Franklin Resources Inc. Has $1.36 Million Stock Holdings in MGM Resorts International (NYSE:MGM)

Franklin Resources Inc. decreased its stake in MGM Resorts International (NYSE:MGM) by 55.3% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 33,857 shares of the company’s stock after selling 41,886 shares during the quarter. Franklin Resources Inc.’s holdings in MGM Resorts International were worth $1,362,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of MGM. International Assets Investment Management LLC acquired a new position in shares of MGM Resorts International in the second quarter worth about $28,000. MidAtlantic Capital Management Inc. acquired a new position in MGM Resorts International in the 3rd quarter worth approximately $28,000. Eastern Bank purchased a new position in MGM Resorts International during the 3rd quarter worth approximately $35,000. UMB Bank n.a. raised its stake in MGM Resorts International by 33.3% during the 2nd quarter. UMB Bank n.a. now owns 949 shares of the company’s stock valued at $42,000 after purchasing an additional 237 shares during the period. Finally, Brooklyn Investment Group purchased a new stake in shares of MGM Resorts International in the third quarter valued at $44,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Insider Transactions at MGM Resorts International

In other news, Director Keith A. Meister sold 51,000 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $36.57, for a total value of $1,865,070.00. Following the sale, the director now directly owns 5,687,478 shares of the company’s stock, valued at approximately $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 SEC, which can be accessed through this hyperlink. 2.83% of the stock is owned by corporate insiders.

MGM Resorts International Price Performance

Shares of NYSE:MGM opened at $34.77 on Friday. The stock has a market capitalization of $10.35 billion, a P/E ratio of 12.42, a P/E/G ratio of 3.10 and a beta of 2.20. The business has a 50-day moving average of $37.37 and a two-hundred day moving average of $39.04. MGM Resorts International has a fifty-two week low of $33.28 and a fifty-two week high of $48.24. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.24 and a quick ratio of 1.21.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.04). The company 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 firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.64 earnings per share. On average, equities research analysts predict that MGM Resorts International will post 2.48 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on MGM. Wells Fargo & Company lowered their price target on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Mizuho reduced their price target on shares of MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Morgan Stanley boosted their price objective on shares of MGM Resorts International from $43.00 to $44.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 22nd. Barclays cut their target price on shares of MGM Resorts International from $50.00 to $46.00 and set an “overweight” rating for the company in a research report on Friday, December 13th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of MGM Resorts International from $57.00 to $52.00 and set a “buy” rating for the company in a research note on Tuesday, October 1st. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, MGM Resorts International has an average rating of “Moderate Buy” and a consensus target price of $52.54.

About MGM Resorts International

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.