MGM Growth Properties LLC (NYSE:MGP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday. The brokerage presently has a $33.00 target price on the financial services provider’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 10.92% from the company’s current price.
According to Zacks, “MGM Growth Properties LLC is a real estate investment trust. The company is engaged in the acquisition, ownership and leasing of destination entertainment and leisure resorts which include casino gaming, hotel, convention, dining, entertainment and retail offerings. MGM Growth Properties LLC is based in Las Vegas, Nevada. “
Other analysts also recently issued reports about the company. Ladenburg Thalmann Financial Services initiated coverage on MGM Growth Properties in a research note on Friday, June 2nd. They issued a “buy” rating and a $32.00 price target for the company. ValuEngine upgraded MGM Growth Properties from a “hold” rating to a “buy” rating in a research note on Monday, June 26th. Finally, Deutsche Bank AG boosted their price target on MGM Growth Properties from $28.00 to $30.00 and gave the company a “hold” rating in a research note on Wednesday. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $30.00.
Shares of MGM Growth Properties (NYSE MGP) traded down 0.34% on Thursday, hitting $29.75. The company had a trading volume of 542,305 shares. MGM Growth Properties has a 12-month low of $23.63 and a 12-month high of $30.03. The company has a market capitalization of $1.72 billion, a P/E ratio of 38.14 and a beta of -1.36. The firm has a 50-day moving average price of $29.19 and a 200 day moving average price of $27.58.
MGM Growth Properties (NYSE:MGP) last released its quarterly earnings results on Tuesday, August 8th. The financial services provider reported $0.18 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by $0.32. The firm had revenue of $184.45 million during the quarter, compared to the consensus estimate of $184.43 million. MGM Growth Properties had a net margin of 6.21% and a return on equity of 0.81%. The business’s revenue for the quarter was up 66.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.32 earnings per share. Equities analysts expect that MGM Growth Properties will post $0.84 EPS for the current year.
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In other news, Director Robert W. Smith purchased 2,000 shares of MGM Growth Properties stock in a transaction that occurred on Tuesday, May 30th. The stock was acquired at an average cost of $27.87 per share, for a total transaction of $55,740.00. Following the purchase, the director now directly owns 2,000 shares of the company’s stock, valued at approximately $55,740. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.60% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Fifth Third Bancorp bought a new position in shares of MGM Growth Properties during the first quarter valued at $139,000. Quantbot Technologies LP bought a new position in shares of MGM Growth Properties during the first quarter valued at $207,000. BB&T Securities LLC bought a new position in shares of MGM Growth Properties during the second quarter valued at $210,000. Bray Capital Advisors bought a new position in shares of MGM Growth Properties during the second quarter valued at $213,000. Finally, Gerber Kawasaki Wealth & Investment Management bought a new position in shares of MGM Growth Properties during the first quarter valued at $219,000. Institutional investors and hedge funds own 96.72% of the company’s stock.
MGM Growth Properties Company Profile
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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