MGM Resorts International (NYSE:MGM) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its holdings in shares of MGM Resorts International (NYSE:MGM) by 1.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 252,265 shares of the company’s stock after selling 3,703 shares during the quarter. Principal Financial Group Inc. owned about 0.09% of MGM Resorts International worth $7,477,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. TD Waterhouse Canada Inc. boosted its holdings in MGM Resorts International by 8.9% in the fourth quarter. TD Waterhouse Canada Inc. now owns 3,190 shares of the company’s stock valued at $111,000 after purchasing an additional 261 shares during the period. Amalgamated Bank increased its position in shares of MGM Resorts International by 0.8% during the first quarter. Amalgamated Bank now owns 43,933 shares of the company’s stock worth $1,302,000 after purchasing an additional 329 shares in the last quarter. State of Alaska Department of Revenue increased its position in shares of MGM Resorts International by 1.6% during the first quarter. State of Alaska Department of Revenue now owns 26,210 shares of the company’s stock worth $776,000 after purchasing an additional 410 shares in the last quarter. Golden State Wealth Management LLC increased its position in shares of MGM Resorts International by 83.5% during the first quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company’s stock worth $30,000 after purchasing an additional 455 shares in the last quarter. Finally, Commonwealth Equity Services LLC increased its position in shares of MGM Resorts International by 0.3% during the fourth quarter. Commonwealth Equity Services LLC now owns 146,417 shares of the company’s stock worth $5,073,000 after purchasing an additional 469 shares in the last quarter. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at MGM Resorts International

In related news, Director Keith A. Meister sold 60,000 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of $32.09, for a total value of $1,925,400.00. Following the sale, the director owned 5,627,478 shares in the company, valued at approximately $180,585,769.02. This represents a 1.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniel J. Taylor sold 5,261 shares of the stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total value of $183,766.73. The disclosure for this sale can be found here. Insiders have sold a total of 105,261 shares of company stock worth $3,486,367 in the last 90 days. Corporate insiders own 3.06% of the company’s stock.

MGM Resorts International Price Performance

MGM Resorts International stock opened at $37.71 on Wednesday. The firm has a market capitalization of $10.26 billion, a P/E ratio of 16.83, a PEG ratio of 2.56 and a beta of 1.76. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $47.26. The business has a 50-day moving average of $33.98 and a 200-day moving average of $33.03. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 1.79.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.19. MGM Resorts International had a return on equity of 20.64% and a net margin of 3.95%. The company had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same period in the previous year, the company earned $0.74 EPS. The company’s revenue for the quarter was down 2.4% compared to the same quarter last year. On average, equities analysts anticipate that MGM Resorts International will post 2.21 EPS for the current year.

MGM Resorts International declared that its Board of Directors has initiated a share buyback program on Wednesday, April 30th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to purchase up to 22.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. JPMorgan Chase & Co. started coverage on MGM Resorts International in a report on Monday, June 23rd. They issued a “neutral” rating and a $38.00 price objective on the stock. Wall Street Zen upgraded MGM Resorts International from a “sell” rating to a “hold” rating in a report on Thursday, May 22nd. Citigroup upgraded MGM Resorts International from a “hold” rating to a “strong-buy” rating and increased their price target for the company from $55.00 to $57.00 in a report on Wednesday, July 9th. JMP Securities reissued a “market perform” rating on shares of MGM Resorts International in a research report on Thursday, June 26th. Finally, Barclays increased their price target on MGM Resorts International from $41.00 to $43.00 and gave the stock an “overweight” rating in a research note on Thursday, May 1st. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.67.

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.