Principal Financial Group Inc. Trims Stock Position in MGM Resorts International (NYSE:MGM)

Principal Financial Group Inc. trimmed its holdings in shares of MGM Resorts International (NYSE:MGM - Free Report) by 4.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. 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 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of MGM. Goldentree Asset Management LP acquired a new stake in MGM Resorts International in the first quarter valued at approximately $35,726,000. Marshall Wace LLP lifted its holdings in shares of MGM Resorts International by 174.8% during the 2nd quarter. Marshall Wace LLP now owns 1,110,040 shares of the company's stock valued at $49,330,000 after purchasing an additional 706,159 shares during the last quarter. Boston Partners boosted its position in shares of MGM Resorts International by 12.6% in the 1st quarter. Boston Partners now owns 6,111,930 shares of the company's stock worth $286,933,000 after purchasing an additional 684,676 shares in the last quarter. LSV Asset Management purchased a new position in MGM Resorts International during the 2nd quarter worth $21,149,000. Finally, Shellback Capital LP increased its position in MGM Resorts International by 433.3% during the 2nd quarter. Shellback Capital LP now owns 400,000 shares of the company's stock valued at $17,776,000 after buying an additional 325,000 shares in the last quarter. Institutional investors own 68.11% of the company's stock.

Insider Activity

In related news, Director Keith A. Meister sold 121,000 shares of the stock in a transaction that occurred 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 completion of the sale, the director now owns 5,738,478 shares of the company's stock, valued at approximately $210,716,912.16. This trade represents a 2.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.13% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Barclays dropped their price target on MGM Resorts International from $54.00 to $50.00 and set an "overweight" rating on the stock in a research note on Thursday, October 31st. Stifel Nicolaus raised their target price on MGM Resorts International from $60.00 to $63.00 and gave the stock a "buy" rating in a research note on Thursday, August 1st. JMP Securities reduced their price objective 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. Wells Fargo & Company cut their price target on shares of 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, Susquehanna upped their price objective on shares of MGM Resorts International from $54.00 to $55.00 and gave the company a "positive" rating in a report on Thursday, August 1st. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $53.15.

MGM Resorts International Price Performance

Shares of MGM traded down $0.13 during mid-day trading on Monday, hitting $37.15. 3,294,465 shares of the company were exchanged, compared to its average volume of 4,118,682. The stock has a market cap of $11.06 billion, a price-to-earnings ratio of 13.14, a price-to-earnings-growth ratio of 2.66 and a beta of 2.23. MGM Resorts International has a 1-year low of $33.44 and a 1-year high of $48.24. The company has a 50 day moving average of $38.44 and a 200-day moving average of $39.82. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.21 and a current ratio of 1.24.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued 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). The firm had revenue of $4.18 billion during the quarter, compared to analyst estimates of $4.21 billion. MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. The business's revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.64 earnings per share. Analysts expect that MGM Resorts International will post 2.5 EPS 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.