a market capitalization of $12.17 billion, a P/E ratio of 66.09 and a beta of 1.31.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, April 29th. The company reported $0.49 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.07). MGM Resorts International had a net margin of 1.03% and a return on equity of 24.43%. The company had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.37 billion. During the same period in the previous year, the company earned $0.69 EPS. The company’s quarterly revenue was up 4.2% compared to the same quarter last year. On average, sell-side analysts anticipate that MGM Resorts International will post 2.06 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have recently issued reports on MGM. JPMorgan Chase & Co. raised shares of MGM Resorts International from a “neutral” rating to an “overweight” rating and set a $46.00 target price for the company in a report on Wednesday, May 27th. Deutsche Bank Aktiengesellschaft upped their target price on shares of MGM Resorts International from $48.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday. Truist Financial raised shares of MGM Resorts International from a “hold” rating to a “buy” rating and upped their target price for the stock from $42.00 to $55.00 in a report on Wednesday, May 27th. Mizuho dropped their target price on shares of MGM Resorts International from $62.00 to $59.00 and set an “outperform” rating for the company in a report on Monday, April 27th. Finally, Berenberg Bank reaffirmed a “buy” rating on shares of MGM Resorts International in a report on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, six have assigned a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, MGM Resorts International has an average rating of “Hold” and an average price target of $49.76.

About MGM Resorts International

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.