Franklin Resources Inc. Decreases Stock Position in MGM Resorts International (NYSE:MGM)

Franklin Resources Inc. lowered its stake in shares of MGM Resorts International (NYSE:MGM - Free Report) by 50.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,739 shares of the company's stock after selling 17,118 shares during the quarter. Franklin Resources Inc.'s holdings in MGM Resorts International were worth $580,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Global Trust Asset Management LLC acquired a new stake in shares of MGM Resorts International during the fourth quarter worth about $28,000. Assetmark Inc. raised its holdings in shares of MGM Resorts International by 104.1% during the fourth quarter. Assetmark Inc. now owns 806 shares of the company's stock worth $28,000 after purchasing an additional 411 shares during the last quarter. Global Retirement Partners LLC lifted its position in MGM Resorts International by 47.8% during the fourth quarter. Global Retirement Partners LLC now owns 1,250 shares of the company's stock valued at $43,000 after purchasing an additional 404 shares during the period. Modus Advisors LLC purchased a new stake in MGM Resorts International in the fourth quarter valued at $46,000. Finally, EverSource Wealth Advisors LLC grew its position in MGM Resorts International by 74.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,478 shares of the company's stock worth $51,000 after purchasing an additional 633 shares during the period. Hedge funds and other institutional investors own 68.11% of the company's stock.

Wall Street Analyst Weigh In

MGM has been the topic of a number of recent research reports. Susquehanna Bancshares upped their target price on MGM Resorts International from $53.00 to $56.00 in a research note on Wednesday, February 12th. Canaccord Genuity Group reissued a "buy" rating on shares of MGM Resorts International in a report on Thursday, February 13th. Wedbush reaffirmed an "outperform" rating on shares of MGM Resorts International in a report on Thursday, February 13th. Wells Fargo & Company raised their target price on MGM Resorts International from $44.00 to $46.00 and gave the company an "overweight" rating in a research report on Thursday, February 13th. Finally, Stifel Nicolaus increased their price target on MGM Resorts International from $47.00 to $50.00 and gave the stock a "buy" rating in a research report on Thursday, February 13th. Six research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $50.71.

Insider Buying and Selling

In other MGM Resorts International news, CAO Todd Meinert sold 6,000 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total transaction of $227,040.00. Following the completion of the sale, the chief accounting officer now directly owns 18,301 shares of the company's stock, valued at approximately $692,509.84. This trade represents a 24.69 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Jonathan S. Halkyard acquired 10,000 shares of the company's stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average cost of $32.17 per share, for a total transaction of $321,700.00. Following the acquisition, the chief financial officer now directly owns 75,648 shares of the company's stock, valued at $2,433,596.16. This trade represents a 15.23 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 3.06% of the stock is currently owned by company insiders.

MGM Resorts International Trading Up 1.5 %

MGM Resorts International stock traded up $0.43 during mid-day trading on Friday, hitting $28.89. The company's stock had a trading volume of 4,333,562 shares, compared to its average volume of 4,625,346. The stock's fifty day moving average is $32.12 and its two-hundred day moving average is $34.90. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73. The firm has a market capitalization of $8.18 billion, a PE ratio of 12.04, a price-to-earnings-growth ratio of 0.98 and a beta of 1.96. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $47.26.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.08. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. On average, analysts anticipate that MGM Resorts International will post 2.21 EPS for the current year.

MGM Resorts International Company 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.