Principal Financial Group Inc. Sells 13,582 Shares of MGM Resorts International (NYSE:MGM)

Principal Financial Group Inc. decreased its position in MGM Resorts International (NYSE:MGM) by 4.9% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 265,780 shares of the company’s stock after selling 13,582 shares during the quarter. Principal Financial Group Inc. owned approximately 0.09% of MGM Resorts International worth $10,389,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of MGM. International Assets Investment Management LLC bought a new position in MGM Resorts International in the second quarter valued at about $28,000. Eastern Bank bought a new position in MGM Resorts International in the third quarter valued at about $35,000. EverSource Wealth Advisors LLC lifted its holdings in MGM Resorts International by 60.7% in the first quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock valued at $41,000 after acquiring an additional 329 shares during the period. UMB Bank n.a. lifted its holdings in MGM Resorts International by 33.3% in the second quarter. UMB Bank n.a. now owns 949 shares of the company’s stock valued at $42,000 after acquiring an additional 237 shares during the period. Finally, Ashton Thomas Private Wealth LLC bought a new position in shares of MGM Resorts International in the second quarter worth about $49,000. Institutional investors own 68.11% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on MGM. Susquehanna raised their price objective on MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a research note on Thursday, August 1st. Morgan Stanley raised their price objective on MGM Resorts International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 22nd. Macquarie decreased their price objective 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. JMP Securities decreased their price objective on MGM Resorts International from $56.00 to $54.00 and set a “market outperform” rating on the stock in a research note on Thursday, October 31st. Finally, UBS Group raised MGM Resorts International to a “hold” rating in a research note on Friday, August 23rd. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $53.15.

MGM Resorts International Stock Performance

NYSE:MGM opened at $37.28 on Monday. The company has a current ratio of 1.24, a quick ratio of 1.21 and a debt-to-equity ratio of 1.63. MGM Resorts International has a 12-month low of $33.44 and a 12-month high of $48.24. The stock has a 50-day moving average price of $38.44 and a 200 day moving average price of $39.82. The stock has a market capitalization 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 quarterly earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.04). The firm had revenue of $4.18 billion for the quarter, compared to analysts’ expectations of $4.21 billion. MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.64 EPS. Equities research analysts forecast that MGM Resorts International will post 2.5 EPS for the current fiscal year.

Insider Buying and Selling at MGM Resorts International

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

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.