Zacks: Brokerages Expect Moneygram International, Inc. (MGI) Will Post Quarterly Sales of $417.61 Million
Wall Street analysts expect Moneygram International, Inc. (NASDAQ:MGI) to post $417.61 million in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for Moneygram International’s earnings. The highest sales estimate is $428.00 million and the lowest is $409.20 million. Moneygram International reported sales of $383.70 million during the same quarter last year, which indicates a positive year over year growth rate of 8.8%. The company is scheduled to announce its next quarterly earnings results before the market opens on Friday, July 28th.
On average, analysts expect that Moneygram International will report full year sales of $417.61 million for the current financial year, with estimates ranging from $1.63 billion to $1.73 billion. For the next fiscal year, analysts forecast that the company will post sales of $1.78 billion per share, with estimates ranging from $1.75 billion to $1.82 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that cover Moneygram International.
Moneygram International (NASDAQ:MGI) last posted its quarterly earnings results on Thursday, May 4th. The financial services provider reported $0.26 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.05. Moneygram International had a net margin of 1.87% and a negative return on equity of 12.41%. The firm had revenue of $386.10 million for the quarter, compared to analyst estimates of $387.92 million. During the same period in the prior year, the firm posted $0.17 earnings per share. The company’s quarterly revenue was down .3% compared to the same quarter last year.
A number of equities analysts have issued reports on the stock. Feltl & Co. downgraded shares of Moneygram International from a “hold” rating to a “sell” rating in a report on Monday, April 17th. ValuEngine upgraded Moneygram International from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Northland Securities reiterated a “hold” rating and set a $17.39 target price on shares of Moneygram International in a research note on Friday, June 30th. Zacks Investment Research cut Moneygram International from a “buy” rating to a “hold” rating in a research note on Tuesday, May 16th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $18.00 target price (up from $15.00) on shares of Moneygram International in a research note on Monday, June 19th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the stock. Moneygram International has an average rating of “Hold” and a consensus price target of $14.93.
Moneygram International (MGI) traded down 0.82% during mid-day trading on Tuesday, reaching $15.64. 965,451 shares of the company’s stock traded hands. The stock has a market cap of $845.14 million, a P/E ratio of 35.55 and a beta of 1.92. The company has a 50 day moving average price of $16.96 and a 200-day moving average price of $15.76. Moneygram International has a 12 month low of $5.83 and a 12 month high of $17.92.
Several large investors have recently made changes to their positions in MGI. BNP Paribas Arbitrage SA boosted its stake in shares of Moneygram International by 108.8% in the second quarter. BNP Paribas Arbitrage SA now owns 6,942 shares of the financial services provider’s stock valued at $120,000 after buying an additional 3,618 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of Moneygram International by 34.1% in the first quarter. Bank of America Corp DE now owns 7,918 shares of the financial services provider’s stock valued at $133,000 after buying an additional 2,015 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in shares of Moneygram International during the fourth quarter valued at $144,000. Teton Advisors Inc. bought a new stake in shares of Moneygram International during the first quarter valued at $168,000. Finally, Alps Advisors Inc. bought a new stake in shares of Moneygram International during the second quarter valued at $178,000. Hedge funds and other institutional investors own 89.90% of the company’s stock.
About Moneygram International
MoneyGram International, Inc (MoneyGram) is a global provider of money transfer services. The Company operates through two segments: Global Funds Transfer and Financial Paper Products. The Company offers its services under the MoneyGram brand. The Company’s Global Funds Transfer Segment provides money transfer services and bill payment services primarily to unbanked and underbanked consumers.
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