MGM Growth Properties LLC (MGP) Hits New 1-Year High at $31.30
MGM Growth Properties LLC (NYSE:MGP)’s share price reached a new 52-week high during trading on Thursday . The stock traded as high as $31.30 and last traded at $31.30, with a volume of 6,506,829 shares changing hands. The stock had previously closed at $30.98.
Several equities analysts recently commented on MGP shares. Zacks Investment Research raised shares of MGM Growth Properties from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a report on Tuesday, August 29th. ValuEngine lowered shares of MGM Growth Properties from a “buy” rating to a “hold” rating in a report on Tuesday, June 20th. Ladenburg Thalmann Financial Services reaffirmed a “buy” rating on shares of MGM Growth Properties in a report on Thursday, August 10th. Finally, Deutsche Bank AG increased their target price on shares of MGM Growth Properties from $28.00 to $30.00 and gave the company a “hold” rating in a report on Wednesday, August 9th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. MGM Growth Properties has a consensus rating of “Buy” and a consensus target price of $31.50.
The stock has a 50 day moving average price of $30.00 and a 200 day moving average price of $28.25. The stock has a market cap of $1.80 billion, a price-to-earnings ratio of 40.071 and a beta of -1.31.
MGM Growth Properties (NYSE:MGP) last posted its quarterly earnings results on Tuesday, August 8th. The financial services provider reported $0.18 EPS for the quarter, missing the consensus estimate of $0.50 by $0.32. MGM Growth Properties had a return on equity of 0.81% and a net margin of 6.21%. The company had revenue of $184.45 million for the quarter, compared to analysts’ expectations of $184.43 million. During the same quarter in the prior year, the firm earned $0.32 EPS. The firm’s revenue was up 66.3% on a year-over-year basis. On average, equities research analysts expect that MGM Growth Properties LLC will post $0.81 earnings per share for the current year.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Chiron Investment Management LLC purchased a new stake in MGM Growth Properties in the 2nd quarter valued at about $11,994,000. M&R Capital Management Inc. raised its holdings in MGM Growth Properties by 8.5% in the 2nd quarter. M&R Capital Management Inc. now owns 8,675 shares of the financial services provider’s stock valued at $258,000 after buying an additional 680 shares during the period. Raymond James Financial Services Advisors Inc. purchased a new stake in MGM Growth Properties in the 2nd quarter valued at about $677,000. State Street Corp raised its holdings in MGM Growth Properties by 7.3% in the 2nd quarter. State Street Corp now owns 66,740 shares of the financial services provider’s stock valued at $1,949,000 after buying an additional 4,522 shares during the period. Finally, Peapack Gladstone Financial Corp raised its holdings in MGM Growth Properties by 19.6% in the 2nd quarter. Peapack Gladstone Financial Corp now owns 28,011 shares of the financial services provider’s stock valued at $818,000 after buying an additional 4,590 shares during the period.
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About MGM Growth Properties
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.