Mitsubishi UFJ Trust & Banking Corp reduced its holdings in shares of MGM Resorts International (NYSE:MGM – Free Report) by 51.4% in the second quarter, Holdings Channel reports. The institutional investor owned 16,654 shares of the company’s stock after selling 17,598 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in MGM Resorts International were worth $796,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also added to or reduced their stakes in MGM. AQR Capital Management LLC boosted its stake in shares of MGM Resorts International by 202.5% during 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 during the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of MGM Resorts International by 81.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company’s stock worth $264,874,000 after purchasing an additional 3,429,946 shares in the last quarter. Davis Selected Advisers increased its stake in shares of 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. Norges Bank bought a new position in MGM Resorts International in the 4th quarter worth $82,348,000. Finally, Samlyn Capital LLC bought a new position in MGM Resorts International in the 3rd quarter worth $62,787,000. 68.11% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several research firms recently weighed in on MGM. Barclays lifted their target price on MGM Resorts International from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Thursday, July 9th. Truist Financial raised MGM Resorts International from a “hold” rating to a “buy” rating and raised their price objective for the stock from $42.00 to $55.00 in a research note on Wednesday, May 27th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $49.00 price objective (up from $48.00) on shares of MGM Resorts International in a research note on Monday, June 15th. JPMorgan Chase & Co. lifted 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. Finally, Mizuho cut their price objective on MGM Resorts International from $62.00 to $59.00 and set an “outperform” rating for the company in a research note on Monday, April 27th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $52.49.
Insider Activity at MGM Resorts International
In other news, Director Daniel J. Taylor sold 6,675 shares of the business’s 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 sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 3.38% of the stock is owned by insiders.
MGM Resorts International Stock Down 0.1%
Shares of MGM stock opened at $44.03 on Friday. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.34 and a quick ratio of 1.30. MGM Resorts International has a one year low of $29.18 and a one year high of $51.59. The company’s fifty day moving average price is $46.37 and its 200-day moving average price is $40.67. The company has a market capitalization of $11.08 billion, a price-to-earnings ratio of 26.69 and a beta of 1.31.
MGM Resorts International (NYSE:MGM – Get Free Report) last issued its earnings results on Wednesday, July 29th. The company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.03. MGM Resorts International had a net margin of 2.40% and a return on equity of 23.30%. The company had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.42 billion. During the same quarter in the prior year, the firm posted $0.79 EPS. MGM Resorts International’s quarterly revenue was up 2.2% compared to the same quarter last year. Sell-side analysts expect that MGM Resorts International will post 1.96 EPS for the current fiscal 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.
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