Moneygram International (MGI) Trading Down 21.5% on Disappointing Earnings

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Moneygram International Inc (NASDAQ:MGI) shares fell 21.5% on Wednesday following a dissappointing earnings announcement. The company traded as low as $2.46 and last traded at $2.60. 1,186,812 shares were traded during mid-day trading, an increase of 149% from the average session volume of 477,419 shares. The stock had previously closed at $3.31.

The financial services provider reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.08). The business had revenue of $315.40 million during the quarter, compared to analyst estimates of $332.98 million. Moneygram International had a negative return on equity of 6.98% and a negative net margin of 1.66%. The business’s revenue for the quarter was down 17.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.15 EPS.

A number of equities research analysts have issued reports on the company. ValuEngine cut Moneygram International from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 1st. Northland Securities reiterated a “buy” rating and issued a $5.50 target price on shares of Moneygram International in a research note on Wednesday. Four analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company’s stock. Moneygram International has an average rating of “Hold” and an average target price of $5.19.

Hedge funds have recently bought and sold shares of the business. FMR LLC bought a new stake in shares of Moneygram International during the third quarter valued at about $2,852,000. Dimensional Fund Advisors LP raised its stake in shares of Moneygram International by 3.4% during the third quarter. Dimensional Fund Advisors LP now owns 1,380,663 shares of the financial services provider’s stock valued at $7,387,000 after purchasing an additional 45,298 shares in the last quarter. BlackRock Inc. raised its stake in shares of Moneygram International by 1.7% during the fourth quarter. BlackRock Inc. now owns 2,209,353 shares of the financial services provider’s stock valued at $4,418,000 after purchasing an additional 36,059 shares in the last quarter. Gamco Investors INC. ET AL raised its stake in shares of Moneygram International by 24.1% during the fourth quarter. Gamco Investors INC. ET AL now owns 202,151 shares of the financial services provider’s stock valued at $404,000 after purchasing an additional 39,250 shares in the last quarter. Finally, Alambic Investment Management L.P. raised its stake in shares of Moneygram International by 575.4% during the fourth quarter. Alambic Investment Management L.P. now owns 406,392 shares of the financial services provider’s stock valued at $813,000 after purchasing an additional 346,217 shares in the last quarter. Institutional investors own 81.31% of the company’s stock.

The company has a market cap of $189.78 million, a price-to-earnings ratio of 6.05 and a beta of 1.97.

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Moneygram International Company Profile (NASDAQ:MGI)

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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