Mitsubishi UFJ Asset Management Co. Ltd. Acquires 62,343 Shares of MGM Resorts International (NYSE:MGM)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in MGM Resorts International by 18.0%, owning 408,812 shares worth approximately $12.12 million as of the latest SEC filing.
• MGM Resorts reported $0.79 earnings per share, surpassing analysts' expectations of $0.58, with revenue of $4.40 billion for the quarter.
• The company announced a $2.00 billion share buyback program, signifying management's belief that its shares are undervalued.

Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in MGM Resorts International (NYSE:MGM - Free Report) by 18.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 408,812 shares of the company's stock after purchasing an additional 62,343 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.15% of MGM Resorts International worth $12,117,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Eminence Capital LP bought a new position in MGM Resorts International in the 4th quarter valued at about $72,408,000. AQR Capital Management LLC increased its stake in MGM Resorts International by 12,726.8% in the fourth quarter. AQR Capital Management LLC now owns 1,278,965 shares of the company's stock valued at $44,316,000 after acquiring an additional 1,268,994 shares during the last quarter. Marshall Wace LLP increased its stake in MGM Resorts International by 50.9% in the fourth quarter. Marshall Wace LLP now owns 3,233,718 shares of the company's stock valued at $112,048,000 after acquiring an additional 1,090,533 shares during the last quarter. Raymond James Financial Inc. bought a new position in MGM Resorts International in the fourth quarter valued at approximately $20,053,000. Finally, Deutsche Bank AG increased its stake in MGM Resorts International by 38.3% in the fourth quarter. Deutsche Bank AG now owns 1,429,115 shares of the company's stock valued at $49,519,000 after acquiring an additional 395,836 shares during the last quarter. Institutional investors own 68.11% of the company's stock.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 60,000 shares of the company's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $32.09, for a total transaction of $1,925,400.00. Following the sale, the director owned 5,627,478 shares of the company's stock, valued at approximately $180,585,769.02. This represents a 1.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 3.06% of the company's stock.

MGM Resorts International Trading Up 3.0%

Shares of NYSE MGM traded up $1.05 during trading on Wednesday, reaching $36.45. The company had a trading volume of 4,423,216 shares, compared to its average volume of 5,084,858. The company's fifty day moving average price is $35.67 and its 200-day moving average price is $33.51. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $42.53. The stock has a market cap of $9.92 billion, a P/E ratio of 20.03, a PEG ratio of 1.67 and a beta of 1.81. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.58 by $0.21. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%. The business had revenue of $4.40 billion for the quarter, compared to analysts' expectations of $4.28 billion. During the same period in the prior year, the business posted $0.86 earnings per share. The firm's revenue was up 1.8% on a year-over-year basis. As a group, research analysts expect that MGM Resorts International will post 2.21 earnings per share for the current year.

MGM Resorts International announced that its Board of Directors has approved a stock repurchase plan on Wednesday, April 30th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 22.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Truist Financial lifted their price target on MGM Resorts International from $45.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. Stifel Nicolaus lifted their price target on MGM Resorts International from $48.00 to $50.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. UBS Group lifted their target price on MGM Resorts International from $37.00 to $42.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. The Goldman Sachs Group assumed coverage on MGM Resorts International in a research report on Monday, July 7th. They issued a "sell" rating and a $34.00 target price on the stock. Finally, Citizens Jmp lowered shares of MGM Resorts International from an "outperform" rating to a "market perform" rating in a report on Thursday, June 26th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $48.72.

MGM Resorts International Company Profile

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.