Mitsubishi UFJ Asset Management Co. Ltd. Purchases 26,190 Shares of MGM Resorts International $MGM

Key Points

• Mitsubishi UFJ Asset Management increased its MGM Resorts stake by 12.3% in the second quarter, purchasing 26,190 shares and bringing its total holdings to 239,332 shares valued at approximately $11.4 million.
• Institutional ownership remains substantial, with hedge funds and other institutions holding 68.11% of MGM’s outstanding shares; several major investors, including AQR Capital and Arrowstreet Capital, also expanded their positions.
• Analysts maintain a generally positive outlook, with MGM receiving a consensus “Moderate Buy” rating and an average price target of $53.37. The company’s latest quarterly results exceeded expectations, reporting $0.59 EPS and $4.45 billion in revenue.

Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in MGM Resorts International (NYSE:MGM - Free Report) by 12.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 239,332 shares of the company's stock after purchasing an additional 26,190 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.10% of MGM Resorts International worth $11,442,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of MGM. AQR Capital Management LLC grew its position in 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 boosted its stake in shares of MGM Resorts International by 81.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company's stock valued at $264,874,000 after purchasing an additional 3,429,946 shares during the period. Davis Selected Advisers boosted its stake in shares of MGM Resorts International by 12.0% during the fourth quarter. Davis Selected Advisers now owns 26,820,202 shares of the company's stock valued at $978,669,000 after purchasing an additional 2,866,750 shares during the period. Norges Bank bought a new position in shares of MGM Resorts International in the fourth quarter worth approximately $82,348,000. Finally, Samlyn Capital LLC purchased a new position in shares of MGM Resorts International in the third quarter worth $62,787,000. 68.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on MGM. KeyCorp upgraded shares of MGM Resorts International from a "sector weight" rating to an "overweight" rating and set a $117.00 price objective on the stock in a research report on Monday, April 27th. JPMorgan Chase & Co. increased their target price on shares of MGM Resorts International from $46.00 to $53.00 and gave the stock an "overweight" rating in a report on Friday, June 12th. Susquehanna raised their target price on MGM Resorts International from $52.00 to $53.00 and gave the stock a "positive" rating in a research note on Wednesday, July 29th. HSBC upgraded MGM Resorts International to a "strong-buy" rating in a report on Thursday, July 30th. Finally, UBS Group set a $48.00 price target on MGM Resorts International in a research report on Thursday, July 2nd. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $53.37.

MGM Resorts International Price Performance

Shares of MGM opened at $43.13 on Friday. MGM Resorts International has a fifty-two week low of $29.18 and a fifty-two week high of $51.59. The firm's 50-day simple moving average is $46.07 and its two-hundred day simple moving average is $41.00. The stock has a market cap of $10.85 billion, a PE ratio of 26.14, a price-to-earnings-growth ratio of 2.21 and a beta of 1.31. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.30 and a current ratio of 1.34.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.03. The firm had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.42 billion. MGM Resorts International had a return on equity of 23.30% and a net margin of 2.40%.MGM Resorts International's quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.79 EPS. Analysts anticipate that MGM Resorts International will post 1.96 earnings per share for the current fiscal year.

MGM Resorts International 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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