MGM Growth Properties LLC (MGP) Sees Strong Trading Volume
MGM Growth Properties LLC (NYSE:MGP) saw unusually-high trading volume on Thursday . Approximately 402,136 shares were traded during trading, an increase of 25% from the previous session’s volume of 320,605 shares.The stock last traded at $25.84 and had previously closed at $26.10.
MGP has been the topic of a number of research analyst reports. Morgan Stanley downgraded 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 research report on Wednesday, June 22nd. Zacks Investment Research upgraded shares of MGM Growth Properties from a “hold” rating to a “buy” rating and set a $29.00 target price for the company in a research note on Tuesday, July 19th. Evercore ISI initiated coverage on shares of MGM Growth Properties in a research note on Friday, May 20th. They issued a “hold” rating and a $24.00 target price for the company. Bank of America Corp. initiated coverage on shares of MGM Growth Properties in a research note on Monday, May 16th. They issued a “buy” rating and a $25.00 target price for the company. Finally, Deutsche Bank AG reiterated a “buy” rating on shares of MGM Growth Properties in a research note on Monday, June 27th. Three equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. MGM Growth Properties currently has an average rating of “Buy” and an average target price of $26.50.
The firm has a 50 day moving average price of $26.41 and a 200 day moving average price of $24.75. The stock’s market capitalization is $1.51 billion.
MGM Growth Properties (NYSE:MGP) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by $0.35. The company had revenue of $101.25 million for the quarter, compared to analyst estimates of $110.24 million. On average, equities analysts anticipate that MGM Growth Properties LLC will post $1.28 EPS for the current fiscal year.
The company also recently declared a special dividend, which was paid on Friday, July 15th. Investors of record on Thursday, June 30th were given a $0.2632 dividend. The ex-dividend date was Tuesday, June 28th.
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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