Cambiar Investors LLC Invests $9,348,000 in MGM Growth Properties LLC (MGP)
Cambiar Investors LLC purchased a new stake in MGM Growth Properties LLC (NYSE:MGP) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 350,390 shares of the company’s stock, valued at approximately $9,348,000.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. American Century Companies Inc. bought a new position in MGM Growth Properties during the second quarter valued at approximately $63,605,000. Bank of Montreal Can bought a new position in MGM Growth Properties during the second quarter valued at approximately $10,725,000. Finally, Fidelity National Financial Inc. bought a new position in MGM Growth Properties during the second quarter valued at approximately $13,340,000. Institutional investors and hedge funds own 97.13% of the company’s stock.
MGM Growth Properties LLC (NYSE:MGP) traded down 0.04% during trading on Monday, reaching $26.06. The company’s stock had a trading volume of 459,754 shares. MGM Growth Properties LLC has a 1-year low of $21.00 and a 1-year high of $27.89. The company’s 50-day moving average is $25.75 and its 200-day moving average is $25.05. The company’s market capitalization is $1.50 billion.
MGM Growth Properties (NYSE:MGP) last posted its earnings results on Thursday, August 4th. The company reported $0.12 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by $0.35. The business earned $101.25 million during the quarter, compared to the consensus estimate of $110.24 million. Equities analysts anticipate that MGM Growth Properties LLC will post $1.29 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be paid a dividend of $0.387 per share. This represents a $1.55 dividend on an annualized basis and a dividend yield of 5.94%. The ex-dividend date is Wednesday, September 28th.
Several brokerages recently issued reports on MGP. Citigroup Inc. boosted their price objective on shares of MGM Growth Properties from $23.00 to $26.00 and gave the company a “neutral” rating in a report on Friday, August 5th. Bank of America Corp. restated a “buy” rating and issued a $29.00 price objective on shares of MGM Growth Properties in a report on Friday, August 5th. Deutsche Bank AG restated a “buy” rating on shares of MGM Growth Properties in a report on Monday, June 27th. Zacks Investment Research lowered shares of MGM Growth Properties from a “strong-buy” rating to a “hold” rating in a report on Saturday, July 30th. Finally, Morgan Stanley lowered shares of MGM Growth Properties from an “overweight” rating to an “equal weight” rating and set a $25.00 price objective on the stock. in a report on Wednesday, June 22nd. Three analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $26.50.
About MGM Growth Properties
MGM Growth Properties LLC is a real estate investment trust. The Company is a subsidiary of MGM Resorts International, a holding company, which through its subsidiaries, owns and operates casino resorts. The Company is 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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