Mitsubishi UFJ Asset Management Co. Ltd. Boosts Holdings in MGM Resorts International $MGM

Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of MGM Resorts International (NYSE:MGM) by 12.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 239,332 shares of the company’s stock after buying an additional 26,190 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in MGM Resorts International were worth $11,442,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Hsbc Holdings PLC lifted its position in shares of MGM Resorts International by 31.0% during the first quarter. Hsbc Holdings PLC now owns 254,801 shares of the company’s stock worth $9,415,000 after purchasing an additional 60,340 shares during the last quarter. Bastion Asset Management Inc. bought a new stake in MGM Resorts International during the 1st quarter valued at about $6,212,000. M&T Bank Corp lifted its holdings in MGM Resorts International by 1,118.7% during the 4th quarter. M&T Bank Corp now owns 97,630 shares of the company’s stock valued at $3,563,000 after buying an additional 89,619 shares in the last quarter. Todd Asset Management LLC boosted its position in MGM Resorts International by 9.2% in the 4th quarter. Todd Asset Management LLC now owns 709,520 shares of the company’s stock valued at $25,890,000 after buying an additional 59,691 shares during the period. Finally, California Public Employees Retirement System grew its stake in MGM Resorts International by 6.3% in the 1st quarter. California Public Employees Retirement System now owns 424,481 shares of the company’s stock worth $15,710,000 after acquiring an additional 25,266 shares in the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MGM has been the subject of a number of research analyst reports. Susquehanna lifted their target price on MGM Resorts International from $52.00 to $53.00 and gave the company a “positive” rating in a research report on Wednesday, July 29th. KeyCorp upgraded MGM Resorts International from a “sector weight” rating to an “overweight” rating and set a $117.00 price target on the stock in a research note on Monday, April 27th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of MGM Resorts International from $48.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Wells Fargo & Company upgraded shares of MGM Resorts International from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $33.00 to $48.30 in a report on Tuesday, July 7th. Finally, JPMorgan Chase & Co. increased their price objective on shares of MGM Resorts International from $46.00 to $53.00 and gave the company an “overweight” rating in a research note on Friday, June 12th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $53.37.

MGM Resorts International Stock Down 0.2%

MGM stock opened at $43.13 on Friday. The stock has a market capitalization of $10.85 billion, a PE ratio of 26.14, a price-to-earnings-growth ratio of 2.21 and a beta of 1.31. MGM Resorts International has a 52 week low of $29.18 and a 52 week high of $51.59. The company has a quick ratio of 1.30, a current ratio of 1.34 and a debt-to-equity ratio of 1.80. The firm has a 50 day moving average of $46.07 and a 200 day moving average of $41.00.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.59 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 company had revenue of $4.45 billion during the quarter, compared to analysts’ expectations of $4.42 billion. During the same quarter in the previous year, the firm posted $0.79 EPS. The firm’s revenue was up 2.2% compared to the same quarter last year. Sell-side analysts forecast that MGM Resorts International will post 1.96 earnings per share for the current year.

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.