$85.02 Million in Sales Expected for MGP Ingredients, Inc. (MGPI) This Quarter
Wall Street brokerages expect MGP Ingredients, Inc. (NASDAQ:MGPI) to post sales of $85.02 million for the current fiscal quarter, Zacks reports. Two analysts have made estimates for MGP Ingredients’ earnings. The lowest sales estimate is $84.80 million and the highest is $85.23 million. MGP Ingredients reported sales of $85.01 million during the same quarter last year, which indicates a positive year-over-year growth rate of 0%. The firm is expected to report its next quarterly earnings results on Wednesday, March 14th.
According to Zacks, analysts expect that MGP Ingredients will report full-year sales of $85.02 million for the current year, with estimates ranging from $341.30 million to $341.81 million. For the next year, analysts anticipate that the company will post sales of $359.92 million per share, with estimates ranging from $359.00 million to $360.83 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover MGP Ingredients.
MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings data on Thursday, November 2nd. The company reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.45. The firm had revenue of $86.30 million during the quarter, compared to the consensus estimate of $83.57 million. MGP Ingredients had a return on equity of 18.87% and a net margin of 10.56%. The firm’s quarterly revenue was up 8.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.55 earnings per share.
A number of brokerages recently commented on MGPI. Zacks Investment Research upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Tuesday, October 10th. BidaskClub lowered MGP Ingredients from a “buy” rating to a “hold” rating in a research report on Saturday, July 8th.
In other news, Director Karen Seaberg sold 934 shares of MGP Ingredients stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $57.30, for a total value of $53,518.20. Following the completion of the transaction, the director now owns 10,591 shares in the company, valued at approximately $606,864.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 12,837 shares of company stock valued at $789,473 over the last 90 days. 23.50% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. TimesSquare Capital Management LLC increased 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 during the period. Jennison Associates LLC acquired a new position in shares of MGP Ingredients in the third quarter valued at approximately $10,880,000. Goldman Sachs Group Inc. increased its holdings in shares of MGP Ingredients by 40.7% in the first quarter. Goldman Sachs Group Inc. now owns 603,290 shares of the company’s stock valued at $32,716,000 after purchasing an additional 174,473 shares during the period. Thrivent Financial For Lutherans boosted its stake in shares of MGP Ingredients by 37.0% in the second quarter. Thrivent Financial For Lutherans now owns 556,750 shares of the company’s stock valued at $28,489,000 after buying an additional 150,510 shares in the last quarter. Finally, Conestoga Capital Advisors LLC boosted its stake in shares of MGP Ingredients by 20.0% in the third quarter. Conestoga Capital Advisors LLC now owns 896,389 shares of the company’s stock valued at $54,348,000 after buying an additional 149,625 shares in the last quarter. 99.36% of the stock is currently owned by institutional investors and hedge funds.
MGP Ingredients (NASDAQ:MGPI) opened at $72.83 on Friday. The firm has a market cap of $1.17 billion, a PE ratio of 40.47, a PEG ratio of 2.77 and a beta of 0.96. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.54 and a current ratio of 4.24.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Investors of record on Tuesday, November 14th will be issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 0.22%. The ex-dividend date of this dividend is Monday, November 13th. MGP Ingredients’s dividend payout ratio (DPR) is 7.37%.
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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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