Zacks: Analysts Expect MGM Growth Properties LLC (MGP) Will Announce Quarterly Sales of $184.43 Million
Wall Street brokerages expect MGM Growth Properties LLC (NYSE:MGP) to report sales of $184.43 million for the current quarter, Zacks reports. Three analysts have provided estimates for MGM Growth Properties’ earnings, with estimates ranging from $181.50 million to $187.33 million. MGM Growth Properties posted sales of $172.50 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 6.9%. The firm is scheduled to issue its next quarterly earnings results on Monday, November 6th.
On average, analysts expect that MGM Growth Properties will report full-year sales of $184.43 million for the current year, with estimates ranging from $734.60 million to $743.03 million. For the next financial year, analysts expect that the company will post sales of $746.85 million per share, with estimates ranging from $737.11 million to $755.70 million. Zacks’ sales averages are an average based on a survey of research firms that cover MGM Growth Properties.
MGM Growth Properties (NYSE:MGP) last released its earnings results on Tuesday, August 8th. The financial services provider reported $0.18 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by $0.32. MGM Growth Properties had a net margin of 6.21% and a return on equity of 0.81%. The business had revenue of $184.45 million for the quarter, compared to analysts’ expectations of $184.43 million. During the same quarter in the previous year, the business posted $0.32 earnings per share. MGM Growth Properties’s revenue for the quarter was up 66.3% on a year-over-year basis.
Several brokerages have recently weighed in on MGP. Ladenburg Thalmann Financial Services reaffirmed a “buy” rating on shares of MGM Growth Properties in a research report on Thursday, August 10th. Barclays PLC reaffirmed a “buy” rating and issued a $33.00 price target on shares of MGM Growth Properties in a research report on Friday, August 11th. Zacks Investment Research raised shares of MGM Growth Properties from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a research report on Thursday, August 10th. Deutsche Bank AG upped their price target on shares of MGM Growth Properties from $28.00 to $30.00 and gave the stock a “hold” rating in a research report on Wednesday, August 9th. Finally, ValuEngine cut shares of MGM Growth Properties from a “buy” rating to a “hold” rating in a research report on Tuesday, June 20th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $30.50.
MGM Growth Properties (NYSE MGP) opened at 30.60 on Friday. The stock has a market capitalization of $1.76 billion, a price-to-earnings ratio of 39.23 and a beta of -1.36. The stock’s 50 day moving average is $29.33 and its 200 day moving average is $27.77. MGM Growth Properties has a 12-month low of $23.63 and a 12-month high of $31.05.
In other MGM Growth Properties news, Director Robert W. Smith purchased 2,000 shares of the stock in a transaction dated Tuesday, May 30th. The stock was purchased at an average price of $27.87 per share, with a total value of $55,740.00. Following the transaction, the director now owns 2,000 shares of the company’s stock, valued at $55,740. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.60% of the stock is currently owned by corporate insiders.
Large investors have recently bought and sold shares of the stock. Quantbot Technologies LP purchased a new stake in MGM Growth Properties during the first quarter worth approximately $207,000. Peapack Gladstone Financial Corp boosted its stake in MGM Growth Properties by 19.7% in the first quarter. Peapack Gladstone Financial Corp now owns 23,421 shares of the financial services provider’s stock worth $634,000 after buying an additional 3,850 shares during the last quarter. Gerber Kawasaki Wealth & Investment Management purchased a new stake in MGM Growth Properties during the first quarter worth approximately $219,000. Sei Investments Co. boosted its stake in MGM Growth Properties by 143.2% in the first quarter. Sei Investments Co. now owns 86,667 shares of the financial services provider’s stock worth $2,344,000 after buying an additional 51,024 shares during the last quarter. Finally, Cambiar Investors LLC boosted its stake in MGM Growth Properties by 1.1% in the first quarter. Cambiar Investors LLC now owns 132,564 shares of the financial services provider’s stock worth $3,586,000 after buying an additional 1,506 shares during the last quarter. 97.58% of the stock is owned by institutional investors.
MGM Growth Properties Company Profile
MGM Growth Properties LLC is a real estate investment trust engaged in the acquisition, ownership and leasing of destination entertainment and leisure resorts, whose amenities include casino gaming, hotel, convention, dining, entertainment and retail offerings. Its portfolio consists of approximately 10 destination resorts.
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