Moneygram International Inc (MGI) Expected to Post Quarterly Sales of $380.75 Million

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Brokerages predict that Moneygram International Inc (NASDAQ:MGI) will announce $380.75 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Moneygram International’s earnings, with the lowest sales estimate coming in at $370.40 million and the highest estimate coming in at $386.00 million. Moneygram International reported sales of $397.80 million during the same quarter last year, which indicates a negative year over year growth rate of 4.3%. The firm is expected to report its next earnings report before the market opens on Friday, November 9th.

On average, analysts expect that Moneygram International will report full-year sales of $1.53 billion for the current fiscal year, with estimates ranging from $1.51 billion to $1.54 billion. For the next year, analysts expect that the business will report sales of $1.56 billion, with estimates ranging from $1.54 billion to $1.58 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that cover Moneygram International.

A number of equities analysts have recently commented on MGI shares. Zacks Investment Research raised shares of Moneygram International from a “hold” rating to a “buy” rating and set a $6.75 target price on the stock in a research note on Friday, August 10th. Morgan Stanley cut their target price on shares of Moneygram International from $7.00 to $6.50 and set an “equal weight” rating on the stock in a research note on Monday, August 6th. Finally, BidaskClub raised shares of Moneygram International from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 30th. Three analysts have rated the stock with a sell rating and two have given a hold rating to the stock. The stock currently has a consensus rating of “Sell” and a consensus price target of $6.63.

Shares of MGI stock opened at $4.38 on Thursday. Moneygram International has a 52 week low of $4.06 and a 52 week high of $15.05. The firm has a market capitalization of $241.89 million, a PE ratio of 4.98 and a beta of 2.02.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its holdings in Moneygram International by 6.4% during the 2nd quarter. BlackRock Inc. now owns 2,170,355 shares of the financial services provider’s stock valued at $14,521,000 after purchasing an additional 131,236 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Moneygram International by 10.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,335,365 shares of the financial services provider’s stock valued at $8,934,000 after purchasing an additional 128,863 shares in the last quarter. Gabelli Funds LLC grew its holdings in Moneygram International by 2.2% during the 3rd quarter. Gabelli Funds LLC now owns 552,974 shares of the financial services provider’s stock valued at $2,958,000 after purchasing an additional 11,828 shares in the last quarter. Acadian Asset Management LLC grew its holdings in Moneygram International by 2,661.3% during the 3rd quarter. Acadian Asset Management LLC now owns 379,976 shares of the financial services provider’s stock valued at $2,033,000 after purchasing an additional 366,215 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in Moneygram International by 14.1% during the 2nd quarter. Northern Trust Corp now owns 363,470 shares of the financial services provider’s stock valued at $2,431,000 after purchasing an additional 44,823 shares in the last quarter. 85.85% of the stock is owned by institutional investors and hedge funds.

Moneygram International Company Profile

MoneyGram International, Inc, together with its subsidiaries, provides money transfer services in the United States and internationally. The company operates through two segments, Global Funds Transfer and Financial Paper Products. The Global Funds Transfer segment offers money transfer services and bill payment services primarily to unbanked and underbanked consumers.

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