MGM Growth Properties LLC (NYSE:MGP) Expected to Post Quarterly Sales of $202.31 Million

Brokerages predict that MGM Growth Properties LLC (NYSE:MGP) will announce $202.31 million in sales for the current fiscal quarter, Zacks reports. Three analysts have made estimates for MGM Growth Properties’ earnings, with the lowest sales estimate coming in at $196.49 million and the highest estimate coming in at $213.23 million. MGM Growth Properties posted sales of $225.76 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 10.4%. The company is scheduled to report its next quarterly earnings results on Tuesday, August 4th.

On average, analysts expect that MGM Growth Properties will report full-year sales of $811.70 million for the current fiscal year, with estimates ranging from $787.56 million to $849.27 million. For the next financial year, analysts forecast that the company will post sales of $814.31 million, with estimates ranging from $785.78 million to $864.12 million. Zacks’ sales averages are a mean average based on a survey of analysts that cover MGM Growth Properties.

MGM Growth Properties (NYSE:MGP) last issued its quarterly earnings data on Tuesday, May 5th. The financial services provider reported ($0.39) earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.66). The company had revenue of $209.60 million for the quarter, compared to analysts’ expectations of $222.65 million. MGM Growth Properties had a return on equity of 0.33% and a net margin of 2.32%. The firm’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.57 EPS.

MGP has been the subject of several recent analyst reports. Wolfe Research initiated coverage on shares of MGM Growth Properties in a research report on Wednesday, June 24th. They set an “outperform” rating and a $36.00 price objective for the company. Deutsche Bank reduced their price objective on shares of MGM Growth Properties from $30.00 to $29.00 and set a “buy” rating for the company in a research report on Tuesday, May 5th. UBS Group cut their target price on shares of MGM Growth Properties from $35.00 to $33.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Bank of America raised shares of MGM Growth Properties from a “neutral” rating to a “buy” rating and lifted their target price for the company from $26.00 to $29.00 in a report on Thursday, May 21st. Finally, SunTrust Banks cut their target price on shares of MGM Growth Properties from $37.00 to $28.00 and set a “buy” rating on the stock in a report on Wednesday, April 22nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $31.72.

Shares of NYSE:MGP traded up $0.41 during trading on Wednesday, hitting $27.21. 1,210,300 shares of the company were exchanged, compared to its average volume of 2,013,303. The stock has a market capitalization of $3.52 billion, a P/E ratio of 82.46, a PEG ratio of 3.34 and a beta of 0.73. The company has a debt-to-equity ratio of 0.78, a current ratio of 14.49 and a quick ratio of 14.49. MGM Growth Properties has a 12-month low of $11.43 and a 12-month high of $34.37. The firm’s 50 day moving average price is $27.22 and its 200-day moving average price is $27.55.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be paid a $0.4875 dividend. This is a boost from MGM Growth Properties’s previous quarterly dividend of $0.48. This represents a $1.95 annualized dividend and a yield of 7.17%. The ex-dividend date is Monday, June 29th. MGM Growth Properties’s payout ratio is currently 83.69%.

In other news, Director James Murren sold 36,519 shares of the company’s stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $24.90, for a total transaction of $909,323.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Michael Rietbrock sold 17,745 shares of the company’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $23.23, for a total transaction of $412,216.35. Following the transaction, the director now directly owns 7,000 shares in the company, valued at $162,610. The disclosure for this sale can be found here. Corporate insiders own 0.60% of the company’s stock.

Large investors have recently bought and sold shares of the company. Capital Research Global Investors boosted its position in shares of MGM Growth Properties by 22.9% in the 4th quarter. Capital Research Global Investors now owns 11,095,001 shares of the financial services provider’s stock worth $343,612,000 after buying an additional 2,068,355 shares in the last quarter. Janus Henderson Group PLC boosted its position in shares of MGM Growth Properties by 29.1% in the 1st quarter. Janus Henderson Group PLC now owns 7,268,723 shares of the financial services provider’s stock worth $172,131,000 after buying an additional 1,637,215 shares in the last quarter. Nuveen Asset Management LLC boosted its position in shares of MGM Growth Properties by 27.0% in the 4th quarter. Nuveen Asset Management LLC now owns 6,779,221 shares of the financial services provider’s stock worth $209,952,000 after buying an additional 1,440,320 shares in the last quarter. Alliancebernstein L.P. boosted its position in shares of MGM Growth Properties by 37.7% in the 1st quarter. Alliancebernstein L.P. now owns 5,699,451 shares of the financial services provider’s stock worth $134,906,000 after buying an additional 1,559,918 shares in the last quarter. Finally, Blackstone Group Inc purchased a new stake in shares of MGM Growth Properties in the 1st quarter worth about $115,779,000. 97.99% of the stock is currently owned by institutional investors and hedge funds.

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

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