Millennium Management LLC Boosts Holdings in MGM Growth Properties LLC (NYSE:MGP)

Millennium Management LLC lifted its stake in MGM Growth Properties LLC (NYSE:MGP) by 396.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,409,021 shares of the financial services provider’s stock after buying an additional 2,722,757 shares during the period. Millennium Management LLC owned approximately 2.22% of MGM Growth Properties worth $111,202,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Principal Financial Group Inc. grew its position in MGM Growth Properties by 154.5% during the 1st quarter. Principal Financial Group Inc. now owns 4,018,879 shares of the financial services provider’s stock worth $131,096,000 after purchasing an additional 2,440,026 shares during the last quarter. Lasalle Investment Management Securities LLC purchased a new position in MGM Growth Properties during the 1st quarter worth $36,184,000. JPMorgan Chase & Co. grew its position in MGM Growth Properties by 317.8% during the 4th quarter. JPMorgan Chase & Co. now owns 1,452,203 shares of the financial services provider’s stock worth $45,455,000 after purchasing an additional 1,104,642 shares during the last quarter. Kohlberg Kravis Roberts & Co. L.P. grew its position in MGM Growth Properties by 80.6% during the 4th quarter. Kohlberg Kravis Roberts & Co. L.P. now owns 2,349,597 shares of the financial services provider’s stock worth $73,542,000 after purchasing an additional 1,048,356 shares during the last quarter. Finally, Capital International Investors purchased a new position in MGM Growth Properties during the 1st quarter worth $33,436,000. 91.69% of the stock is currently owned by hedge funds and other institutional investors.

In other news, Director Daniel J. Taylor sold 5,992 shares of MGM Growth Properties stock in a transaction dated Monday, May 17th. The shares were sold at an average price of $34.77, for a total transaction of $208,341.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.41% of the company’s stock.

Several brokerages have issued reports on MGP. Wolfe Research began coverage on shares of MGM Growth Properties in a research report on Monday, June 14th. They set a “peer perform” rating and a $43.00 price objective on the stock. Morgan Stanley raised their target price on shares of MGM Growth Properties from $34.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 4th. They noted that the move was a valuation call. Zacks Investment Research cut shares of MGM Growth Properties from a “buy” rating to a “hold” rating in a research note on Tuesday. LADENBURG THALM/SH SH raised their target price on shares of MGM Growth Properties from $36.00 to $39.00 and gave the stock a “buy” rating in a research note on Tuesday, April 27th. Finally, Bank of America cut shares of MGM Growth Properties from a “buy” rating to an “underperform” rating and set a $38.00 target price for the company. in a research note on Tuesday, May 4th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $38.18.

NYSE:MGP traded down $0.41 during mid-day trading on Thursday, hitting $37.27. 13,661 shares of the company’s stock traded hands, compared to its average volume of 1,237,643. The company has a current ratio of 7.14, a quick ratio of 7.14 and a debt-to-equity ratio of 0.82. The business has a 50 day simple moving average of $36.30. MGM Growth Properties LLC has a 1 year low of $25.01 and a 1 year high of $37.94. The stock has a market capitalization of $5.72 billion, a P/E ratio of 26.68, a PEG ratio of 2.43 and a beta of 0.79.

MGM Growth Properties (NYSE:MGP) last posted its earnings results on Thursday, April 29th. The financial services provider reported $0.44 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.32 by $0.12. MGM Growth Properties had a net margin of 23.86% and a return on equity of 3.51%. The firm had revenue of $194.34 million during the quarter, compared to the consensus estimate of $195.12 million. During the same period last year, the firm posted $0.56 EPS. The firm’s revenue for the quarter was down 7.3% on a year-over-year basis. Research analysts anticipate that MGM Growth Properties LLC will post 2.55 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, July 15th. Stockholders of record on Wednesday, June 30th were issued a dividend of $0.515 per share. The ex-dividend date of this dividend was Tuesday, June 29th. This is an increase from MGM Growth Properties’s previous quarterly dividend of $0.50. This represents a $2.06 dividend on an annualized basis and a dividend yield of 5.53%. MGM Growth Properties’s payout ratio is 91.15%.

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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Institutional Ownership by Quarter for MGM Growth Properties (NYSE:MGP)

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