Principal Financial Group Inc. Reduces Stock Holdings in MGM Resorts International (NYSE:MGM)

Principal Financial Group Inc. decreased its stake in MGM Resorts International (NYSE:MGM) by 4.9% in the third quarter, Holdings Channel.com reports. The firm owned 265,780 shares of the company’s stock after selling 13,582 shares during the period. Principal Financial Group Inc.’s holdings in MGM Resorts International were worth $10,389,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. UMB Bank n.a. boosted its holdings in shares of MGM Resorts International by 33.3% in the 2nd quarter. UMB Bank n.a. now owns 949 shares of the company’s stock worth $42,000 after purchasing an additional 237 shares during the period. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of MGM Resorts International by 1.2% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 22,900 shares of the company’s stock worth $1,018,000 after purchasing an additional 278 shares during the period. HB Wealth Management LLC lifted its stake in shares of MGM Resorts International by 6.3% during the 2nd quarter. HB Wealth Management LLC now owns 4,917 shares of the company’s stock worth $219,000 after acquiring an additional 293 shares during the last quarter. US Bancorp DE lifted its stake in shares of MGM Resorts International by 1.3% during the 1st quarter. US Bancorp DE now owns 23,558 shares of the company’s stock worth $1,112,000 after acquiring an additional 298 shares during the last quarter. Finally, Quent Capital LLC lifted its stake in shares of MGM Resorts International by 14.6% during the 3rd quarter. Quent Capital LLC now owns 2,383 shares of the company’s stock worth $93,000 after acquiring an additional 304 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Insider Activity

In other news, Director Keith A. Meister sold 121,000 shares of MGM Resorts International stock in a transaction on Friday, September 13th. The stock was sold at an average price of $36.72, for a total value of $4,443,120.00. Following the transaction, the director now directly owns 5,738,478 shares in the company, valued at approximately $210,716,912.16. This trade represents a 2.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 2.13% of the company’s stock.

MGM Resorts International Trading Down 0.6 %

Shares of NYSE MGM opened at $37.28 on Monday. MGM Resorts International has a twelve month low of $33.44 and a twelve month high of $48.24. The business has a fifty day simple moving average of $38.44 and a two-hundred day simple moving average of $39.82. The firm has a market cap of $11.10 billion, a PE ratio of 13.31, a price-to-earnings-growth ratio of 2.66 and a beta of 2.23. 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 (NYSE:MGM) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. The company had revenue of $4.18 billion during the quarter, compared to analysts’ expectations of $4.21 billion. During the same quarter in the prior year, the business posted $0.64 earnings per share. The company’s revenue was up 5.3% compared to the same quarter last year. Analysts expect that MGM Resorts International will post 2.5 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

MGM has been the subject of a number of research analyst reports. Morgan Stanley raised their price target 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. Barclays decreased their price target on MGM Resorts International from $54.00 to $50.00 and set an “overweight” rating for the company in a research note on Thursday, October 31st. JMP Securities decreased their price target on MGM Resorts International from $56.00 to $54.00 and set a “market outperform” rating for the company in a research note on Thursday, October 31st. Mizuho decreased their price target 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. Finally, Susquehanna raised their price target 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. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $53.15.

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.