First Trust Advisors LP increased its holdings in MGM Growth Properties LLC (NYSE:MGP) by 15.2% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 217,045 shares of the financial services provider’s stock after purchasing an additional 28,575 shares during the period. First Trust Advisors LP owned approximately 0.31% of MGM Growth Properties worth $6,327,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Envestnet Asset Management Inc. grew its stake in shares of MGM Growth Properties by 932.0% during the third quarter. Envestnet Asset Management Inc. now owns 9,288 shares of the financial services provider’s stock valued at $281,000 after purchasing an additional 8,388 shares during the last quarter. FDx Advisors Inc. bought a new position in shares of MGM Growth Properties during the third quarter worth $395,000. Parametric Portfolio Associates LLC bought a new position in shares of MGM Growth Properties during the second quarter worth $413,000. NTV Asset Management LLC bought a new position in shares of MGM Growth Properties during the third quarter worth $426,000. Finally, Royal Bank of Canada boosted its position in shares of MGM Growth Properties by 113.9% during the second quarter. Royal Bank of Canada now owns 18,774 shares of the financial services provider’s stock worth $549,000 after purchasing an additional 9,997 shares in the last quarter.
In other news, Director Robert W. Smith acquired 1,500 shares of the business’s stock in a transaction dated Monday, March 5th. The stock was bought at an average cost of $26.53 per share, for a total transaction of $39,795.00. Following the completion of the transaction, the director now owns 6,819 shares of the company’s stock, valued at $180,908.07. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.60% of the stock is owned by company insiders.
A number of equities research analysts recently commented on the stock. Bank of America dropped their price objective on shares of MGM Growth Properties from $34.00 to $29.00 and set a “buy” rating on the stock in a report on Wednesday, February 21st. JPMorgan Chase & Co. restated an “overweight” rating and set a $31.00 price objective (down from $33.00) on shares of MGM Growth Properties in a research note on Wednesday, February 21st. Morgan Stanley assumed coverage on shares of MGM Growth Properties in a report on Thursday, February 15th. They set an “equal weight” rating and a $29.00 target price for the company. Ladenburg Thalmann Financial Services set a $35.00 target price on shares of MGM Growth Properties and gave the stock a “buy” rating in a report on Wednesday, January 17th. Finally, Zacks Investment Research downgraded shares of MGM Growth Properties from a “buy” rating to a “hold” rating in a report on Friday, January 5th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $31.44.
Shares of MGM Growth Properties LLC (MGP) traded down $0.05 during midday trading on Wednesday, reaching $26.64. 523,674 shares of the company traded hands, compared to its average volume of 795,781. MGM Growth Properties LLC has a fifty-two week low of $25.31 and a fifty-two week high of $31.83. The company has a market capitalization of $1,890.82, a price-to-earnings ratio of 39.25, a PEG ratio of 0.73 and a beta of -0.47. The company has a debt-to-equity ratio of 0.65, a quick ratio of 8.11 and a current ratio of 8.11.
MGM Growth Properties (NYSE:MGP) last announced its earnings results on Tuesday, February 20th. The financial services provider reported $0.52 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.53 by ($0.01). MGM Growth Properties had a net margin of 5.46% and a return on equity of 0.73%. The firm had revenue of $214.50 million during the quarter, compared to analysts’ expectations of $207.74 million. During the same quarter in the prior year, the company earned $0.47 EPS. The business’s revenue for the quarter was up 16.5% on a year-over-year basis. equities analysts anticipate that MGM Growth Properties LLC will post 2.14 EPS for the current year.
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.
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