MGM Growth Properties (MGP) Posts Earnings Results, Misses Expectations By $0.01 EPS

MGM Growth Properties (NYSE:MGP) announced its quarterly earnings results on Tuesday. The financial services provider reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.01), Morningstar.com reports. MGM Growth Properties had a return on equity of 0.81% and a net margin of 6.18%. The company had revenue of $214.50 million during the quarter, compared to the consensus estimate of $207.74 million. During the same quarter in the prior year, the firm earned $0.47 earnings per share. The business’s revenue was up 16.5% compared to the same quarter last year.

Shares of MGM Growth Properties (NYSE MGP) opened at $26.50 on Tuesday. The company has a current ratio of 28.86, a quick ratio of 28.86 and a debt-to-equity ratio of 0.67. The stock has a market cap of $6,820.00 and a P/E ratio of 34.10. MGM Growth Properties has a 12-month low of $25.15 and a 12-month high of $31.83.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. American Century Companies Inc. grew its position in MGM Growth Properties by 17.4% during the fourth quarter. American Century Companies Inc. now owns 3,919,299 shares of the financial services provider’s stock valued at $114,248,000 after buying an additional 579,541 shares during the period. Brookfield Asset Management Inc. grew its position in MGM Growth Properties by 7.3% during the fourth quarter. Brookfield Asset Management Inc. now owns 3,526,108 shares of the financial services provider’s stock valued at $102,786,000 after buying an additional 238,400 shares during the period. JPMorgan Chase & Co. grew its position in MGM Growth Properties by 51.0% during the third quarter. JPMorgan Chase & Co. now owns 3,337,717 shares of the financial services provider’s stock valued at $100,733,000 after buying an additional 1,127,948 shares during the period. TIAA CREF Investment Management LLC grew its position in MGM Growth Properties by 1.2% during the fourth quarter. TIAA CREF Investment Management LLC now owns 2,879,492 shares of the financial services provider’s stock valued at $83,937,000 after buying an additional 34,855 shares during the period. Finally, Alyeska Investment Group L.P. grew its position in MGM Growth Properties by 6.8% during the third quarter. Alyeska Investment Group L.P. now owns 2,742,183 shares of the financial services provider’s stock valued at $82,841,000 after buying an additional 175,228 shares during the period.

A number of analysts have recently commented on MGP shares. Ladenburg Thalmann Financial Services set a $35.00 price target on shares of MGM Growth Properties and gave the stock a “buy” rating in a research note on Wednesday, January 17th. SunTrust Banks reiterated a “buy” rating and issued a $30.00 price target on shares of MGM Growth Properties in a research note on Tuesday, October 24th. Zacks Investment Research upgraded shares of MGM Growth Properties from a “hold” rating to a “buy” rating and set a $32.00 price target for the company in a research note on Thursday, January 4th. ValuEngine upgraded shares of MGM Growth Properties from a “hold” rating to a “buy” rating in a research note on Thursday, November 9th. Finally, Morgan Stanley lifted their price target on shares of MGM Growth Properties from $30.00 to $31.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 24th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. MGM Growth Properties presently has a consensus rating of “Buy” and an average target price of $32.13.

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MGM Growth Properties Company Profile

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.

Earnings History for MGM Growth Properties (NYSE:MGP)

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