Zacks: Brokerages Anticipate MGM Growth Properties LLC (NYSE:MGP) to Post $0.59 Earnings Per Share

Wall Street brokerages forecast that MGM Growth Properties LLC (NYSE:MGP) will post earnings per share of $0.59 for the current quarter, Zacks reports. Four analysts have issued estimates for MGM Growth Properties’ earnings, with estimates ranging from $0.58 to $0.59. MGM Growth Properties posted earnings of $0.55 per share in the same quarter last year, which would suggest a positive year-over-year growth rate of 7.3%. The firm is expected to report its next quarterly earnings report before the market opens on Tuesday, August 6th.

According to Zacks, analysts expect that MGM Growth Properties will report full year earnings of $2.28 per share for the current fiscal year, with EPS estimates ranging from $2.07 to $2.38. For the next fiscal year, analysts anticipate that the firm will report earnings of $2.38 per share, with EPS estimates ranging from $2.17 to $2.49. Zacks’ earnings per share calculations are an average based on a survey of sell-side analysts that cover MGM Growth Properties.

MGM Growth Properties (NYSE:MGP) last announced its earnings results on Tuesday, April 30th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.34). The business had revenue of $271.30 million for the quarter, compared to the consensus estimate of $283.07 million. MGM Growth Properties had a net margin of 6.73% and a return on equity of 1.16%. The business’s quarterly revenue was up 25.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.49 earnings per share.

A number of equities analysts have weighed in on MGP shares. JPMorgan Chase & Co. set a €117.00 ($136.05) price target on shares of Siemens and gave the stock a “buy” rating in a research report on Tuesday, April 2nd. Zacks Investment Research upgraded shares of Golub Capital BDC from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a research report on Tuesday, July 16th. Morgan Stanley upped their price target on shares of from GBX 1,430 ($18.69) to GBX 1,560 ($20.38) and gave the stock an “equal weight” rating in a research report on Tuesday, June 11th. Deutsche Bank lowered shares of Hilton Hotels from a “buy” rating to a “hold” rating and set a $92.60 price target for the company. in a research report on Wednesday, May 1st. They noted that the move was a valuation call. Finally, TheStreet upgraded shares of Secureworks from a “d+” rating to a “c-” rating in a research report on Monday, April 22nd. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $34.00.

In other news, Director Robert W. Smith purchased 2,000 shares of the company’s stock in a transaction on Wednesday, May 29th. The stock was acquired at an average cost of $31.14 per share, for a total transaction of $62,280.00. Following the completion of the transaction, the director now directly owns 8,819 shares in the company, valued at approximately $274,623.66. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.49% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. Gilman Hill Asset Management LLC grew its holdings in MGM Growth Properties by 13.4% during the 2nd quarter. Gilman Hill Asset Management LLC now owns 27,385 shares of the financial services provider’s stock worth $839,000 after acquiring an additional 3,240 shares in the last quarter. Timbercreek Investment Management Inc. grew its holdings in MGM Growth Properties by 9.5% during the 2nd quarter. Timbercreek Investment Management Inc. now owns 541,034 shares of the financial services provider’s stock worth $16,653,000 after acquiring an additional 47,000 shares in the last quarter. Advisory Services Network LLC grew its holdings in MGM Growth Properties by 471.9% during the 1st quarter. Advisory Services Network LLC now owns 1,384 shares of the financial services provider’s stock worth $44,000 after acquiring an additional 1,142 shares in the last quarter. Marshall Wace North America L.P. bought a new position in MGM Growth Properties during the 1st quarter worth about $2,168,000. Finally, Marshall Wace LLP bought a new position in MGM Growth Properties during the 1st quarter worth about $170,000. 99.40% of the stock is currently owned by hedge funds and other institutional investors.

NYSE MGP traded down $0.45 during trading hours on Tuesday, hitting $29.52. 968,687 shares of the company’s stock traded hands, compared to its average volume of 621,608. The stock has a fifty day simple moving average of $30.89. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a market capitalization of $2.67 billion, a price-to-earnings ratio of 13.24, a P/E/G ratio of 2.84 and a beta of 0.50. MGM Growth Properties has a 52 week low of $25.50 and a 52 week high of $33.30.

The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were given a $0.468 dividend. This is a positive change from MGM Growth Properties’s previous quarterly dividend of $0.47. This represents a $1.87 dividend on an annualized basis and a dividend yield of 6.34%. The ex-dividend date was Thursday, June 27th. MGM Growth Properties’s dividend payout ratio is presently 83.86%.

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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