MGM Growth Properties (NYSE:MGP) posted its quarterly earnings results on Tuesday, February 20th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.01), Morningstar.com reports. MGM Growth Properties had a return on equity of 0.73% and a net margin of 5.46%. The company had revenue of $214.50 million during the quarter, compared to analysts’ expectations of $207.74 million. During the same period last year, the company earned $0.47 earnings per share. MGM Growth Properties’s revenue for the quarter was up 16.5% compared to the same quarter last year.
Shares of MGM Growth Properties (NYSE:MGP) traded down $0.05 during midday trading on Wednesday, hitting $26.64. The company’s stock had a trading volume of 523,674 shares, compared to its average volume of 795,781. The company has a debt-to-equity ratio of 0.65, a quick ratio of 8.11 and a current ratio of 8.11. MGM Growth Properties has a 12 month low of $25.31 and a 12 month high of $31.83. The company has a market capitalization of $1,890.82, a PE ratio of 39.18, a PEG ratio of 0.73 and a beta of -0.47.
Several brokerages have commented on MGP. Bank of America lowered their price target on MGM Growth Properties from $34.00 to $29.00 and set a “buy” rating on the stock in a report on Wednesday, February 21st. JPMorgan Chase & Co. restated an “overweight” rating and issued a $31.00 price objective (down previously from $33.00) on shares of MGM Growth Properties in a research note on Wednesday, February 21st. Morgan Stanley began coverage on shares of MGM Growth Properties in a research note on Thursday, February 15th. They issued an “equal weight” rating and a $29.00 price objective on the stock. Ladenburg Thalmann Financial Services set a $35.00 price objective on shares of MGM Growth Properties and gave the stock a “buy” rating in a research note on Wednesday, January 17th. Finally, Zacks Investment Research downgraded shares of MGM Growth Properties from a “buy” rating to a “hold” rating in a research note on Friday, January 5th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $31.44.
A number of large investors have recently made changes to their positions in MGP. Winslow Evans & Crocker Inc. bought a new stake in MGM Growth Properties during the 3rd quarter worth about $177,000. Xact Kapitalforvaltning AB bought a new stake in MGM Growth Properties during the 4th quarter worth about $207,000. Envestnet Asset Management Inc. raised its holdings in MGM Growth Properties by 932.0% during the 3rd quarter. Envestnet Asset Management Inc. now owns 9,288 shares of the financial services provider’s stock worth $281,000 after purchasing an additional 8,388 shares during the last quarter. Quantitative Systematic Strategies LLC acquired a new position in shares of MGM Growth Properties during the 3rd quarter worth about $285,000. Finally, FDx Advisors Inc. acquired a new position in shares of MGM Growth Properties during the 3rd quarter worth about $395,000.
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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