$84.53 Million in Sales Expected for MGP Ingredients Inc (MGPI) This Quarter
Equities research analysts predict that MGP Ingredients Inc (NASDAQ:MGPI) will post sales of $84.53 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for MGP Ingredients’ earnings, with the lowest sales estimate coming in at $83.86 million and the highest estimate coming in at $85.2 million. MGP Ingredients reported sales of $80.39 million in the same quarter last year, which indicates a positive year over year growth rate of 5.1%. The business is expected to announce its next earnings report on Wednesday, August 2nd.
On average, analysts expect that MGP Ingredients will report full year sales of $84.53 million for the current year, with estimates ranging from $338.7 million to $339.12 million. For the next fiscal year, analysts anticipate that the business will post sales of $356.16 million per share, with estimates ranging from $356.02 million to $356.3 million. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that follow MGP Ingredients.
MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings data on Thursday, May 4th. The company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.04. MGP Ingredients had a net margin of 9.02% and a return on equity of 22.96%. The firm had revenue of $87.20 million for the quarter, compared to analyst estimates of $78.36 million. MGP Ingredients’s revenue for the quarter was up 13.5% compared to the same quarter last year.
A number of analysts have recently commented on the stock. Sidoti cut shares of MGP Ingredients from a “buy” rating to a “neutral” rating in a report on Friday, May 5th. Craig Hallum set a $70.00 target price on shares of MGP Ingredients and gave the company a “buy” rating in a report on Saturday, May 6th. Finally, Zacks Investment Research upgraded shares of MGP Ingredients from a “hold” rating to a “buy” rating and set a $60.00 target price on the stock in a report on Wednesday, May 10th.
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MGP Ingredients (NASDAQ:MGPI) traded up 0.22% on Friday, hitting $53.75. 79,187 shares of the company’s stock were exchanged. The firm has a 50 day moving average price of $53.41 and a 200-day moving average price of $48.51. The stock has a market cap of $898.11 million, a P/E ratio of 28.14 and a beta of 1.31. MGP Ingredients has a 52-week low of $26.79 and a 52-week high of $58.00.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 9th. Investors of record on Monday, May 15th will be paid a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 0.30%. The ex-dividend date of this dividend is Thursday, May 11th. MGP Ingredients’s payout ratio is 4.68%.
In related news, Director Karen Seaberg sold 5,235 shares of the company’s stock in a transaction dated Thursday, May 4th. The shares were sold at an average price of $56.73, for a total value of $296,981.55. Following the transaction, the director now owns 10,000 shares in the company, valued at approximately $567,300. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP David E. Rindom sold 22,213 shares of the company’s stock in a transaction dated Tuesday, March 14th. The stock was sold at an average price of $51.05, for a total transaction of $1,133,973.65. The disclosure for this sale can be found here. In the last quarter, insiders sold 44,497 shares of company stock worth $2,357,361. 29.50% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in MGPI. Victory Capital Management Inc. boosted its position in shares of MGP Ingredients by 26.7% in the first quarter. Victory Capital Management Inc. now owns 1,840 shares of the company’s stock worth $100,000 after buying an additional 388 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in shares of MGP Ingredients by 24.1% in the first quarter. Envestnet Asset Management Inc. now owns 3,200 shares of the company’s stock worth $173,000 after buying an additional 621 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of MGP Ingredients during the first quarter worth about $186,000. Invictus RG purchased a new position in shares of MGP Ingredients during the first quarter worth about $208,000. Finally, Country Club Trust Company n.a. purchased a new position in shares of MGP Ingredients during the first quarter worth about $211,000. Institutional investors own 88.93% of the company’s stock.
MGP Ingredients Company Profile
MGP Ingredients, Inc is a producer and supplier of distilled spirits, and specialty wheat protein and starch food ingredients. The Company’s distilled spirits include bourbon and rye whiskeys, and grain neutral spirits, including vodka and gin. The Company’s segments include distillery products and ingredient solutions.
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