Northern Trust Corp Buys 303,711 Shares of MGM Resorts International (NYSE:MGM)

Northern Trust Corp raised its position in MGM Resorts International (NYSE:MGM - Free Report) by 15.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,315,748 shares of the company's stock after purchasing an additional 303,711 shares during the quarter. Northern Trust Corp owned 0.78% of MGM Resorts International worth $80,241,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Davis Selected Advisers raised its position in shares of MGM Resorts International by 4.6% during the fourth quarter. Davis Selected Advisers now owns 19,920,713 shares of the company's stock worth $690,253,000 after acquiring an additional 882,417 shares during the last quarter. Invesco Ltd. raised its position in shares of MGM Resorts International by 22.5% during the fourth quarter. Invesco Ltd. now owns 5,785,343 shares of the company's stock worth $200,462,000 after acquiring an additional 1,063,707 shares during the last quarter. Marshall Wace LLP raised its position in shares of MGM Resorts International by 50.9% during the fourth quarter. Marshall Wace LLP now owns 3,233,718 shares of the company's stock worth $112,048,000 after acquiring an additional 1,090,533 shares during the last quarter. Norges Bank bought a new position in shares of MGM Resorts International during the fourth quarter worth about $88,033,000. Finally, Charles Schwab Investment Management Inc. raised its position in shares of MGM Resorts International by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,283,110 shares of the company's stock worth $79,110,000 after acquiring an additional 38,749 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CFO Jonathan S. Halkyard acquired 10,000 shares of the firm's stock in a transaction that occurred on Thursday, March 6th. The stock was bought at an average price of $32.17 per share, with a total value of $321,700.00. Following the acquisition, the chief financial officer now owns 75,648 shares in the company, valued at $2,433,596.16. The trade was a 15.23% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Todd Meinert sold 6,000 shares of the business's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total value of $227,040.00. Following the completion of the sale, the chief accounting officer now owns 18,301 shares in the company, valued at $692,509.84. This represents a 24.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.06% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Susquehanna raised their price objective on MGM Resorts International from $45.00 to $50.00 and gave the stock a "positive" rating in a research report on Thursday, May 1st. Needham & Company LLC restated a "buy" rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Mizuho raised their target price on MGM Resorts International from $56.00 to $60.00 and gave the stock an "outperform" rating in a research note on Thursday, February 13th. Barclays raised their target price on MGM Resorts International from $41.00 to $43.00 and gave the stock an "overweight" rating in a research note on Thursday, May 1st. Finally, Citigroup raised their target price on MGM Resorts International from $48.00 to $50.00 and gave the stock a "buy" rating in a research note on Thursday, February 13th. Four equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, MGM Resorts International has a consensus rating of "Moderate Buy" and an average target price of $48.94.

MGM Resorts International Stock Up 1.1%

Shares of NYSE:MGM traded up $0.37 during mid-day trading on Friday, hitting $32.58. 2,847,867 shares of the company traded hands, compared to its average volume of 4,716,075. The stock has a market cap of $8.87 billion, a P/E ratio of 13.58, a P/E/G ratio of 0.98 and a beta of 1.78. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73. MGM Resorts International has a 12-month low of $25.30 and a 12-month high of $47.26. The stock has a 50-day moving average price of $30.60 and a two-hundred day moving average price of $33.95.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, topping analysts' consensus estimates of $0.50 by $0.19. The business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.29 billion. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. MGM Resorts International's quarterly revenue was down 2.4% compared to the same quarter last year. During the same period last year, the company posted $0.74 earnings per share. On average, equities research analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current year.

MGM Resorts International announced that its Board of Directors has initiated a share buyback plan on Wednesday, April 30th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 22.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its stock is undervalued.

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.