Sumitomo Mitsui Trust Holdings Inc. Has $43.67 Million Position in MGM Resorts International (NYSE:MGM)

Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of MGM Resorts International (NYSE:MGM) by 0.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,340,029 shares of the company’s stock after acquiring an additional 3,069 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 0.23% of MGM Resorts International worth $43,672,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Comerica Bank raised its holdings in MGM Resorts International by 365.4% during the third quarter. Comerica Bank now owns 114,897 shares of the company’s stock worth $3,512,000 after acquiring an additional 90,210 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of MGM Resorts International by 70.3% in the third quarter. Bank of New York Mellon Corp now owns 3,199,526 shares of the company’s stock valued at $104,272,000 after purchasing an additional 1,320,446 shares during the last quarter. Rhumbline Advisers grew its position in shares of MGM Resorts International by 65.2% in the third quarter. Rhumbline Advisers now owns 833,749 shares of the company’s stock valued at $27,172,000 after purchasing an additional 329,145 shares during the last quarter. Toronto Dominion Bank grew its position in shares of MGM Resorts International by 3,335.9% in the third quarter. Toronto Dominion Bank now owns 193,922 shares of the company’s stock valued at $6,320,000 after purchasing an additional 188,278 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan acquired a new position in shares of MGM Resorts International in the third quarter valued at approximately $436,000. Institutional investors and hedge funds own 83.01% of the company’s stock.

In other news, EVP John Mcmanus sold 5,273 shares of the stock in a transaction on Friday, September 8th. The stock was sold at an average price of $33.70, for a total value of $177,700.10. Following the completion of the transaction, the executive vice president now directly owns 40,744 shares in the company, valued at approximately $1,373,072.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James Murren sold 294,150 shares of the stock in a transaction on Friday, September 8th. The shares were sold at an average price of $34.08, for a total value of $10,024,632.00. Following the completion of the transaction, the chief executive officer now owns 71,442 shares of the company’s stock, valued at $2,434,743.36. The disclosure for this sale can be found here. In the last ninety days, insiders sold 735,557 shares of company stock worth $24,934,279. Company insiders own 12.20% of the company’s stock.

MGM has been the topic of several research reports. Nomura decreased their target price on MGM Resorts International from $38.00 to $37.00 and set a “buy” rating on the stock in a research report on Wednesday, November 1st. Roth Capital initiated coverage on MGM Resorts International in a research report on Wednesday, October 25th. They issued a “buy” rating and a $38.00 target price on the stock. Morgan Stanley set a $34.00 target price on MGM Resorts International and gave the company a “buy” rating in a research report on Friday, October 13th. Instinet reissued a “buy” rating and set a $40.00 price target on shares of MGM Resorts International in a research report on Tuesday, October 3rd. Finally, Bank of America reissued a “buy” rating and set a $40.00 price target (up previously from $38.00) on shares of MGM Resorts International in a research report on Friday, September 8th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $36.50.

Shares of MGM Resorts International (NYSE MGM) traded down $0.84 during mid-day trading on Wednesday, hitting $33.10. The company’s stock had a trading volume of 9,236,684 shares, compared to its average volume of 8,657,687. The firm has a market cap of $19,373.25, a P/E ratio of 30.28, a PEG ratio of 7.78 and a beta of 1.44. MGM Resorts International has a 52-week low of $25.15 and a 52-week high of $34.65. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.98 and a current ratio of 1.02.

MGM Resorts International declared that its Board of Directors has approved a share buyback plan on Tuesday, September 5th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the company to purchase up to 5.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

The firm 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. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date is Friday, December 8th. MGM Resorts International’s dividend payout ratio is presently 43.14%.

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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.

Institutional Ownership by Quarter for MGM Resorts International (NYSE:MGM)

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