Wall Street analysts expect MGP Ingredients, Inc. (NASDAQ:MGPI) to announce earnings of $0.55 per share for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for MGP Ingredients’ earnings, with the highest EPS estimate coming in at $0.56 and the lowest estimate coming in at $0.53. MGP Ingredients posted earnings per share of $0.50 in the same quarter last year, which would indicate a positive year-over-year growth rate of 10%. The company is scheduled to issue its next earnings report on Thursday, May 3rd.
On average, analysts expect that MGP Ingredients will report full-year earnings of $2.14 per share for the current financial year, with EPS estimates ranging from $2.09 to $2.19. For the next fiscal year, analysts anticipate that the company will post earnings of $2.61 per share, with EPS estimates ranging from $2.58 to $2.63. Zacks’ EPS averages are a mean average based on a survey of research analysts that that provide coverage for MGP Ingredients.
MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings results on Thursday, March 1st. The company reported $0.55 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.06. MGP Ingredients had a return on equity of 18.76% and a net margin of 11.71%. The business had revenue of $88.20 million for the quarter, compared to the consensus estimate of $85.44 million. During the same period last year, the business posted $0.48 EPS. The business’s revenue was up 8.8% compared to the same quarter last year.
A number of brokerages have recently issued reports on MGPI. Craig Hallum reiterated a “buy” rating and issued a $105.00 price target (up from $90.00) on shares of MGP Ingredients in a report on Monday, January 29th. Sidoti upgraded MGP Ingredients from a “neutral” rating to a “buy” rating in a report on Wednesday, January 31st. Zacks Investment Research upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a report on Tuesday, March 6th. BidaskClub upgraded MGP Ingredients from a “buy” rating to a “strong-buy” rating in a report on Friday, March 30th. Finally, Stifel Nicolaus cut their price target on MGP Ingredients from $76.00 to $73.00 and set a “hold” rating on the stock in a report on Tuesday, March 6th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $87.33.
In related news, Director Karen Seaberg sold 7,270 shares of the business’s stock in a transaction on Monday, March 5th. The stock was sold at an average price of $82.14, for a total transaction of $597,157.80. Following the transaction, the director now directly owns 10,934 shares in the company, valued at approximately $898,118.76. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Augustus C. Griffin bought 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 6th. The shares were acquired at an average price of $76.33 per share, for a total transaction of $76,330.00. Following the completion of the purchase, the chief executive officer now owns 108,084 shares in the company, valued at $8,250,051.72. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 33,770 shares of company stock worth $2,752,401. 23.50% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of MGPI. New York State Common Retirement Fund lifted its position in MGP Ingredients by 108.7% during the 3rd quarter. New York State Common Retirement Fund now owns 29,634 shares of the company’s stock worth $1,797,000 after acquiring an additional 15,434 shares during the period. Bank of New York Mellon Corp lifted its position in MGP Ingredients by 13.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 142,994 shares of the company’s stock worth $8,669,000 after acquiring an additional 16,604 shares during the period. SG Americas Securities LLC acquired a new stake in MGP Ingredients during the 3rd quarter worth about $128,000. Ameriprise Financial Inc. lifted its position in MGP Ingredients by 34.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 106,831 shares of the company’s stock worth $6,478,000 after acquiring an additional 27,550 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in MGP Ingredients by 18.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,552 shares of the company’s stock worth $393,000 after acquiring an additional 1,027 shares during the period. 95.34% of the stock is owned by institutional investors.
Shares of NASDAQ:MGPI traded down $0.58 on Friday, reaching $86.27. The company had a trading volume of 21,519 shares, compared to its average volume of 202,143. MGP Ingredients has a 52-week low of $47.64 and a 52-week high of $90.84. The company has a market capitalization of $1,458.91, a PE ratio of 48.12, a P/E/G ratio of 2.70 and a beta of 1.06. The company has a current ratio of 3.24, a quick ratio of 1.00 and a debt-to-equity ratio of 0.14.
The firm also recently announced a quarterly dividend, which was paid on Friday, March 23rd. Investors of record on Friday, March 9th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.37%. This is an increase from MGP Ingredients’s previous quarterly dividend of $0.04. The ex-dividend date of this dividend was Thursday, March 8th. MGP Ingredients’s payout ratio is 17.11%.
About MGP Ingredients
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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