Zacks: Brokerages Anticipate Moneygram International, Inc. (MGI) Will Post Quarterly Sales of $417.61 Million
Wall Street analysts expect Moneygram International, Inc. (NASDAQ:MGI) to report $417.61 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Moneygram International’s earnings. The lowest sales estimate is $409.20 million and the highest is $428.00 million. Moneygram International posted sales of $383.70 million in the same quarter last year, which would indicate a positive year over year growth rate of 8.8%. The firm is expected to report its next earnings results on Friday, August 4th.
According to Zacks, analysts expect that Moneygram International will report full year sales of $417.61 million for the current year, with estimates ranging from $1.63 billion to $1.73 billion. For the next year, analysts forecast that the firm will report sales of $1.78 billion per share, with estimates ranging from $1.75 billion to $1.82 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that cover Moneygram International.
Moneygram International (NASDAQ:MGI) last issued its quarterly earnings data on Thursday, May 4th. The financial services provider reported $0.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.05. The firm had revenue of $386.10 million during the quarter, compared to analysts’ expectations of $387.92 million. Moneygram International had a net margin of 1.87% and a negative return on equity of 12.41%. Moneygram International’s revenue for the quarter was down .3% on a year-over-year basis. During the same period in the prior year, the company posted $0.17 earnings per share.
MGI has been the subject of a number of analyst reports. Zacks Investment Research downgraded shares of Moneygram International from a “buy” rating to a “hold” rating in a research report on Tuesday, May 16th. ValuEngine raised shares of Moneygram International from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Morgan Stanley reaffirmed an “equal weight” rating and issued a $18.00 target price (up previously from $15.00) on shares of Moneygram International in a research report on Monday, June 19th. Northland Securities reaffirmed a “hold” rating and issued a $17.39 target price on shares of Moneygram International in a research report on Friday, June 30th. Finally, Feltl & Co. downgraded shares of Moneygram International from a “hold” rating to a “sell” rating in a research report on Monday, April 17th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company. Moneygram International presently has a consensus rating of “Hold” and an average price target of $13.77.
Shares of Moneygram International (MGI) traded up 0.29% during midday trading on Friday, reaching $17.36. 470,121 shares of the company were exchanged. The stock has a 50-day moving average price of $17.29 and a 200 day moving average price of $15.03. Moneygram International has a 52-week low of $5.83 and a 52-week high of $17.92. The company has a market capitalization of $938.08 million, a P/E ratio of 39.45 and a beta of 1.94.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. purchased a new position in shares of Moneygram International during the fourth quarter worth approximately $144,000. State Street Corp increased its position in shares of Moneygram International by 7.7% in the fourth quarter. State Street Corp now owns 490,053 shares of the financial services provider’s stock worth $5,786,000 after buying an additional 35,026 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Moneygram International by 31.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 802,709 shares of the financial services provider’s stock worth $9,480,000 after buying an additional 193,429 shares during the period. Renaissance Technologies LLC increased its position in shares of Moneygram International by 89.3% in the fourth quarter. Renaissance Technologies LLC now owns 633,691 shares of the financial services provider’s stock worth $7,484,000 after buying an additional 298,987 shares during the period. Finally, Two Sigma Investments LP increased its position in shares of Moneygram International by 595.8% in the fourth quarter. Two Sigma Investments LP now owns 214,266 shares of the financial services provider’s stock worth $2,530,000 after buying an additional 183,472 shares during the period. 89.84% of the stock is owned by institutional investors.
About Moneygram International
MoneyGram International, Inc (MoneyGram) is a global provider of money transfer services. The Company operates through two segments: Global Funds Transfer and Financial Paper Products. The Company offers its services under the MoneyGram brand. The Company’s Global Funds Transfer Segment provides money transfer services and bill payment services primarily to unbanked and underbanked consumers.
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