MGM Growth Properties LLC’s Lock-Up Period Will End on October 17th (NYSE:MGP)
MGM Growth Properties’ (NYSE:MGP) lock-up period is set to expire on Monday, October 17th. MGM Growth Properties had issued 50,000,000 shares in its public offering on April 20th. The total size of the offering was $1,050,000,000 based on an initial share price of $21.00. After the expiration of MGM Growth Properties’ lock-up period, company insiders and major shareholders will be able to sell their shares of the company.
A number of research analysts recently weighed in on the stock. Zacks Investment Research downgraded shares of MGM Growth Properties from a “strong-buy” rating to a “hold” rating in a research report on Saturday, July 30th. Citigroup Inc. increased their price objective on shares of MGM Growth Properties from $23.00 to $26.00 and gave the company a “neutral” rating in a research report on Friday, August 5th. Bank of America Corp. restated a “buy” rating and set a $29.00 price objective on shares of MGM Growth Properties in a research report on Friday, August 5th. Morgan Stanley downgraded shares of MGM Growth Properties from an “overweight” rating to an “equal weight” rating and set a $25.00 price objective on the stock. in a research report on Wednesday, June 22nd. Finally, Deutsche Bank AG restated a “buy” rating on shares of MGM Growth Properties in a research report on Monday, June 27th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $26.50.
Shares of MGM Growth Properties (NYSE:MGP) opened at 24.52 on Monday. MGM Growth Properties has a 12 month low of $21.00 and a 12 month high of $27.89. The stock’s 50 day moving average is $25.62 and its 200 day moving average is $25.05. The company’s market capitalization is $1.41 billion.
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MGM Growth Properties (NYSE:MGP) last issued its quarterly earnings data on Thursday, August 4th. The company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by $0.35. The firm had revenue of $101.25 million for the quarter, compared to analysts’ expectations of $110.24 million. On average, equities analysts predict that MGM Growth Properties will post $1.29 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be given a $0.387 dividend. This represents a $1.55 dividend on an annualized basis and a dividend yield of 6.31%. The ex-dividend date is Wednesday, September 28th.
Hedge funds and other institutional investors have recently modified their holdings of the company. Capital Research Global Investors purchased a new position in shares of MGM Growth Properties during the second quarter worth about $106,326,000. Brookfield Asset Management Inc. purchased a new position in shares of MGM Growth Properties during the second quarter worth about $88,428,000. Cbre Clarion Securities LLC purchased a new position in shares of MGM Growth Properties during the second quarter worth about $87,844,000. TIAA CREF Investment Management LLC purchased a new position in shares of MGM Growth Properties during the second quarter worth about $71,237,000. Finally, American Century Companies Inc. purchased a new position in shares of MGM Growth Properties during the second quarter worth about $63,605,000. 97.13% of the stock is currently owned by hedge funds and other institutional investors.
About MGM Growth Properties
MGM Growth Properties LLC is a real estate investment trust. The Company is a subsidiary of MGM Resorts International, a holding company, which through its subsidiaries, owns and operates casino resorts. The Company is engaged in the acquisition, ownership and leasing of large-scale destination entertainment and leisure resorts, whose diverse amenities include casino gaming, hotel, convention, dining, entertainment and retail offerings.
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