Mitsubishi UFJ Trust & Banking Corp Decreases Stake in MGM Resorts International (MGM)

Mitsubishi UFJ Trust & Banking Corp decreased its position in MGM Resorts International (NYSE:MGM) by 0.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 927,892 shares of the company’s stock after selling 5,513 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned about 0.16% of MGM Resorts International worth $30,240,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of MGM. Spirit of America Management Corp NY acquired a new stake in MGM Resorts International during the third quarter worth approximately $104,000. Pacad Investment Ltd. acquired a new stake in MGM Resorts International during the second quarter worth approximately $169,000. Toronto Dominion Bank grew its position in MGM Resorts International by 12.4% during the second quarter. Toronto Dominion Bank now owns 5,644 shares of the company’s stock worth $177,000 after buying an additional 624 shares in the last quarter. Colony Group LLC acquired a new stake in MGM Resorts International during the second quarter worth approximately $203,000. Finally, Cigna Investments Inc. New acquired a new stake in MGM Resorts International during the second quarter worth approximately $206,000. 83.01% of the stock is currently owned by institutional investors.

MGM Resorts International (NYSE MGM) traded down $0.28 during midday trading on Wednesday, reaching $33.94. The company had a trading volume of 8,017,200 shares, compared to its average volume of 8,655,213. The firm has a market capitalization of $19,373.25, a P/E ratio of 30.28, a price-to-earnings-growth ratio of 7.78 and a beta of 1.44. MGM Resorts International has a 1-year low of $25.15 and a 1-year high of $34.65. The company has a quick ratio of 0.98, a current ratio of 1.02 and a debt-to-equity ratio of 1.26.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Monday, December 11th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Friday, December 8th. This represents a $0.44 dividend on an annualized basis and a yield of 1.30%. MGM Resorts International’s payout ratio is 43.14%.

MGM Resorts International announced that its Board of Directors has approved a stock buyback plan on Tuesday, September 5th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the company to repurchase up to 5.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Several research firms have weighed in on MGM. Bank of America restated a “buy” rating and set a $40.00 target price (up from $38.00) on shares of MGM Resorts International in a research note on Friday, September 8th. Zacks Investment Research cut MGM Resorts International from a “hold” rating to a “sell” rating in a research note on Wednesday, October 18th. Morgan Stanley set a $35.00 target price on MGM Resorts International and gave the stock a “buy” rating in a research note on Friday, October 6th. Instinet restated a “buy” rating and set a $40.00 target price on shares of MGM Resorts International in a research note on Tuesday, October 3rd. Finally, Stifel Nicolaus restated a “buy” rating on shares of MGM Resorts International in a research note on Friday, September 1st. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $36.50.

In other MGM Resorts International news, CEO James Murren sold 294,150 shares of the stock in a transaction dated Friday, September 8th. The stock was sold at an average price of $34.08, for a total transaction of $10,024,632.00. Following the completion of the sale, the chief executive officer now directly owns 71,442 shares in the company, valued at approximately $2,434,743.36. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Robert Baldwin sold 49,179 shares of the stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $33.13, for a total value of $1,629,300.27. Following the sale, the insider now owns 145,105 shares of the company’s stock, valued at $4,807,328.65. The disclosure for this sale can be found here. Insiders sold 735,557 shares of company stock valued at $24,934,279 over the last 90 days. 12.20% of the stock is currently owned by company insiders.

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About MGM Resorts International

MGM Resorts International is a holding company. The Company, through its subsidiaries, owns and operates casino resorts. The Company operates in two segments: domestic resorts and MGM China. Its domestic resorts segment consists of non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities.

Institutional Ownership by Quarter for MGM Resorts International (NYSE:MGM)

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