MGM Stock – Zacks Investment Research Lowers MGM Growth Properties (NYSE:MGP) to Hold
MGM Growth Properties (NYSE:MGP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Thursday, Zacks.com reports.
According to Zacks, “MGM Growth Properties LLC is a real estate investment trust. The company is engaged in the acquisition, ownership and leasing of destination entertainment and leisure resorts which include casino gaming, hotel, convention, dining, entertainment and retail offerings. MGM Growth Properties LLC is based in Las Vegas, Nevada. “
Several other brokerages have also weighed in on MGP. Morgan Stanley raised their price objective on shares of MGM Growth Properties from $31.00 to $34.00 and gave the stock an “equal weight” rating in a report on Thursday, February 25th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of MGM Growth Properties from $36.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, February 17th. KeyCorp started coverage on MGM Growth Properties in a report on Monday, March 22nd. They issued an “overweight” rating for the company. Finally, Raymond James increased their target price on shares of MGM Growth Properties from $36.00 to $38.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 17th. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $34.35.
Shares of MGP opened at $35.39 on Thursday. The stock’s 50 day moving average is $33.63 and its two-hundred day moving average is $31.45. The company has a current ratio of 7.69, a quick ratio of 7.69 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $5.43 billion, a PE ratio of 72.23 and a beta of 0.76. MGM Growth Properties has a twelve month low of $21.00 and a twelve month high of $35.45.
MGM Growth Properties (NYSE:MGP) last announced its earnings results on Tuesday, February 16th. The financial services provider reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.27). MGM Growth Properties had a net margin of 7.35% and a return on equity of 1.15%. On average, sell-side analysts predict that MGM Growth Properties will post 2.27 EPS for the current year.
A number of institutional investors have recently added to or reduced their stakes in the stock. Intersect Capital LLC boosted its position in MGM Growth Properties by 1.6% during the first quarter. Intersect Capital LLC now owns 20,094 shares of the financial services provider’s stock worth $655,000 after acquiring an additional 320 shares during the last quarter. Exchange Traded Concepts LLC lifted its holdings in MGM Growth Properties by 42.2% in the first quarter. Exchange Traded Concepts LLC now owns 66,457 shares of the financial services provider’s stock valued at $2,168,000 after acquiring an additional 19,728 shares during the last quarter. Arlington Partners LLC purchased a new position in MGM Growth Properties in the first quarter worth approximately $62,000. Wambolt & Associates LLC lifted its stake in shares of MGM Growth Properties by 113.6% in the 1st quarter. Wambolt & Associates LLC now owns 14,768 shares of the financial services provider’s stock valued at $497,000 after purchasing an additional 7,854 shares during the last quarter. Finally, Gilman Hill Asset Management LLC boosted its position in shares of MGM Growth Properties by 15.9% during the 1st quarter. Gilman Hill Asset Management LLC now owns 26,780 shares of the financial services provider’s stock worth $874,000 after purchasing an additional 3,680 shares during the period. 83.18% of the stock is currently owned by hedge funds and other institutional investors.
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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