Principal Financial Group Inc. Trims Stock Position in MGM Resorts International $MGM

Principal Financial Group Inc. cut its stake in MGM Resorts International (NYSE:MGM) by 5.4% during the 1st quarter, according to 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 period. Principal Financial Group Inc. owned approximately 0.08% of MGM Resorts International worth $7,927,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. CYBER HORNET ETFs LLC purchased a new stake in shares of MGM Resorts International during the 2nd quarter valued at $25,000. 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 worth $29,000 after buying an additional 281 shares during the period. International Assets Investment Management LLC acquired a new position in MGM Resorts International in the first quarter valued at $30,000. Elyxium Wealth LLC purchased a new stake in MGM Resorts International during the fourth quarter valued at about $42,000. Finally, City Holding Co. purchased a new stake in MGM Resorts International during the fourth quarter valued at about $44,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

Insider Transactions at MGM Resorts International

In other news, Director Daniel J. Taylor sold 6,675 shares of MGM Resorts International stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $38.44, for a total transaction of $256,587.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 3.38% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently commented on MGM. Deutsche Bank Aktiengesellschaft raised their price objective on MGM Resorts International from $48.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. The Goldman Sachs Group reissued a “sell” rating and set a $43.00 target price on shares of MGM Resorts International in a research report on Wednesday, July 15th. Mizuho cut their price target on shares of MGM Resorts International from $62.00 to $59.00 and set an “outperform” rating on the stock in a report on Monday, April 27th. Jefferies Financial Group reaffirmed a “hold” rating on shares of MGM Resorts International in a research report on Thursday, July 2nd. Finally, Susquehanna boosted their price objective on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a “positive” rating in a research note on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, MGM Resorts International has an average rating of “Hold” and an average target price of $52.31.

MGM Resorts International Price Performance

Shares of NYSE MGM opened at $45.61 on Monday. MGM Resorts International has a 1-year low of $29.18 and a 1-year high of $51.59. The business has a 50-day moving average of $45.61 and a 200-day moving average of $39.64. The company has a debt-to-equity ratio of 1.93, a current ratio of 1.33 and a quick ratio of 1.30. 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 (NYSE:MGM) last posted its earnings results on Wednesday, April 29th. The company reported $0.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.07). The company had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.37 billion. MGM Resorts International had a net margin of 1.03% and a return on equity of 24.43%. MGM Resorts International’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.69 EPS. On average, equities analysts anticipate that MGM Resorts International will post 1.98 EPS for the current fiscal year.

About MGM Resorts International

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.