Franklin Resources Inc. Grows Stake in MGM Resorts International $MGM

Franklin Resources Inc. raised its holdings in MGM Resorts International (NYSE:MGM) by 167.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 39,629 shares of the company’s stock after buying an additional 24,804 shares during the quarter. Franklin Resources Inc.’s holdings in MGM Resorts International were worth $1,363,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. US Bancorp DE increased its position in MGM Resorts International by 6.2% during the 1st quarter. US Bancorp DE now owns 20,525 shares of the company’s stock valued at $608,000 after purchasing an additional 1,200 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of MGM Resorts International by 15.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 39,138 shares of the company’s stock valued at $1,160,000 after purchasing an additional 5,291 shares in the last quarter. Bank of Nova Scotia boosted its stake in shares of MGM Resorts International by 31.5% during the 1st quarter. Bank of Nova Scotia now owns 50,990 shares of the company’s stock valued at $1,511,000 after purchasing an additional 12,220 shares in the last quarter. Blair William & Co. IL increased its position in shares of MGM Resorts International by 1.7% during the first quarter. Blair William & Co. IL now owns 38,027 shares of the company’s stock valued at $1,127,000 after buying an additional 630 shares during the period. Finally, Headlands Technologies LLC raised its stake in MGM Resorts International by 1,395.4% in the first quarter. Headlands Technologies LLC now owns 5,548 shares of the company’s stock worth $164,000 after buying an additional 5,177 shares in the last quarter. Institutional investors own 68.11% of the company’s stock.

Insider Activity

In other MGM Resorts International news, Director Keith A. Meister sold 242,000 shares of the firm’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $35.42, for a total transaction of $8,571,640.00. Following the completion of the sale, the director directly owned 5,385,478 shares in the company, valued at approximately $190,753,630.76. This trade represents a 4.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John Mcmanus sold 60,000 shares of MGM Resorts International stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $36.12, for a total transaction of $2,167,200.00. Following the completion of the transaction, the insider directly owned 31,521 shares of the company’s stock, valued at $1,138,538.52. This trade represents a 65.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 3.06% of the stock is owned by insiders.

MGM Resorts International Stock Up 2.0%

MGM stock opened at $36.08 on Friday. The business has a 50 day moving average of $33.00 and a 200 day moving average of $34.63. The firm has a market cap of $9.87 billion, a PE ratio of 225.51, a price-to-earnings-growth ratio of 2.62 and a beta of 1.48. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $41.32. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 1.80.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, October 29th. The company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.13). MGM Resorts International had a return on equity of 17.23% and a net margin of 0.40%.The company had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same period last year, the firm posted $0.54 earnings per share. The company’s revenue was up 1.6% compared to the same quarter last year. On average, research analysts forecast that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. JPMorgan Chase & Co. lowered their price objective on shares of MGM Resorts International from $41.00 to $38.00 and set a “neutral” rating for the company in a report on Thursday, October 30th. Citigroup lowered their target price on MGM Resorts International from $51.00 to $47.50 and set a “buy” rating for the company in a research note on Thursday, October 30th. Wells Fargo & Company initiated coverage on MGM Resorts International in a research report on Tuesday, November 18th. They set an “underweight” rating and a $29.00 price target on the stock. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $31.00 price target on shares of MGM Resorts International in a research note on Thursday, October 30th. Finally, UBS Group decreased their price objective on MGM Resorts International from $39.00 to $37.00 and set a “neutral” rating for the company in a report on Monday, November 17th. Thirteen investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $45.97.

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.