$286.22 Million in Sales Expected for MGM Growth Properties LLC (MGP) This Quarter

Wall Street brokerages expect MGM Growth Properties LLC (NYSE:MGP) to report $286.22 million in sales for the current quarter, according to Zacks. Two analysts have provided estimates for MGM Growth Properties’ earnings, with the lowest sales estimate coming in at $281.64 million and the highest estimate coming in at $290.80 million. MGM Growth Properties posted sales of $182.80 million during the same quarter last year, which suggests a positive year over year growth rate of 56.6%. The business is expected to report its next quarterly earnings report on Wednesday, November 14th.

On average, analysts expect that MGM Growth Properties will report full-year sales of $986.72 million for the current year, with estimates ranging from $965.40 million to $998.57 million. For the next fiscal year, analysts expect that the firm will report sales of $1.12 billion per share, with estimates ranging from $1.02 billion to $1.18 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that cover MGM Growth Properties.

MGM Growth Properties (NYSE:MGP) last released its quarterly earnings data on Tuesday, August 7th. The financial services provider reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.33). MGM Growth Properties had a return on equity of 0.81% and a net margin of 5.85%. The company had revenue of $220.40 million for the quarter, compared to analyst estimates of $218.17 million. During the same period in the previous year, the business posted $0.50 EPS. The firm’s revenue for the quarter was up 19.5% compared to the same quarter last year.

A number of equities analysts have recently issued reports on MGP shares. Bank of America raised their target price on shares of MGM Growth Properties from $30.00 to $32.00 and gave the stock a “buy” rating in a research report on Tuesday, July 17th. Barclays raised their target price on shares of MGM Growth Properties from $33.00 to $35.00 and gave the stock an “overweight” rating in a research report on Thursday, July 12th. Zacks Investment Research lowered shares of MGM Growth Properties from a “buy” rating to a “hold” rating in a research report on Saturday. Morgan Stanley raised their target price on shares of MGM Growth Properties from $29.00 to $32.00 and gave the stock a “hold” rating in a research report on Tuesday, July 24th. Finally, Citigroup upgraded shares of MGM Growth Properties from a “neutral” rating to a “buy” rating in a research report on Wednesday. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company. MGM Growth Properties has an average rating of “Buy” and an average target price of $32.22.

Several institutional investors and hedge funds have recently made changes to their positions in MGP. KBC Group NV grew its position in MGM Growth Properties by 17.8% in the 1st quarter. KBC Group NV now owns 12,520 shares of the financial services provider’s stock valued at $332,000 after buying an additional 1,896 shares during the last quarter. Citadel Advisors LLC grew its position in MGM Growth Properties by 536.2% in the 1st quarter. Citadel Advisors LLC now owns 406,686 shares of the financial services provider’s stock valued at $10,794,000 after buying an additional 342,759 shares during the last quarter. Nuveen Asset Management LLC grew its position in MGM Growth Properties by 8.5% in the 1st quarter. Nuveen Asset Management LLC now owns 2,589,564 shares of the financial services provider’s stock valued at $68,727,000 after buying an additional 203,719 shares during the last quarter. FDx Advisors Inc. lifted its holdings in MGM Growth Properties by 39.0% in the first quarter. FDx Advisors Inc. now owns 16,791 shares of the financial services provider’s stock valued at $446,000 after acquiring an additional 4,711 shares during the period. Finally, Goldman Sachs Group Inc. lifted its holdings in MGM Growth Properties by 191.1% in the fourth quarter. Goldman Sachs Group Inc. now owns 102,144 shares of the financial services provider’s stock valued at $2,978,000 after acquiring an additional 67,057 shares during the period. Institutional investors and hedge funds own 94.03% of the company’s stock.

MGP stock traded down $0.29 during midday trading on Tuesday, reaching $29.34. 405,213 shares of the company were exchanged, compared to its average volume of 571,047. The company has a current ratio of 8.43, a quick ratio of 8.04 and a debt-to-equity ratio of 0.66. The stock has a market cap of $2.10 billion, a P/E ratio of 14.60, a PEG ratio of 1.43 and a beta of -0.46. MGM Growth Properties has a 1-year low of $25.31 and a 1-year high of $31.83.

The firm also recently announced a quarterly dividend, which was paid on Monday, July 16th. Stockholders of record on Friday, June 29th were given a dividend of $0.43 per share. The ex-dividend date was Thursday, June 28th. This is a positive change from MGM Growth Properties’s previous quarterly dividend of $0.42. This represents a $1.72 dividend on an annualized basis and a dividend yield of 5.86%. MGM Growth Properties’s dividend payout ratio (DPR) is 85.57%.

MGM Growth Properties Company Profile

MGM Growth Properties LLC (NYSE:MGP) is one of the leading publicly traded real estate investment trusts engaged in the acquisition, ownership and leasing of large-scale destination entertainment and leisure resorts, whose diverse amenities include casino gaming, hotel, convention, dining, entertainment and retail offerings.

See Also: Average Daily Trade Volume – What You Need to Know

Get a free copy of the Zacks research report on MGM Growth Properties (MGP)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for MGM Growth Properties (NYSE:MGP)

Receive News & Ratings for MGM Growth Properties Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGM Growth Properties and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply