Sumitomo Mitsui Trust Group Inc. Purchases 7,917 Shares of MGM Resorts International (NYSE:MGM)

Sumitomo Mitsui Trust Group Inc. grew its position in MGM Resorts International (NYSE:MGM) by 1.8% in the third quarter, Holdings Channel.com reports. The fund owned 455,672 shares of the company’s stock after buying an additional 7,917 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in MGM Resorts International were worth $17,812,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. US Bancorp DE lifted its position in MGM Resorts International by 1.3% in the first quarter. US Bancorp DE now owns 23,558 shares of the company’s stock worth $1,112,000 after purchasing an additional 298 shares during the period. Avantax Advisory Services Inc. acquired a new position in shares of MGM Resorts International in the 1st quarter valued at $244,000. Kingsview Wealth Management LLC bought a new position in shares of MGM Resorts International during the 1st quarter worth about $357,000. Mitsubishi UFJ Trust & Banking Corp boosted its position in shares of MGM Resorts International by 84.4% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 292,363 shares of the company’s stock valued at $13,892,000 after acquiring an additional 133,855 shares in the last quarter. Finally, Seven Eight Capital LP bought a new stake in MGM Resorts International in the first quarter valued at about $1,979,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

Insiders Place Their Bets

In other news, Director Keith A. Meister sold 121,000 shares of MGM Resorts International stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the completion of the sale, the director now owns 5,738,478 shares in the company, valued at $210,716,912.16. The trade was a 2.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on MGM shares. Truist Financial cut their price target on shares of MGM Resorts International from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. Macquarie decreased their price target on MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. UBS Group upgraded MGM Resorts International to a “hold” rating in a research note on Friday, August 23rd. Wells Fargo & Company reduced their target price on shares of MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Finally, Mizuho dropped their target price on shares of MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.15.

MGM Resorts International Stock Performance

Shares of MGM Resorts International stock opened at $37.28 on Monday. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.24 and a quick ratio of 1.21. The firm has a 50 day simple moving average of $38.44 and a 200 day simple moving average of $39.82. MGM Resorts International has a fifty-two week low of $33.44 and a fifty-two week high of $48.24. The firm has a market cap of $11.10 billion, a P/E ratio of 13.31, a P/E/G ratio of 2.66 and a beta of 2.23.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, October 30th. The company reported $0.54 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.04). MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. The firm had revenue of $4.18 billion during the quarter, compared to analyst estimates of $4.21 billion. During the same period last year, the business posted $0.64 earnings per share. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. Sell-side analysts predict that MGM Resorts International will post 2.5 earnings per share for the current fiscal year.

MGM Resorts International 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.