Brokerages Anticipate Moneygram International, Inc. (MGI) Will Post Quarterly Sales of $415.38 Million
Brokerages expect Moneygram International, Inc. (NASDAQ:MGI) to report $415.38 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Moneygram International’s earnings. The highest sales estimate is $420.05 million and the lowest is $410.70 million. Moneygram International posted sales of $383.10 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 8.4%. The company is scheduled to announce its next quarterly earnings results on Friday, October 27th.
According to Zacks, analysts expect that Moneygram International will report full-year sales of $415.38 million for the current fiscal year, with estimates ranging from $1.63 billion to $1.66 billion. For the next fiscal year, analysts forecast that the company will post sales of $1.76 billion per share, with estimates ranging from $1.74 billion to $1.78 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover Moneygram International.
Moneygram International (NASDAQ:MGI) last released its quarterly earnings results on Monday, August 7th. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.05. Moneygram International had a negative return on equity of 14.11% and a net margin of 2.03%. The company had revenue of $410.00 million during the quarter, compared to analysts’ expectations of $417.61 million. During the same quarter in the prior year, the business posted $0.15 earnings per share.
MGI has been the subject of a number of recent analyst reports. ValuEngine raised Moneygram International from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Morgan Stanley reaffirmed an “equal weight” rating and set a $18.00 price target (up from $15.00) on shares of Moneygram International in a report on Monday, June 19th. Northland Securities reaffirmed a “hold” rating and set a $17.39 price target on shares of Moneygram International in a report on Friday, June 30th. Finally, BidaskClub raised Moneygram International from a “strong sell” rating to a “sell” rating in a report on Tuesday, August 22nd. Two analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $14.93.
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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Moneygram International by 13.1% in the 2nd quarter. Vanguard Group Inc. now owns 2,289,495 shares of the financial services provider’s stock valued at $39,494,000 after buying an additional 264,925 shares during the period. Renaissance Technologies LLC increased its stake in shares of Moneygram International by 32.8% in the 2nd quarter. Renaissance Technologies LLC now owns 1,875,291 shares of the financial services provider’s stock valued at $32,349,000 after buying an additional 462,900 shares during the period. Sand Grove Capital Management LLP increased its stake in shares of Moneygram International by 47.7% in the 2nd quarter. Sand Grove Capital Management LLP now owns 1,130,504 shares of the financial services provider’s stock valued at $19,603,000 after buying an additional 365,243 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Moneygram International by 8.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 872,270 shares of the financial services provider’s stock valued at $14,663,000 after buying an additional 69,561 shares during the period. Finally, SG Americas Securities LLC increased its stake in shares of Moneygram International by 807.7% in the 2nd quarter. SG Americas Securities LLC now owns 755,589 shares of the financial services provider’s stock valued at $13,034,000 after buying an additional 672,344 shares during the period. 93.93% of the stock is owned by institutional investors.
Moneygram International Company Profile
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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