MGP Ingredients, Inc. (MGPI) Expected to Post Quarterly Sales of $85.59 Million
Wall Street analysts expect MGP Ingredients, Inc. (NASDAQ:MGPI) to report $85.59 million in sales for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for MGP Ingredients’ earnings. The lowest sales estimate is $84.90 million and the highest is $86.61 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 0.7%. The firm is expected to issue its next earnings results on Wednesday, March 14th.
According to Zacks, analysts expect that MGP Ingredients will report full year sales of $85.59 million for the current year, with estimates ranging from $344.20 million to $345.87 million. For the next financial year, analysts anticipate that the company will report sales of $365.39 million per share, with estimates ranging from $362.30 million to $368.51 million. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that that provide coverage for MGP Ingredients.
MGP Ingredients (NASDAQ:MGPI) last issued its earnings results on Thursday, November 2nd. The company reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.45. MGP Ingredients had a net margin of 10.56% and a return on equity of 18.70%. The firm had revenue of $86.30 million for the quarter, compared to analyst estimates of $83.57 million. During the same quarter last year, the business posted $0.55 earnings per share. The company’s quarterly revenue was up 8.0% on a year-over-year basis.
A number of equities analysts have recently commented on the stock. Zacks Investment Research upgraded shares of MGP Ingredients from a “hold” rating to a “buy” rating and set a $82.00 price target on the stock in a report on Tuesday, November 7th. SunTrust Banks reiterated a “buy” rating on shares of MGP Ingredients in a report on Friday, November 3rd. BidaskClub lowered shares of MGP Ingredients from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 9th. Finally, Stifel Nicolaus assumed coverage on shares of MGP Ingredients in a report on Tuesday, December 5th. They set a “hold” rating and a $73.00 price target on the stock. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $71.75.
In other news, Director Karen Seaberg sold 5,305 shares of MGP Ingredients stock in a transaction on Tuesday, October 24th. The shares were sold at an average price of $64.03, for a total transaction of $339,679.15. Following the transaction, the director now owns 10,591 shares in the company, valued at $678,141.73. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Stephen J. Glaser sold 5,800 shares of MGP Ingredients stock in a transaction on Tuesday, December 19th. The stock was sold at an average price of $74.92, for a total transaction of $434,536.00. Following the transaction, the vice president now owns 17,080 shares in the company, valued at approximately $1,279,633.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 53,597 shares of company stock worth $3,885,856. 23.50% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Raymond James Financial Services Advisors Inc. raised its stake in MGP Ingredients by 3.3% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 4,632,786 shares of the company’s stock worth $280,886,000 after buying an additional 146,399 shares during the last quarter. Neuberger Berman Group LLC raised its stake 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 during the last quarter. TimesSquare Capital Management LLC raised its stake 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 last quarter. Conestoga Capital Advisors LLC raised its stake in MGP Ingredients by 20.0% during the third quarter. Conestoga Capital Advisors LLC now owns 896,389 shares of the company’s stock worth $54,348,000 after buying an additional 149,625 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in MGP Ingredients by 6.2% during the second quarter. Goldman Sachs Group Inc. now owns 640,671 shares of the company’s stock worth $32,783,000 after buying an additional 37,381 shares during the last quarter.
Shares of MGP Ingredients (NASDAQ MGPI) opened at $76.18 on Friday. MGP Ingredients has a 52-week low of $41.16 and a 52-week high of $78.72. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.45 and a quick ratio of 1.54. The firm has a market cap of $1,255.53, a P/E ratio of 35.11, a price-to-earnings-growth ratio of 2.28 and a beta of 0.95.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 8th. Stockholders of record on Tuesday, November 14th were issued a dividend of $0.04 per share. The ex-dividend date of this dividend was Monday, November 13th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.21%. MGP Ingredients’s dividend payout ratio (DPR) is presently 7.37%.
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About MGP Ingredients
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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