Zacks: Analysts Expect Moneygram International, Inc. (MGI) Will Announce Quarterly Sales of $415.38 Million
Wall Street brokerages predict that Moneygram International, Inc. (NASDAQ:MGI) will post $415.38 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Moneygram International’s earnings. The lowest sales estimate is $410.70 million and the highest is $420.05 million. Moneygram International reported sales of $383.10 million during the same quarter last year, which indicates a positive year over year growth rate of 8.4%. The business is expected to issue its next quarterly earnings report on Friday, November 3rd.
On average, analysts expect that Moneygram International will report full year sales of $415.38 million for the current year, with estimates ranging from $1.63 billion to $1.66 billion. For the next fiscal year, analysts forecast that the firm will post sales of $1.76 billion per share, with estimates ranging from $1.74 billion to $1.78 billion. Zacks’ sales calculations are an average based on a survey of research firms that that provide coverage for Moneygram International.
Moneygram International (NASDAQ:MGI) last released its earnings results on Monday, August 7th. The financial services provider reported $0.27 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.05. Moneygram International had a net margin of 2.03% and a negative return on equity of 14.11%. The business had revenue of $410.00 million during the quarter, compared to analysts’ expectations of $417.61 million. During the same quarter last year, the company earned $0.15 earnings per share.
A number of analysts have recently weighed in on the stock. BidaskClub raised shares of Moneygram International from a “strong sell” rating to a “sell” rating in a report on Tuesday, August 22nd. ValuEngine downgraded shares of Moneygram International from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. Finally, Northland Securities reaffirmed a “hold” rating on shares of Moneygram International in a report on Tuesday, September 5th. Two equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. Moneygram International presently has a consensus rating of “Hold” and a consensus target price of $16.21.
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Several institutional investors and hedge funds have recently bought and sold shares of the company. USA Financial Portformulas Corp boosted its stake in Moneygram International by 3.9% during the second quarter. USA Financial Portformulas Corp now owns 22,769 shares of the financial services provider’s stock worth $393,000 after acquiring an additional 852 shares in the last quarter. Wells Fargo & Company MN boosted its stake in Moneygram International by 4.8% during the second quarter. Wells Fargo & Company MN now owns 21,129 shares of the financial services provider’s stock worth $365,000 after acquiring an additional 973 shares in the last quarter. American International Group Inc. boosted its stake in Moneygram International by 7.1% during the first quarter. American International Group Inc. now owns 18,227 shares of the financial services provider’s stock worth $306,000 after acquiring an additional 1,208 shares in the last quarter. Bank of America Corp DE boosted its stake in Moneygram International by 34.1% during the first quarter. Bank of America Corp DE now owns 7,918 shares of the financial services provider’s stock worth $133,000 after acquiring an additional 2,015 shares in the last quarter. Finally, Voya Investment Management LLC boosted its stake in Moneygram International by 20.8% during the second quarter. Voya Investment Management LLC now owns 14,878 shares of the financial services provider’s stock worth $257,000 after acquiring an additional 2,562 shares in the last quarter. Institutional investors own 93.75% of the company’s stock.
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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