Mutual of America Capital Management LLC acquired a new position in MGM Resorts International (NYSE:MGM) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 65,332 shares of the company’s stock, valued at approximately $2,129,000.

Several other institutional investors have also recently modified their holdings of MGM. Pacad Investment Ltd. purchased a new stake in shares of MGM Resorts International during the second quarter worth about $169,000. Toronto Dominion Bank grew its stake in MGM Resorts International by 12.4% during the 2nd quarter. Toronto Dominion Bank now owns 5,644 shares of the company’s stock valued at $177,000 after acquiring an additional 624 shares in the last quarter. Colony Group LLC purchased a new stake in MGM Resorts International during the 2nd quarter valued at about $203,000. Cigna Investments Inc. New purchased a new stake in MGM Resorts International during the 2nd quarter valued at about $206,000. Finally, IPG Investment Advisors LLC purchased a new stake in MGM Resorts International during the 2nd quarter valued at about $219,000. Institutional investors and hedge funds own 75.85% of the company’s stock.

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In other MGM Resorts International news, Director Mary Christine Gay sold 3,000 shares of MGM Resorts International stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $31.88, for a total transaction of $95,640.00. Following the transaction, the director now directly owns 11,208 shares of the company’s stock, valued at $357,311.04. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Corey Ian Sanders sold 16,446 shares of MGM Resorts International stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $33.63, for a total transaction of $553,078.98. Following the transaction, the insider now directly owns 198,058 shares in the company, valued at $6,660,690.54. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 758,817 shares of company stock worth $25,672,436. 12.20% of the stock is currently owned by corporate insiders.

Several brokerages recently issued reports on MGM. Bank of America Corporation reaffirmed a “buy” rating and set a $40.00 price objective (up previously from $38.00) on shares of MGM Resorts International in a research note on Friday, September 8th. Zacks Investment Research cut shares of MGM Resorts International from a “hold” rating to a “sell” rating in a research note on Wednesday, October 18th. Morgan Stanley reaffirmed an “overweight” rating and set a $34.00 price objective (up previously from $33.00) on shares of MGM Resorts International in a research note on Monday, July 10th. UBS AG reaffirmed a “buy” rating on shares of MGM Resorts International in a research note on Monday, July 10th. Finally, Deutsche Bank AG reaffirmed a “buy” rating and set a $36.00 price objective (up previously from $34.00) on shares of MGM Resorts International in a research note on Sunday, July 30th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $35.56.

MGM Resorts International (NYSE MGM) opened at 31.35 on Wednesday. MGM Resorts International has a one year low of $25.15 and a one year high of $34.65. The stock has a 50 day moving average of $31.36 and a 200 day moving average of $31.65. The firm has a market capitalization of $18.03 billion, a price-to-earnings ratio of 18.56 and a beta of 1.46.

MGM Resorts International declared that its Board of Directors has authorized a share repurchase plan on Tuesday, September 5th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 5.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

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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