MGM Resorts International $MGM Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its holdings in shares of MGM Resorts International (NYSE:MGM) by 5.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 214,189 shares of the company’s stock after selling 12,310 shares during the quarter. Principal Financial Group Inc.’s holdings in MGM Resorts International were worth $7,927,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of MGM. Whittier Trust Co. boosted its holdings in MGM Resorts International by 2.5% in the first quarter. Whittier Trust Co. now owns 10,778 shares of the company’s stock valued at $405,000 after purchasing an additional 262 shares during the last quarter. Global Retirement Partners LLC raised its position in shares of MGM Resorts International by 55.9% in the 4th quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock valued at $29,000 after purchasing an additional 281 shares in the last quarter. Asset Management One Co. Ltd. raised its position in shares of MGM Resorts International by 4.2% in the 4th quarter. Asset Management One Co. Ltd. now owns 7,700 shares of the company’s stock valued at $286,000 after purchasing an additional 313 shares in the last quarter. Brown Brothers Harriman & Co. boosted its stake in shares of MGM Resorts International by 23.1% during the 4th quarter. Brown Brothers Harriman & Co. now owns 1,893 shares of the company’s stock valued at $69,000 after buying an additional 355 shares during the last quarter. Finally, Public Employees Retirement System of Ohio boosted its stake in shares of MGM Resorts International by 0.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 64,006 shares of the company’s stock valued at $2,218,000 after buying an additional 397 shares during the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Price Performance

Shares of NYSE MGM opened at $45.61 on Monday. The company has a current ratio of 1.33, a quick ratio of 1.30 and a debt-to-equity ratio of 1.93. The company has a market capitalization of $11.67 billion, a price-to-earnings ratio of 63.35 and a beta of 1.29. MGM Resorts International has a twelve month low of $29.18 and a twelve month high of $51.59. The business has a 50 day simple moving average of $45.61 and a 200-day simple moving average of $39.64.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.07). The firm had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.37 billion. MGM Resorts International had a return on equity of 24.43% and a net margin of 1.03%.The business’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.69 earnings per share. As a group, equities research analysts expect that MGM Resorts International will post 1.98 earnings per share for the current year.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, Director Daniel J. Taylor sold 6,675 shares of the stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $38.44, for a total transaction of $256,587.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 3.38% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MGM. The Goldman Sachs Group restated a “sell” rating and issued a $43.00 price target on shares of MGM Resorts International in a research note on Wednesday, July 15th. Stifel Nicolaus reiterated a “hold” rating and set a $49.00 price objective (up from $48.00) on shares of MGM Resorts International in a research note on Monday, June 15th. UBS Group set a $48.00 price objective on shares of MGM Resorts International in a report on Thursday, July 2nd. Wells Fargo & Company raised shares of MGM Resorts International from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $33.00 to $48.30 in a research report on Tuesday, July 7th. Finally, Weiss Ratings upgraded shares of MGM Resorts International from a “sell (d)” rating to a “sell (d+)” rating in a research note on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $52.31.

MGM Resorts International Company Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.