MGM Growth Properties (NYSE:MGP) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of MGM Growth Properties (NYSE:MGP) from a buy rating to a hold rating in a research note published on Tuesday morning, 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. “

MGP has been the topic of a number of other research reports. TheStreet upgraded shares of MGM Growth Properties from a d rating to a c rating in a research note on Monday, April 22nd. Nomura reiterated a buy rating and set a $39.00 price objective on shares of MGM Growth Properties in a research note on Thursday, August 8th. Morgan Stanley set a $35.00 price objective on shares of MGM Growth Properties and gave the company a hold rating in a research note on Tuesday, June 11th. Evercore ISI set a $38.00 price objective on shares of MGM Growth Properties and gave the company a buy rating in a research note on Wednesday, August 7th. Finally, Deutsche Bank reiterated a hold rating and set a $32.00 price objective on shares of MGM Growth Properties in a research note on Thursday, August 8th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of Buy and a consensus target price of $34.33.

NYSE MGP opened at $29.34 on Tuesday. MGM Growth Properties has a 12 month low of $25.50 and a 12 month high of $33.30. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.62 and a quick ratio of 0.62. The firm has a market capitalization of $2.73 billion, a PE ratio of 13.16, a P/E/G ratio of 3.74 and a beta of 0.50. The company’s 50 day simple moving average is $29.90 and its 200 day simple moving average is $31.06.

MGM Growth Properties (NYSE:MGP) last posted its quarterly earnings data on Tuesday, August 6th. 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 net margin of 7.51% and a return on equity of 1.29%. The company had revenue of $225.76 million for the quarter, compared to analyst estimates of $233.62 million. During the same quarter in the prior year, the business earned $0.55 EPS. MGM Growth Properties’s revenue was up 2.4% compared to the same quarter last year. Sell-side analysts anticipate that MGM Growth Properties will post 2.28 earnings per share for the current fiscal year.

In other MGM Growth Properties news, Director Robert W. Smith purchased 2,000 shares of the firm’s stock in a transaction on Wednesday, May 29th. The shares were purchased at an average price of $31.14 per share, for a total transaction of $62,280.00. Following the completion of the transaction, the director now owns 8,819 shares in the company, valued at approximately $274,623.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.49% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the business. Nuveen Asset Management LLC grew its position in MGM Growth Properties by 116.8% in the second 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 last quarter. Janus Henderson Group PLC grew its position in 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 purchasing an additional 1,605,007 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC grew its position in MGM Growth Properties by 7.6% during the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 4,143,287 shares of the financial services provider’s stock worth $133,621,000 after purchasing an additional 292,004 shares in the last quarter. JPMorgan Chase & Co. grew its position in 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 purchasing an additional 1,034,932 shares in the last quarter. Finally, Echo Street Capital Management LLC grew its position 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 worth $53,292,000 after purchasing an additional 356,904 shares in the last quarter.

MGM Growth Properties Company Profile

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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