Wall Street brokerages forecast that MGP Ingredients Inc (NASDAQ:MGPI) will post sales of $99.70 million for the current fiscal quarter, Zacks reports. Two analysts have made estimates for MGP Ingredients’ earnings. The lowest sales estimate is $97.40 million and the highest is $102.00 million. MGP Ingredients reported sales of $88.19 million during the same quarter last year, which indicates a positive year-over-year growth rate of 13.1%. The firm is scheduled to announce its next quarterly earnings results on Thursday, March 7th.
On average, analysts expect that MGP Ingredients will report full year sales of $369.90 million for the current financial year, with estimates ranging from $366.50 million to $373.30 million. For the next financial year, analysts expect that the company will post sales of $400.10 million, with estimates ranging from $394.10 million to $406.10 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow MGP Ingredients.
MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings data on Thursday, November 1st. The company reported $0.52 EPS for the quarter, beating the Zacks’ consensus estimate of $0.51 by $0.01. MGP Ingredients had a net margin of 10.48% and a return on equity of 19.23%. The firm had revenue of $95.00 million for the quarter, compared to the consensus estimate of $93.08 million. During the same period in the previous year, the firm posted $0.82 earnings per share. The firm’s revenue was up 10.1% on a year-over-year basis.
A number of research analysts recently commented on the stock. BidaskClub downgraded shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Saturday. Zacks Investment Research downgraded shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Wednesday. Finally, ValuEngine downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating in a research report on Friday, November 2nd. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $87.33.
Shares of MGPI opened at $67.96 on Friday. MGP Ingredients has a 52 week low of $64.06 and a 52 week high of $99.73. The company has a market cap of $1.16 billion, a P/E ratio of 36.34 and a beta of 1.13. The company has a current ratio of 5.07, a quick ratio of 1.69 and a debt-to-equity ratio of 0.23.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 30th. Investors of record on Thursday, November 15th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date of this dividend is Wednesday, November 14th. MGP Ingredients’s payout ratio is presently 17.11%.
In other MGP Ingredients news, Director George W. Page, Jr. bought 10,000 shares of the firm’s stock in a transaction on Tuesday, August 28th. The stock was bought at an average cost of $72.36 per share, with a total value of $723,600.00. Following the completion of the transaction, the director now directly owns 931 shares of the company’s stock, valued at approximately $67,367.16. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Karen Seaberg sold 11,175 shares of the business’s stock in a transaction that occurred on Tuesday, September 25th. The stock was sold at an average price of $78.33, for a total transaction of $875,337.75. Following the completion of the sale, the director now directly owns 11,864 shares of the company’s stock, valued at $929,307.12. The disclosure for this sale can be found here. Insiders own 22.19% of the company’s stock.
A number of hedge funds have recently bought and sold shares of MGPI. Conestoga Capital Advisors LLC grew its position in MGP Ingredients by 51.4% in the third quarter. Conestoga Capital Advisors LLC now owns 1,117,274 shares of the company’s stock worth $88,242,000 after acquiring an additional 379,431 shares in the last quarter. BlackRock Inc. grew its position in MGP Ingredients by 8.4% in the second quarter. BlackRock Inc. now owns 1,782,058 shares of the company’s stock worth $158,264,000 after acquiring an additional 137,338 shares in the last quarter. Pembroke Management LTD grew its position in MGP Ingredients by 74.8% in the third quarter. Pembroke Management LTD now owns 272,141 shares of the company’s stock worth $21,494,000 after acquiring an additional 116,441 shares in the last quarter. Principal Financial Group Inc. grew its position in MGP Ingredients by 1,601.0% in the first quarter. Principal Financial Group Inc. now owns 103,522 shares of the company’s stock worth $9,275,000 after acquiring an additional 97,436 shares in the last quarter. Finally, Jennison Associates LLC grew its position in MGP Ingredients by 25.0% in the third quarter. Jennison Associates LLC now owns 303,406 shares of the company’s stock worth $23,963,000 after acquiring an additional 60,650 shares in the last quarter. 98.10% of the stock is owned by institutional investors.
MGP Ingredients Company Profile
MGP Ingredients, Inc, together with its subsidiaries, produces and supplies distilled spirits, and specialty wheat proteins and starch food ingredients. It operates in two segments, Distillery Products and Ingredient Solutions. The Distillery Products segment provides food grade alcohol for beverage applications that include bourbon and rye whiskeys, as well as grain neutral spirits, including vodka and gin; and food grade industrial alcohol, which is used as an ingredient in foods, personal care products, cleaning solutions, pharmaceuticals, and various other products.
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