Miller Value Partners LLC Invests $2.47 Million in Millrose Properties, Inc. $MRP

Key Points

• Miller Value Partners opened a new position in Millrose Properties in the fourth quarter, buying 82,800 shares worth about $2.47 million. The stake makes MRP its 28th largest holding, or about 0.9% of the portfolio.
• Insider buying has been notable, including director Matthew B. Gorson and insider Darren Richman, who recently purchased shares. Over the last three months, insiders bought a total of 240,532 shares worth about $6.57 million.
• Millrose Properties reported quarterly EPS of $0.74, missing estimates, but revenue rose 135.7% year over year to $194.93 million. The company also raised its quarterly dividend to $0.76 per share, implying an annualized yield of about 10.8%.

Miller Value Partners LLC bought a new position in Millrose Properties, Inc. (NYSE:MRP - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 82,800 shares of the company's stock, valued at approximately $2,473,000. Millrose Properties accounts for about 0.9% of Miller Value Partners LLC's holdings, making the stock its 28th biggest holding.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Moore Capital Management LP grew its position in shares of Millrose Properties by 275.0% in the 4th quarter. Moore Capital Management LP now owns 1,018,533 shares of the company's stock worth $30,424,000 after buying an additional 746,923 shares during the period. Gotham Asset Management LLC grew its position in shares of Millrose Properties by 28.0% in the 4th quarter. Gotham Asset Management LLC now owns 764,256 shares of the company's stock worth $22,828,000 after buying an additional 167,263 shares during the period. Element Capital Management LLC purchased a new stake in shares of Millrose Properties in the 4th quarter worth about $8,491,000. Align Financial LLC purchased a new stake in shares of Millrose Properties in the 4th quarter worth about $138,000. Finally, Schonfeld Strategic Advisors LLC grew its position in shares of Millrose Properties by 1,644.0% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 111,475 shares of the company's stock worth $3,330,000 after buying an additional 105,083 shares during the period.

Insider Activity

In other news, Director Matthew B. Gorson acquired 4,500 shares of the business's stock in a transaction that occurred on Monday, May 18th. The shares were bought at an average cost of $26.96 per share, with a total value of $121,320.00. Following the transaction, the director owned 35,750 shares of the company's stock, valued at $963,820. This trade represents a 14.40% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Darren Richman acquired 40,000 shares of the business's stock in a transaction that occurred on Monday, May 11th. The shares were purchased at an average cost of $27.31 per share, for a total transaction of $1,092,400.00. Following the completion of the transaction, the insider directly owned 84,000 shares in the company, valued at $2,294,040. The trade was a 90.91% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 240,532 shares of company stock worth $6,567,048 over the last three months. 0.23% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on MRP. Weiss Ratings downgraded shares of Millrose Properties from a "hold (c+)" rating to a "hold (c)" rating in a research report on Monday, May 11th. Wall Street Zen downgraded shares of Millrose Properties from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Millrose Properties currently has an average rating of "Buy" and an average target price of $37.67.

Millrose Properties Stock Performance

Shares of MRP stock opened at $28.12 on Thursday. Millrose Properties, Inc. has a one year low of $26.30 and a one year high of $36.00. The company's 50-day moving average is $28.83 and its 200 day moving average is $29.70. The company has a market capitalization of $4.34 billion, a price-to-earnings ratio of 10.08 and a beta of 0.40. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.34 and a current ratio of 0.34.

Millrose Properties (NYSE:MRP - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.74 EPS for the quarter, missing the consensus estimate of $0.77 by ($0.03). Millrose Properties had a net margin of 64.96% and a return on equity of 7.90%. The firm had revenue of $194.93 million for the quarter. The company's quarterly revenue was up 135.7% compared to the same quarter last year.

Millrose Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Friday, April 3rd were given a dividend of $0.76 per share. This is a positive change from Millrose Properties's previous quarterly dividend of $0.75. The ex-dividend date of this dividend was Thursday, April 2nd. This represents a $3.04 annualized dividend and a yield of 10.8%. Millrose Properties's payout ratio is currently 108.96%.

About Millrose Properties

Millrose Properties Corp is a publicly traded real estate investment trust that focuses on the acquisition, ownership and development of industrial and logistics properties. The company seeks to capitalize on the growing demand for modern warehouse facilities driven by e-commerce, freight distribution and last-mile delivery requirements. Millrose structures its investments to generate stable, long-term rental income through diversified lease agreements with industrial and logistics operators.

The firm's core activities include sourcing strategically located industrial assets, overseeing property management operations and executing targeted development or renovation projects.

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