Mitsubishi UFJ Trust & Banking Corp Cuts Stock Position in MGM Resorts International (NYSE:MGM)

Mitsubishi UFJ Trust & Banking Corp decreased its holdings in shares of MGM Resorts International (NYSE:MGM) by 1.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 258,143 shares of the company’s stock after selling 3,417 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in MGM Resorts International were worth $8,945,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Quest Partners LLC bought a new position in shares of MGM Resorts International in the 3rd quarter valued at about $76,000. Daiwa Securities Group Inc. raised its position in MGM Resorts International by 1.6% during the third quarter. Daiwa Securities Group Inc. now owns 28,466 shares of the company’s stock valued at $1,113,000 after purchasing an additional 459 shares during the period. Private Trust Co. NA lifted its stake in shares of MGM Resorts International by 29.5% in the 3rd quarter. Private Trust Co. NA now owns 3,105 shares of the company’s stock valued at $121,000 after purchasing an additional 708 shares during the last quarter. Bank of Montreal Can boosted its holdings in shares of MGM Resorts International by 10.6% in the 3rd quarter. Bank of Montreal Can now owns 291,880 shares of the company’s stock worth $11,564,000 after purchasing an additional 27,883 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in shares of MGM Resorts International by 18.8% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 180,470 shares of the company’s stock valued at $7,055,000 after purchasing an additional 28,568 shares during the last quarter. Institutional investors own 68.11% of the company’s stock.

MGM Resorts International Stock Performance

MGM stock opened at $30.35 on Friday. MGM Resorts International has a 1-year low of $29.99 and a 1-year high of $48.25. The business has a 50-day moving average price of $33.90 and a 200 day moving average price of $35.94. The company has a market capitalization of $8.67 billion, a P/E ratio of 12.64, a PEG ratio of 0.98 and a beta of 2.18. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.30 and a quick ratio of 1.26.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.37 by $0.08. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. As a group, equities research analysts forecast that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CAO Todd Meinert sold 6,000 shares of MGM Resorts International stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total value of $227,040.00. Following the transaction, the chief accounting officer now directly owns 18,301 shares in the company, valued at approximately $692,509.84. This trade represents a 24.69 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Jonathan S. Halkyard acquired 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The shares were bought at an average price of $32.17 per share, with a total value of $321,700.00. Following the completion of the purchase, the chief financial officer now directly owns 75,648 shares in the company, valued at $2,433,596.16. The trade was a 15.23 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.13% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MGM. Mizuho raised their price target on MGM Resorts International from $56.00 to $60.00 and gave the stock an “outperform” rating in a research report on Thursday, February 13th. Macquarie restated an “outperform” rating and issued a $50.00 target price on shares of MGM Resorts International in a report on Thursday, February 13th. BTIG Research cut shares of MGM Resorts International from a “buy” rating to a “neutral” rating in a research note on Monday, February 3rd. Needham & Company LLC reissued a “buy” rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Finally, Truist Financial dropped their target price on MGM Resorts International from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Six research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $51.29.

About MGM Resorts International

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.