Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its position in shares of MGM Resorts International (NYSE:MGM) by 17.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 70,749 shares of the company’s stock after buying an additional 10,350 shares during the quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in MGM Resorts International were worth $2,306,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. grew its stake in MGM Resorts International by 3.4% during the second quarter. Vanguard Group Inc. now owns 41,200,270 shares of the company’s stock worth $1,289,156,000 after buying an additional 1,354,902 shares during the last quarter. Capital Research Global Investors lifted its position in shares of MGM Resorts International by 1.9% during the second quarter. Capital Research Global Investors now owns 32,282,000 shares of the company’s stock worth $1,010,104,000 after purchasing an additional 600,000 shares in the last quarter. Canyon Capital Advisors LLC lifted its position in shares of MGM Resorts International by 8.9% during the second quarter. Canyon Capital Advisors LLC now owns 19,402,345 shares of the company’s stock worth $607,099,000 after purchasing an additional 1,583,585 shares in the last quarter. State Street Corp lifted its position in shares of MGM Resorts International by 1.0% during the second quarter. State Street Corp now owns 8,934,495 shares of the company’s stock worth $279,564,000 after purchasing an additional 92,329 shares in the last quarter. Finally, PointState Capital LP acquired a new position in shares of MGM Resorts International during the second quarter worth approximately $239,347,000. 76.20% of the stock is currently owned by hedge funds and other institutional investors.
Shares of MGM Resorts International (NYSE MGM) opened at $32.88 on Friday. The company has a quick ratio of 0.89, a current ratio of 1.02 and a debt-to-equity ratio of 1.26. The firm has a market cap of $18,541.03, a price-to-earnings ratio of 28.98 and a beta of 1.42. MGM Resorts International has a twelve month low of $25.15 and a twelve month high of $34.65.
MGM Resorts International announced that its Board of Directors has initiated a stock buyback program on Tuesday, September 5th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to buy up to 5.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Monday, December 11th will be issued a $0.11 dividend. The ex-dividend date is Friday, December 8th. This represents a $0.44 annualized dividend and a yield of 1.34%. MGM Resorts International’s dividend payout ratio (DPR) is presently 43.14%.
In other MGM Resorts International news, insider Robert Baldwin sold 49,179 shares of the stock in a transaction on Monday, September 11th. The shares were sold at an average price of $33.13, for a total value of $1,629,300.27. Following the sale, the insider now directly owns 145,105 shares in the company, valued at $4,807,328.65. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Robert Selwood sold 40,325 shares of the stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $33.86, for a total transaction of $1,365,404.50. Following the completion of the sale, the chief accounting officer now owns 197,993 shares in the company, valued at $6,704,042.98. The disclosure for this sale can be found here. Over the last quarter, insiders sold 698,548 shares of company stock worth $23,770,532. Company insiders own 12.20% of the company’s stock.
A number of equities analysts have recently issued reports on the stock. Zacks Investment Research lowered shares of MGM Resorts International from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. BidaskClub upgraded shares of MGM Resorts International from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, July 25th. Stifel Nicolaus reiterated a “hold” rating and set a $36.00 target price (up from $33.00) on shares of MGM Resorts International in a research report on Thursday. UBS AG lowered shares of MGM Resorts International from a “buy” rating to a “neutral” rating and upped their target price for the stock from $33.00 to $36.00 in a research report on Tuesday, August 1st. Finally, Instinet reiterated a “buy” rating and set a $40.00 target price on shares of MGM Resorts International in a research report on Tuesday, October 3rd. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $36.50.
MGM Resorts International Profile
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.
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