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

Principal Financial Group Inc. cut its holdings in MGM Resorts International (NYSE:MGM) by 95.0% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 57,765 shares of the company’s stock after selling 1,100,450 shares during the quarter. Principal Financial Group Inc.’s holdings in MGM Resorts International were worth $1,807,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. World Asset Management Inc grew its position in shares of MGM Resorts International by 0.5% in the 2nd quarter. World Asset Management Inc now owns 19,646 shares of the company’s stock valued at $615,000 after purchasing an additional 91 shares during the period. Pacer Advisors Inc. grew its position in shares of MGM Resorts International by 3.4% in the 1st quarter. Pacer Advisors Inc. now owns 9,269 shares of the company’s stock valued at $254,000 after purchasing an additional 302 shares during the period. Amalgamated Bank grew its position in shares of MGM Resorts International by 2.6% in the 1st quarter. Amalgamated Bank now owns 25,996 shares of the company’s stock valued at $712,000 after purchasing an additional 650 shares during the period. Comerica Bank grew its position in shares of MGM Resorts International by 3.8% in the 2nd quarter. Comerica Bank now owns 24,687 shares of the company’s stock valued at $839,000 after purchasing an additional 910 shares during the period. Finally, Public Employees Retirement Association of Colorado grew its position in shares of MGM Resorts International by 1.0% in the 2nd quarter. Public Employees Retirement Association of Colorado now owns 91,976 shares of the company’s stock valued at $2,878,000 after purchasing an additional 915 shares during the period. Institutional investors and hedge funds own 75.20% of the company’s stock.

ILLEGAL ACTIVITY WARNING: This article was first published by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are viewing this article on another site, it was illegally copied and reposted in violation of U.S. & international copyright & trademark laws. The original version of this article can be viewed at https://ledgergazette.com/2017/10/09/mgm-resorts-international-mgm-shares-sold-by-principal-financial-group-inc.html.

In related news, CEO James Murren sold 57,269 shares of MGM Resorts International stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $31.54, for a total transaction of $1,806,264.26. Following the transaction, the chief executive officer now owns 969,111 shares of the company’s stock, valued at $30,565,760.94. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Alexis Herman sold 3,745 shares of MGM Resorts International stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $32.51, for a total value of $121,749.95. Following the transaction, the director now directly owns 8,285 shares in the company, valued at approximately $269,345.35. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 819,831 shares of company stock worth $27,686,927. 12.20% of the stock is owned by insiders.

Several equities analysts recently issued reports on MGM shares. BidaskClub lowered MGM Resorts International from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, August 1st. Instinet reiterated a “buy” rating on shares of MGM Resorts International in a research report on Monday, July 17th. Susquehanna Bancshares Inc reiterated a “neutral” rating and issued a $33.00 price objective (down from $38.00) on shares of MGM Resorts International in a research report on Tuesday, October 3rd. Barclays PLC restated an “overweight” rating on shares of MGM Resorts International in a research note on Monday, October 2nd. Finally, UBS AG cut MGM Resorts International from a “positive” rating to a “neutral” rating in a research note on Tuesday, October 3rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have issued a buy rating to the stock. MGM Resorts International has an average rating of “Buy” and a consensus price target of $35.80.

Shares of MGM Resorts International (NYSE MGM) opened at 30.81 on Monday. The company has a market cap of $17.72 billion, a PE ratio of 18.24 and a beta of 1.46. The stock’s 50 day moving average price is $32.14 and its 200-day moving average price is $31.20. MGM Resorts International has a 52 week low of $25.15 and a 52 week high of $34.65.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Thursday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.03. The company had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.67 billion. MGM Resorts International had a return on equity of 7.97% and a net margin of 9.26%. MGM Resorts International’s quarterly revenue was up 16.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.29 earnings per share. Analysts expect that MGM Resorts International will post $1.28 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Monday, September 11th were given a dividend of $0.11 per share. The ex-dividend date was Friday, September 8th.

Several other institutional investors and hedge funds have also modified their holdings of the stock. World Asset Management Inc grew its position in shares of MGM Resorts International by 0.5% in the 2nd quarter. World Asset Management Inc now owns 19,646 shares of the company’s stock valued at $615,000 after purchasing an additional 91 shares during the period. Pacer Advisors Inc. grew its position in shares of MGM Resorts International by 3.4% in the 1st quarter. Pacer Advisors Inc. now owns 9,269 shares of the company’s stock valued at $254,000 after purchasing an additional 302 shares during the period. Amalgamated Bank grew its position in shares of MGM Resorts International by 2.6% in the 1st quarter. Amalgamated Bank now owns 25,996 shares of the company’s stock valued at $712,000 after purchasing an additional 650 shares during the period. Comerica Bank grew its position in shares of MGM Resorts International by 3.8% in the 2nd quarter. Comerica Bank now owns 24,687 shares of the company’s stock valued at $839,000 after purchasing an additional 910 shares during the period. Finally, Public Employees Retirement Association of Colorado grew its position in shares of MGM Resorts International by 1.0% in the 2nd quarter. Public Employees Retirement Association of Colorado now owns 91,976 shares of the company’s stock valued at $2,878,000 after purchasing an additional 915 shares during the period. Institutional investors and hedge funds own 75.20% of the company’s stock.

ILLEGAL ACTIVITY WARNING: This article was first published by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are viewing this article on another site, it was illegally copied and reposted in violation of U.S. & international copyright & trademark laws. The original version of this article can be viewed at https://ledgergazette.com/2017/10/09/mgm-resorts-international-mgm-shares-sold-by-principal-financial-group-inc.html.

In related news, CEO James Murren sold 57,269 shares of MGM Resorts International stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $31.54, for a total transaction of $1,806,264.26. Following the transaction, the chief executive officer now owns 969,111 shares of the company’s stock, valued at $30,565,760.94. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Alexis Herman sold 3,745 shares of MGM Resorts International stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $32.51, for a total value of $121,749.95. Following the transaction, the director now directly owns 8,285 shares in the company, valued at approximately $269,345.35. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 819,831 shares of company stock worth $27,686,927. 12.20% of the stock is owned by insiders.

Several equities analysts recently issued reports on MGM shares. BidaskClub lowered MGM Resorts International from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, August 1st. Instinet reiterated a “buy” rating on shares of MGM Resorts International in a research report on Monday, July 17th. Susquehanna Bancshares Inc reiterated a “neutral” rating and issued a $33.00 price objective (down from $38.00) on shares of MGM Resorts International in a research report on Tuesday, October 3rd. Barclays PLC restated an “overweight” rating on shares of MGM Resorts International in a research note on Monday, October 2nd. Finally, UBS AG cut MGM Resorts International from a “positive” rating to a “neutral” rating in a research note on Tuesday, October 3rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have issued a buy rating to the stock. MGM Resorts International has an average rating of “Buy” and a consensus price target of $35.80.

Shares of MGM Resorts International (NYSE MGM) opened at 30.81 on Monday. The company has a market cap of $17.72 billion, a PE ratio of 18.24 and a beta of 1.46. The stock’s 50 day moving average price is $32.14 and its 200-day moving average price is $31.20. MGM Resorts International has a 52 week low of $25.15 and a 52 week high of $34.65.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Thursday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.03. The company had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.67 billion. MGM Resorts International had a return on equity of 7.97% and a net margin of 9.26%. MGM Resorts International’s quarterly revenue was up 16.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.29 earnings per share. Analysts expect that MGM Resorts International will post $1.28 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Monday, September 11th were given a dividend of $0.11 per share. The ex-dividend date was Friday, September 8th. This represents a $0.44 annualized dividend and a dividend yield of 1.43%. MGM Resorts International’s payout ratio is 26.04%.

MGM Resorts International declared that its Board of Directors has initiated a stock buyback plan on Tuesday, September 5th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

About MGM Resorts International

MGM Resorts International is a holding company. The Company, through its subsidiaries, owns and operates casino resorts. The Company operates in two segments: domestic resorts and MGM China. Its domestic resorts segment consists of non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities.

Institutional Ownership by Quarter for MGM Resorts International (NYSE:MGM)

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