Sumitomo Mitsui Trust Group Inc. Trims Stock Holdings in MGM Resorts International $MGM

Sumitomo Mitsui Trust Group Inc. reduced its stake in MGM Resorts International (NYSE:MGM) by 97.6% during the 2nd quarter, Holdings Channel reports. The fund owned 10,428 shares of the company’s stock after selling 420,679 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in MGM Resorts International were worth $359,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in MGM. GAMMA Investing LLC lifted its position in shares of MGM Resorts International by 10.6% in the first quarter. GAMMA Investing LLC now owns 6,477 shares of the company’s stock valued at $192,000 after acquiring an additional 619 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of MGM Resorts International by 18.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 29,280 shares of the company’s stock valued at $889,000 after acquiring an additional 4,655 shares in the last quarter. Amalgamated Bank lifted its position in shares of MGM Resorts International by 0.8% in the first quarter. Amalgamated Bank now owns 43,933 shares of the company’s stock valued at $1,302,000 after acquiring an additional 329 shares in the last quarter. Vontobel Holding Ltd. lifted its position in shares of MGM Resorts International by 74.6% in the first quarter. Vontobel Holding Ltd. now owns 21,778 shares of the company’s stock valued at $646,000 after acquiring an additional 9,304 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of MGM Resorts International by 3.3% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 28,312 shares of the company’s stock valued at $839,000 after acquiring an additional 907 shares in the last quarter. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other MGM Resorts International news, Director Keith A. Meister sold 242,000 shares of MGM Resorts International stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $35.42, for a total transaction of $8,571,640.00. Following the sale, the director directly owned 5,385,478 shares in the company, valued at $190,753,630.76. The trade was a 4.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John Mcmanus sold 60,000 shares of MGM Resorts International stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $36.12, for a total value of $2,167,200.00. Following the sale, the insider owned 31,521 shares in the company, valued at $1,138,538.52. This represents a 65.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 3.06% of the company’s stock.

MGM Resorts International Stock Performance

Shares of NYSE:MGM opened at $32.03 on Friday. The company has a market cap of $8.72 billion, a P/E ratio of 200.16, a PEG ratio of 1.40 and a beta of 1.67. The business’s 50-day simple moving average is $34.71 and its 200 day simple moving average is $34.37. MGM Resorts International has a one year low of $25.30 and a one year high of $41.32. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.18 and a current ratio of 1.22.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, October 29th. The company reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.13). The firm had revenue of $4.25 billion for the quarter, compared to analysts’ expectations of $4.24 billion. MGM Resorts International had a net margin of 0.40% and a return on equity of 16.95%. The company’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.54 EPS. On average, sell-side analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently weighed in on MGM. UBS Group reduced their target price on MGM Resorts International from $44.00 to $39.00 and set a “neutral” rating on the stock in a research report on Thursday, September 11th. Barclays reduced their target price on MGM Resorts International from $43.00 to $42.00 and set an “overweight” rating on the stock in a research report on Thursday. Truist Financial cut their price objective on shares of MGM Resorts International from $48.00 to $47.00 and set a “buy” rating on the stock in a report on Thursday. Macquarie cut their price objective on shares of MGM Resorts International from $48.00 to $46.00 and set an “outperform” rating on the stock in a report on Thursday, October 2nd. Finally, Citigroup cut their price objective on shares of MGM Resorts International from $51.00 to $47.50 and set a “buy” rating on the stock in a report on Thursday. Fourteen equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.58.

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.