Franklin Resources Inc. Reduces Holdings in MGM Resorts International (NYSE:MGM)

Franklin Resources Inc. trimmed its position in MGM Resorts International (NYSE:MGM - Free Report) by 55.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 33,857 shares of the company's stock after selling 41,886 shares during the period. Franklin Resources Inc.'s holdings in MGM Resorts International were worth $1,362,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. International Assets Investment Management LLC bought a new position in MGM Resorts International during the second quarter valued at approximately $28,000. MidAtlantic Capital Management Inc. bought a new position in shares of MGM Resorts International during the 3rd quarter valued at $28,000. Eastern Bank bought a new stake in shares of MGM Resorts International in the third quarter worth $35,000. UMB Bank n.a. lifted its holdings in MGM Resorts International by 33.3% in the second quarter. UMB Bank n.a. now owns 949 shares of the company's stock valued at $42,000 after acquiring an additional 237 shares during the period. Finally, Brooklyn Investment Group purchased a new position in shares of MGM Resorts International during the 3rd quarter worth $44,000. Hedge funds and other institutional investors own 68.11% of the company's stock.

Insider Buying and Selling

In related 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 transaction of $1,865,070.00. Following the completion of the transaction, the director now directly owns 5,687,478 shares in the company, valued at $207,991,070.46. This trade represents a 0.89 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 2.13% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft reduced 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 report on Tuesday, October 1st. Truist Financial dropped their price target on MGM Resorts International from $58.00 to $56.00 and set a "buy" rating for the company in a research note on Wednesday, October 23rd. JMP Securities reduced their price objective on shares of MGM Resorts International from $54.00 to $50.00 and set a "market outperform" rating on the stock in a research report on Monday, November 25th. Wells Fargo & Company dropped their target price on shares of MGM Resorts International from $53.00 to $47.00 and set an "overweight" rating for the company in a research report on Thursday, October 17th. Finally, Morgan Stanley lifted their price target on shares of MGM Resorts International from $43.00 to $44.00 and gave the company an "equal weight" rating in a report on Tuesday, October 22nd. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $52.54.

MGM Resorts International Price Performance

NYSE MGM traded down $0.12 during trading hours on Friday, reaching $34.77. The company's stock had a trading volume of 2,524,344 shares, compared to its average volume of 4,070,683. 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 has a 1-year low of $33.28 and a 1-year high of $48.24. The company's 50-day moving average is $37.24 and its two-hundred day moving average is $39.00. The firm has a market capitalization of $10.35 billion, a price-to-earnings ratio of 12.42, a P/E/G ratio of 3.10 and a beta of 2.20.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its earnings results on Wednesday, October 30th. The company reported $0.54 EPS for the quarter, missing analysts' consensus estimates of $0.58 by ($0.04). The business had revenue of $4.18 billion during the quarter, compared to analyst estimates of $4.21 billion. MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. MGM Resorts International's quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the company earned $0.64 earnings per share. On average, equities analysts predict that MGM Resorts International will post 2.48 EPS for the current year.

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.