Principal Financial Group Inc. Sells 9,812 Shares of MGM Resorts International (NYSE:MGM)

Principal Financial Group Inc. reduced its stake in shares of MGM Resorts International (NYSE:MGM - Free Report) by 3.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 255,968 shares of the company's stock after selling 9,812 shares during the quarter. Principal Financial Group Inc. owned about 0.09% of MGM Resorts International worth $8,869,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in MGM. Fisher Asset Management LLC raised its holdings in MGM Resorts International by 2.0% during the third quarter. Fisher Asset Management LLC now owns 4,547,883 shares of the company's stock worth $177,777,000 after purchasing an additional 90,645 shares in the last quarter. Goldentree Asset Management LP increased its position in shares of MGM Resorts International by 86.4% during the 3rd quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company's stock valued at $117,270,000 after purchasing an additional 1,390,599 shares during the period. HG Vora Capital Management LLC bought a new stake in shares of MGM Resorts International in the 3rd quarter worth $97,725,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of MGM Resorts International by 5.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,298,094 shares of the company's stock valued at $89,832,000 after buying an additional 123,124 shares during the period. Finally, FMR LLC boosted its stake in MGM Resorts International by 5.0% during the third quarter. FMR LLC now owns 1,681,699 shares of the company's stock valued at $65,738,000 after buying an additional 79,486 shares in the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

MGM Resorts International Stock Performance

MGM Resorts International stock traded down $1.54 during trading hours on Monday, hitting $33.22. The stock had a trading volume of 4,896,211 shares, compared to its average volume of 5,070,757. The company has a 50-day moving average of $34.62 and a two-hundred day moving average of $36.73. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73. MGM Resorts International has a fifty-two week low of $31.61 and a fifty-two week high of $48.24. The company has a market cap of $9.49 billion, a PE ratio of 13.84, a price-to-earnings-growth ratio of 0.98 and a beta of 2.20.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its earnings results on Wednesday, February 12th. The company reported $0.45 EPS for the quarter, beating analysts' consensus estimates of $0.37 by $0.08. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. On average, equities research analysts anticipate that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 51,000 shares of the firm'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 transaction, the director now owns 5,687,478 shares in the company, valued at $207,991,070.46. This trade represents a 0.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Todd Meinert sold 6,000 shares of MGM Resorts International stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total value of $227,040.00. Following the sale, the chief accounting officer now directly owns 18,301 shares in the company, valued at $692,509.84. The trade was a 24.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.13% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms recently weighed in on MGM. Macquarie reiterated an "outperform" rating and issued a $50.00 price target on shares of MGM Resorts International in a research report on Thursday, February 13th. Leerink Partners lowered MGM Resorts International to a "market perform" rating in a research report on Thursday, February 13th. Capital One Financial upped their price objective on shares of MGM Resorts International from $52.00 to $56.00 and gave the stock an "overweight" rating in a report on Wednesday, February 12th. Susquehanna Bancshares increased their target price on shares of MGM Resorts International from $53.00 to $56.00 in a research report on Wednesday, February 12th. Finally, Stifel Nicolaus boosted their price target on MGM Resorts International from $47.00 to $50.00 and gave the stock a "buy" rating in a research report on Thursday, February 13th. Six investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $51.29.

MGM Resorts International 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.