Zacks: Brokerages Anticipate MGM Growth Properties LLC (MGP) Will Announce Quarterly Sales of $288.96 Million

Wall Street analysts expect that MGM Growth Properties LLC (NYSE:MGP) will announce sales of $288.96 million for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for MGM Growth Properties’ earnings. The lowest sales estimate is $271.00 million and the highest is $301.69 million. MGM Growth Properties posted sales of $215.84 million in the same quarter last year, which suggests a positive year-over-year growth rate of 33.9%. The business is scheduled to issue its next earnings report before the market opens on Tuesday, April 30th.

On average, analysts expect that MGM Growth Properties will report full-year sales of $1.06 billion for the current fiscal year, with estimates ranging from $981.77 million to $1.11 billion. For the next financial year, analysts anticipate that the company will post sales of $1.05 billion, with estimates ranging from $964.72 million to $1.25 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover MGM Growth Properties.

MGM Growth Properties (NYSE:MGP) last announced its quarterly earnings results on Thursday, February 14th. The financial services provider reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.59 by ($0.33). MGM Growth Properties had a return on equity of 1.13% and a net margin of 6.69%. The company had revenue of $284.00 million during the quarter, compared to the consensus estimate of $283.16 million. During the same period last year, the business posted $0.52 EPS. The company’s revenue for the quarter was up 32.4% on a year-over-year basis.

Several analysts recently commented on MGP shares. SunTrust Banks upgraded MGM Growth Properties from a “hold” rating to a “buy” rating and raised their target price for the company from $30.00 to $32.00 in a research report on Wednesday, January 9th. Nomura set a $37.00 target price on MGM Growth Properties and gave the company a “buy” rating in a research report on Friday, March 8th. Zacks Investment Research cut MGM Growth Properties from a “buy” rating to a “hold” rating in a research report on Saturday, February 16th. Deutsche Bank restated a “hold” rating and issued a $28.00 target price on shares of MGM Growth Properties in a research report on Monday, January 28th. Finally, Credit Suisse Group restated a “neutral” rating and issued a $31.00 target price on shares of MGM Growth Properties in a research report on Wednesday, March 20th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. MGM Growth Properties has a consensus rating of “Buy” and a consensus price target of $32.70.

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of MGM Growth Properties by 1.4% during the 3rd quarter. Vanguard Group Inc. now owns 4,568,903 shares of the financial services provider’s stock valued at $134,737,000 after purchasing an additional 63,573 shares during the period. Vanguard Group Inc increased its position in shares of MGM Growth Properties by 1.4% during the 3rd quarter. Vanguard Group Inc now owns 4,568,903 shares of the financial services provider’s stock valued at $134,737,000 after purchasing an additional 63,573 shares during the period. American Century Companies Inc. increased its position in shares of MGM Growth Properties by 8.5% during the 4th quarter. American Century Companies Inc. now owns 4,020,288 shares of the financial services provider’s stock valued at $106,176,000 after purchasing an additional 315,403 shares during the period. Prudential Financial Inc. increased its position in shares of MGM Growth Properties by 5.1% during the 4th quarter. Prudential Financial Inc. now owns 1,428,012 shares of the financial services provider’s stock valued at $37,714,000 after purchasing an additional 69,361 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of MGM Growth Properties by 6.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,032,923 shares of the financial services provider’s stock valued at $27,280,000 after purchasing an additional 62,368 shares during the period. Institutional investors own 80.90% of the company’s stock.

MGP opened at $32.43 on Wednesday. MGM Growth Properties has a 12 month low of $25.50 and a 12 month high of $33.30. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.99 and a current ratio of 0.99. The company has a market capitalization of $2.90 billion, a P/E ratio of 14.54, a price-to-earnings-growth ratio of 3.90 and a beta of 0.53.

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were given a $0.465 dividend. This is a boost from MGM Growth Properties’s previous quarterly dividend of $0.45. This represents a $1.86 annualized dividend and a yield of 5.74%. The ex-dividend date was Thursday, March 28th. MGM Growth Properties’s dividend payout ratio (DPR) is currently 83.41%.

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.

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