$83.58 Million in Sales Expected for MGP Ingredients, Inc. (MGPI) This Quarter
Equities research analysts predict that MGP Ingredients, Inc. (NASDAQ:MGPI) will post $83.58 million in sales for the current quarter, according to Zacks. Two analysts have made estimates for MGP Ingredients’ earnings, with estimates ranging from $83.50 million to $83.66 million. MGP Ingredients posted sales of $83.71 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 0.2%. The business is expected to issue its next earnings results on Wednesday, November 1st.
According to Zacks, analysts expect that MGP Ingredients will report full-year sales of $83.58 million for the current financial year, with estimates ranging from $341.30 million to $341.81 million. For the next fiscal year, analysts expect that the business will post sales of $359.92 million per share, with estimates ranging from $359.00 million to $360.83 million. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover MGP Ingredients.
MGP Ingredients (NASDAQ:MGPI) last released its earnings results on Thursday, August 3rd. The company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by $0.03. The company had revenue of $85.80 million for the quarter, compared to analyst estimates of $84.39 million. MGP Ingredients had a return on equity of 21.30% and a net margin of 9.33%. MGP Ingredients’s quarterly revenue was up 6.7% on a year-over-year basis.
A number of research firms recently issued reports on MGPI. BidaskClub upgraded MGP Ingredients from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 24th. Zacks Investment Research lowered MGP Ingredients from a “buy” rating to a “hold” rating in a research note on Friday, June 30th. Finally, Sidoti lowered MGP Ingredients from a “buy” rating to a “neutral” rating in a research note on Monday, May 15th.
MGP Ingredients (MGPI) traded up 0.85% during mid-day trading on Friday, hitting $59.48. The stock had a trading volume of 126,828 shares. The stock has a market capitalization of $994.21 million, a P/E ratio of 31.06 and a beta of 1.04. The company’s 50 day moving average is $58.21 and its 200-day moving average is $53.29. MGP Ingredients has a 52 week low of $31.93 and a 52 week high of $62.00.
The firm also recently announced a special dividend, which was paid on Friday, September 8th. Investors of record on Friday, August 18th were given a dividend of $0.85 per share. This represents a yield of 0.27%. The ex-dividend date of this dividend was Wednesday, August 16th. MGP Ingredients’s payout ratio is 8.42%.
In related news, Director Karen Seaberg sold 6,598 shares of the business’s stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $60.06, for a total transaction of $396,275.88. Following the completion of the transaction, the director now directly owns 10,591 shares in the company, valued at $636,095.46. The transaction was disclosed in a document filed with the SEC, which is available through this link. Over the last 90 days, insiders have sold 13,820 shares of company stock valued at $773,123. 23.50% of the stock is owned by company insiders.
A number of institutional investors have recently bought and sold shares of the stock. Raymond James Financial Services Advisors Inc. grew its position in MGP Ingredients by 2.3% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 4,486,387 shares of the company’s stock worth $229,568,000 after buying an additional 99,372 shares in the last quarter. Neuberger Berman Group LLC grew its position in MGP Ingredients by 12.7% during the second quarter. Neuberger Berman Group LLC now owns 1,250,268 shares of the company’s stock worth $63,976,000 after buying an additional 140,685 shares in the last quarter. TimesSquare Capital Management LLC grew its position in MGP Ingredients by 26.9% during the second quarter. TimesSquare Capital Management LLC now owns 1,234,770 shares of the company’s stock worth $63,183,000 after buying an additional 261,370 shares in the last quarter. Stephens Investment Management Group LLC grew its position in MGP Ingredients by 7.7% during the first quarter. Stephens Investment Management Group LLC now owns 765,067 shares of the company’s stock worth $41,490,000 after buying an additional 54,778 shares in the last quarter. Finally, Conestoga Capital Advisors LLC grew its position in MGP Ingredients by 8.4% during the second quarter. Conestoga Capital Advisors LLC now owns 746,764 shares of the company’s stock worth $38,212,000 after buying an additional 57,890 shares in the last quarter. Institutional investors and hedge funds own 98.38% 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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