MGM Growth Properties LLC (NYSE:MGP)‘s stock had its “buy” rating reaffirmed by Barclays PLC in a report issued on Friday. They presently have a $33.00 price objective on the financial services provider’s stock. Barclays PLC’s price objective indicates a potential upside of 10.66% from the stock’s previous close.
A number of other research analysts have also recently weighed in on MGP. Zacks Investment Research upgraded shares of MGM Growth Properties from a “sell” rating to a “hold” rating in a research report on Tuesday, April 18th. Deutsche Bank AG reiterated a “hold” rating and set a $28.00 price objective (up previously from $27.00) on shares of MGM Growth Properties in a research report on Friday, April 28th. Ladenburg Thalmann Financial Services started coverage on shares of MGM Growth Properties in a research report on Friday, June 2nd. They set a “buy” rating and a $32.00 price objective on the stock. 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 given a buy rating to the company’s stock. MGM Growth Properties currently has an average rating of “Buy” and a consensus price target of $30.50.
Shares of MGM Growth Properties (NYSE:MGP) opened at 29.82 on Friday. The firm has a 50-day moving average of $29.21 and a 200-day moving average of $27.62. MGM Growth Properties has a one year low of $23.63 and a one year high of $30.03. The company has a market cap of $1.72 billion, a price-to-earnings ratio of 38.23 and a beta of -1.36.
MGM Growth Properties (NYSE:MGP) last posted its quarterly earnings data on Tuesday, August 8th. The financial services provider reported $0.18 earnings per share for the quarter, missing the Zacks’ 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 firm had revenue of $184.45 million for the quarter, compared to the consensus estimate of $184.43 million. During the same quarter last year, the firm earned $0.32 EPS. The company’s revenue was up 66.3% on a year-over-year basis. Equities research analysts forecast that MGM Growth Properties will post $0.83 EPS for the current fiscal year.
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In related news, Director Robert W. Smith purchased 2,000 shares of the business’s stock in a transaction dated Tuesday, May 30th. The shares were purchased at an average cost of $27.87 per share, for a total transaction of $55,740.00. Following the completion of the acquisition, the director now owns 2,000 shares in the company, valued at approximately $55,740. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.60% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Oppenheimer Asset Management Inc. bought a new position in MGM Growth Properties during the first quarter worth approximately $265,000. Nationwide Fund Advisors boosted its position in MGM Growth Properties by 0.3% in the first quarter. Nationwide Fund Advisors now owns 575,181 shares of the financial services provider’s stock worth $15,559,000 after buying an additional 1,625 shares during the last quarter. Cambiar Investors LLC boosted its position 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. Henderson Group PLC bought a new position in MGM Growth Properties during the first quarter worth approximately $10,408,000. Finally, Waratah Capital Advisors Ltd. boosted its position in MGM Growth Properties by 69.2% in the first quarter. Waratah Capital Advisors Ltd. now owns 88,655 shares of the financial services provider’s stock worth $2,398,000 after buying an additional 36,249 shares during the last quarter. Hedge funds and other institutional investors own 96.72% of the company’s stock.
About MGM Growth Properties
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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