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Mitsubishi UFJ Kokusai Announces Sale of 9,124 MGM Shares

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Mitsubishi UFJ Kokusai Asset Management revealed in an SEC filing that they reduced their stake in MGM International by 12.7% by selling 9,124 shares in the fourth quarter of 2018. The Japanese investment management company still owns 62,531 shares in MGM valued at $1,545,000.

MGM also released their financial statements for the quarter and showed a revenue of $3.05 billion, slightly beating expectations.

While MGM stocks lost a significant investment from Mitsubishi UFJ Kokusai, several companies increased their stake in the company at the same time. According to Press Oracle, Lindbrook Capital LLC and the Oregon Public Employees Retirement Fund both bought more shares in the casino company.

MGM also announced their dividend payment to stockholders will be $0.13 a share, an increase from the previous $0.12 dividend.

Various financial analysts have differing opinions on MGM stock after the recent news was announced. Zacks Investment Research downgraded the stock from a “buy” to a “hold rating. On the other hand, Morgan Stanley increased their perceived value of the stock to $35.00 a share.

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Alec Pronk

Alec Pronk

Alec Pronk is a huge sports fans and also enjoys all things politics. When he's not writing you can find him losing at chess to his friends.

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