Mitsubishi UFJ Trust & Banking Corp Cuts Stake in MGM Resorts International $MGM

Mitsubishi UFJ Trust & Banking Corp cut its stake in shares of MGM Resorts International (NYSE:MGM) by 51.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,654 shares of the company’s stock after selling 17,598 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in MGM Resorts International were worth $796,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Davis Selected Advisers boosted its stake in MGM Resorts International by 12.0% in the 4th quarter. Davis Selected Advisers now owns 26,820,202 shares of the company’s stock worth $978,669,000 after purchasing an additional 2,866,750 shares in the last quarter. Vanguard Group Inc. increased its stake in MGM Resorts International by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 23,782,004 shares of the company’s stock valued at $867,805,000 after purchasing an additional 205,127 shares in the last quarter. AQR Capital Management LLC raised its holdings in MGM Resorts International by 202.5% in the third quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company’s stock worth $292,772,000 after buying an additional 5,654,757 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in MGM Resorts International by 81.4% in 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 during the last quarter. Finally, State Street Corp lifted its stake in shares of MGM Resorts International by 0.4% in the fourth quarter. State Street Corp now owns 7,517,622 shares of the company’s stock worth $274,318,000 after buying an additional 30,962 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Insider Buying and Selling

In other MGM Resorts International news, Director Daniel J. Taylor sold 6,675 shares of the stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $38.44, for a total value of $256,587.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 3.38% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on MGM shares. Mizuho cut their price target on shares of MGM Resorts International from $62.00 to $59.00 and set an “outperform” rating on the stock in a report on Monday, April 27th. Jefferies Financial Group restated a “hold” rating on shares of MGM Resorts International in a report on Thursday, July 2nd. JPMorgan Chase & Co. upped their price objective on MGM Resorts International from $46.00 to $53.00 and gave the company an “overweight” rating in a research report on Friday, June 12th. Barclays increased their target price on MGM Resorts International from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Thursday, July 9th. Finally, HSBC raised MGM Resorts International to a “strong-buy” rating in a report on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $52.49.

MGM Resorts International Price Performance

Shares of MGM opened at $44.03 on Friday. The firm has a fifty day simple moving average of $46.37 and a two-hundred day simple moving average of $40.67. The firm has a market cap of $11.08 billion, a PE ratio of 26.69 and a beta of 1.31. The company has a current ratio of 1.34, a quick ratio of 1.30 and a debt-to-equity ratio of 1.80. MGM Resorts International has a 1-year low of $29.18 and a 1-year high of $51.59.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.03. MGM Resorts International had a return on equity of 23.30% and a net margin of 2.40%.The firm had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.42 billion. During the same period last year, the business posted $0.79 EPS. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. On average, equities analysts anticipate that MGM Resorts International will post 1.96 EPS for the current year.

MGM Resorts International Company Profile

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.