MGM Growth Properties LLC (MGP) Expected to Post Quarterly Sales of $283.81 Million
Wall Street analysts forecast that MGM Growth Properties LLC (NYSE:MGP) will report sales of $283.81 million for the current fiscal quarter, Zacks reports. Three analysts have made estimates for MGM Growth Properties’ earnings. The lowest sales estimate is $281.96 million and the highest is $286.30 million. MGM Growth Properties posted sales of $214.54 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 32.3%. The firm is expected to report its next quarterly earnings results on Tuesday, February 19th.
On average, analysts expect that MGM Growth Properties will report full year sales of $1.00 billion for the current year, with estimates ranging from $994.58 million to $1.00 billion. For the next fiscal year, analysts forecast that the business will post sales of $1.04 billion, with estimates ranging from $992.95 million to $1.10 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow MGM Growth Properties.
MGM Growth Properties (NYSE:MGP) last issued its earnings results on Thursday, November 1st. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.58 by ($0.31). MGM Growth Properties had a net margin of 6.13% and a return on equity of 0.95%. The firm had revenue of $282.22 million during the quarter, compared to analyst estimates of $273.53 million. During the same quarter last year, the business posted $0.49 earnings per share. The company’s revenue for the quarter was up 54.4% on a year-over-year basis.
A number of hedge funds have recently modified their holdings of MGP. United Services Automobile Association acquired a new stake in MGM Growth Properties during the third quarter worth approximately $20,559,000. Russell Investments Group Ltd. lifted its position in MGM Growth Properties by 1,233.8% during the second quarter. Russell Investments Group Ltd. now owns 620,257 shares of the financial services provider’s stock worth $18,977,000 after acquiring an additional 573,755 shares during the last quarter. Capital Research Global Investors increased its holdings in shares of MGM Growth Properties by 8.4% during the third quarter. Capital Research Global Investors now owns 6,913,787 shares of the financial services provider’s stock worth $203,888,000 after purchasing an additional 533,438 shares during the period. Capital Growth Management LP increased its holdings in shares of MGM Growth Properties by 47.4% during the third quarter. Capital Growth Management LP now owns 1,150,000 shares of the financial services provider’s stock worth $33,914,000 after purchasing an additional 370,000 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in shares of MGM Growth Properties by 294.0% during the third quarter. JPMorgan Chase & Co. now owns 452,967 shares of the financial services provider’s stock worth $13,358,000 after purchasing an additional 338,002 shares during the period. Hedge funds and other institutional investors own 97.14% of the company’s stock.
NYSE:MGP traded down $0.43 during mid-day trading on Friday, hitting $28.56. The stock had a trading volume of 859,806 shares, compared to its average volume of 530,954. MGM Growth Properties has a twelve month low of $25.31 and a twelve month high of $31.61. The company has a market capitalization of $2.02 billion, a P/E ratio of 14.21, a price-to-earnings-growth ratio of 1.31 and a beta of -0.02. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.86 and a current ratio of 0.86.
About MGM Growth Properties
MGM Growth Properties LLC (NYSE:MGP) is one of the leading publicly traded real estate investment trusts 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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