Principal Financial Group Inc. Decreases Stake in MGM Resorts International (NYSE:MGM)

Principal Financial Group Inc. cut its stake in shares of MGM Resorts International (NYSE:MGM) by 4.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 265,780 shares of the company’s stock after selling 13,582 shares during the quarter. Principal Financial Group Inc. owned about 0.09% of MGM Resorts International worth $10,389,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. International Assets Investment Management LLC purchased a new stake in MGM Resorts International during the 2nd quarter valued at about $28,000. MidAtlantic Capital Management Inc. purchased a new stake in MGM Resorts International in the third quarter valued at approximately $28,000. Eastern Bank acquired a new position in MGM Resorts International in the 3rd quarter worth approximately $35,000. Ashton Thomas Private Wealth LLC purchased a new position in MGM Resorts International during the 2nd quarter worth approximately $49,000. Finally, Brooklyn Investment Group acquired a new stake in MGM Resorts International during the 3rd quarter valued at approximately $44,000. 68.11% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MGM has been the topic of a number of research reports. Truist Financial cut their price objective on shares of MGM Resorts International from $58.00 to $56.00 and set a “buy” rating on the stock in a research note on Wednesday, October 23rd. Mizuho reduced their price objective on MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. Morgan Stanley upped their target price 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. Wells Fargo & Company dropped their target price on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Finally, Barclays decreased their price target on MGM Resorts International from $50.00 to $46.00 and set an “overweight” rating for the company in a report on Friday, December 13th. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.54.

Insider Activity at MGM Resorts International

In related news, Director Keith A. Meister sold 51,000 shares of the company’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $36.57, for a total transaction of $1,865,070.00. Following the completion of the sale, the director now owns 5,687,478 shares of the company’s stock, valued at approximately $207,991,070.46. This represents a 0.89 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.13% of the stock is owned by corporate insiders.

MGM Resorts International Stock Performance

MGM opened at $34.35 on Tuesday. The company has a market cap of $10.23 billion, a price-to-earnings ratio of 12.27, a PEG ratio of 3.10 and a beta of 2.20. The firm’s fifty day simple moving average is $37.24 and its two-hundred day simple moving average is $38.98. The company has a quick ratio of 1.21, a current ratio of 1.24 and a debt-to-equity ratio of 1.63. MGM Resorts International has a 52-week low of $33.28 and a 52-week high of $48.24.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.54 EPS 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 return on equity of 25.84% and a net margin of 5.23%. MGM Resorts International’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.64 earnings per share. Equities analysts anticipate that MGM Resorts International will post 2.48 earnings per share for the current fiscal year.

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.