MGM Growth Properties (NYSE:MGP) Downgraded by Zacks Investment Research

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MGM Growth Properties (NYSE:MGP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday, 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. “

Other equities analysts also recently issued research reports about the company. Deutsche Bank restated a “hold” rating and set a $32.00 target price on shares of MGM Growth Properties in a research report on Wednesday. Scotiabank initiated coverage on MGM Growth Properties in a research report on Monday, July 29th. They set an “outperform” rating for the company. Macquarie initiated coverage on MGM Growth Properties in a research report on Thursday, October 24th. They set an “outperform” rating and a $35.00 target price for the company. Credit Suisse Group raised their target price on MGM Growth Properties from $32.00 to $33.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, TheStreet upgraded MGM Growth Properties from a “c-” rating to a “b-” rating in a research report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $34.80.

Shares of MGP stock traded up $0.02 during mid-day trading on Friday, reaching $31.40. The stock had a trading volume of 1,904,939 shares, compared to its average volume of 784,740. The firm’s 50 day simple moving average is $30.68 and its 200 day simple moving average is $30.72. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.81. MGM Growth Properties has a one year low of $25.50 and a one year high of $33.30. The firm has a market cap of $2.93 billion, a PE ratio of 14.08, a P/E/G ratio of 4.03 and a beta of 0.48.

MGM Growth Properties (NYSE:MGP) last announced its quarterly earnings data on Tuesday, November 5th. The financial services provider reported $0.24 EPS for the quarter, missing the Zacks’ consensus estimate of $0.59 by ($0.35). MGM Growth Properties had a return on equity of 1.31% and a net margin of 8.24%. The firm had revenue of $226.01 million during the quarter, compared to the consensus estimate of $227.29 million. During the same quarter in the prior year, the business posted $0.49 EPS. MGM Growth Properties’s revenue was up 4.3% compared to the same quarter last year. Sell-side analysts forecast that MGM Growth Properties will post 2.26 earnings per share for the current fiscal year.

Several institutional investors have recently bought and sold shares of the stock. Nuveen Asset Management LLC lifted its position in shares of MGM Growth Properties by 116.8% during the 2nd quarter. Nuveen Asset Management LLC now owns 5,262,922 shares of the financial services provider’s stock worth $161,309,000 after buying an additional 2,835,427 shares during the period. Janus Henderson Group PLC lifted its position in shares of MGM Growth Properties by 50.0% during the 2nd quarter. Janus Henderson Group PLC now owns 4,814,207 shares of the financial services provider’s stock worth $147,552,000 after buying an additional 1,605,007 shares during the period. JPMorgan Chase & Co. lifted its position in shares of MGM Growth Properties by 48.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 3,191,929 shares of the financial services provider’s stock worth $96,811,000 after buying an additional 1,034,932 shares during the period. Echo Street Capital Management LLC increased its holdings in MGM Growth Properties by 25.8% during the 2nd quarter. Echo Street Capital Management LLC now owns 1,738,720 shares of the financial services provider’s stock valued at $53,292,000 after purchasing an additional 356,904 shares in the last quarter. Finally, Renaissance Technologies LLC increased its holdings in MGM Growth Properties by 43.4% during the 2nd quarter. Renaissance Technologies LLC now owns 949,000 shares of the financial services provider’s stock valued at $29,087,000 after purchasing an additional 287,000 shares in the last quarter. Institutional investors and hedge funds own 97.36% of the company’s stock.

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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