MGM Growth Properties LLC (NYSE:MGP) was the recipient of a large increase in short interest in April. As of April 28th, there was short interest totalling 2,799,317 shares, an increase of 66.2% from the April 13th total of 1,684,131 shares. Currently, 4.9% of the company’s stock are sold short. Based on an average daily volume of 645,325 shares, the days-to-cover ratio is currently 4.3 days.
In other news, Director Robert W. Smith bought 2,000 shares of the firm’s stock in a transaction dated Tuesday, May 30th. The stock was bought at an average price of $27.87 per share, for a total transaction of $55,740.00. Following the transaction, the director now owns 2,000 shares in the company, valued at $55,740. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link.
Several institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. raised its position in MGM Growth Properties by 20.4% in the first quarter. Goldman Sachs Group Inc. now owns 80,890 shares of the financial services provider’s stock valued at $2,188,000 after buying an additional 13,727 shares in the last quarter. YG Partners LLC raised its position in MGM Growth Properties by 23.7% in the first quarter. YG Partners LLC now owns 275,021 shares of the financial services provider’s stock valued at $7,439,000 after buying an additional 52,708 shares in the last quarter. Caxton Associates LP raised its position in MGM Growth Properties by 9.1% in the first quarter. Caxton Associates LP now owns 600,480 shares of the financial services provider’s stock valued at $16,243,000 after buying an additional 50,000 shares in the last quarter. Tudor Investment Corp ET AL acquired a new position in MGM Growth Properties during the first quarter valued at approximately $417,000. Finally, Oppenheimer Asset Management Inc. acquired a new position in MGM Growth Properties during the first quarter valued at approximately $265,000. 95.45% of the stock is currently owned by hedge funds and other institutional investors.
MGP has been the topic of several recent analyst reports. Zacks Investment Research downgraded MGM Growth Properties from a “hold” rating to a “sell” rating in a research note on Wednesday, March 22nd. Deutsche Bank AG restated a “hold” rating on shares of MGM Growth Properties in a report on Monday, March 6th. Finally, Ladenburg Thalmann Financial Services assumed coverage on MGM Growth Properties in a report on Friday, June 2nd. They issued a “buy” rating and a $32.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $28.50.
MGM Growth Properties (NYSE MGP) traded down 0.27% during midday trading on Tuesday, hitting $29.15. The stock had a trading volume of 359,606 shares. The company’s 50 day moving average is $28.24 and its 200 day moving average is $26.50. The company has a market cap of $1.68 billion, a price-to-earnings ratio of 40.43 and a beta of -1.35. MGM Growth Properties has a 1-year low of $23.63 and a 1-year high of $29.37.
MGM Growth Properties (NYSE:MGP) last posted its earnings results on Thursday, April 27th. The financial services provider reported $0.20 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.48 by $0.28. The firm had revenue of $183.90 million during the quarter, compared to analysts’ expectations of $180.80 million. MGM Growth Properties had a return on equity of 2.67% and a net margin of 22.29%. On average, equities analysts anticipate that MGM Growth Properties will post $0.88 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, July 14th. Stockholders of record on Friday, June 30th will be issued a $0.395 dividend. This is a positive change from MGM Growth Properties’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $1.58 dividend on an annualized basis and a dividend yield of 5.41%. MGM Growth Properties’s dividend payout ratio is presently 140.91%.
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About MGM Growth Properties
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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