Equities analysts predict that MGP Ingredients Inc (NASDAQ:MGPI) will announce sales of $99.39 million for the current quarter, Zacks reports. Two analysts have issued estimates for MGP Ingredients’ earnings, with estimates ranging from $98.90 million to $99.87 million. MGP Ingredients reported sales of $95.03 million during the same quarter last year, which indicates a positive year over year growth rate of 4.6%. The company is scheduled to report its next earnings results on Thursday, November 7th.
On average, analysts expect that MGP Ingredients will report full year sales of $394.96 million for the current financial year, with estimates ranging from $394.51 million to $395.40 million. For the next fiscal year, analysts anticipate that the firm will post sales of $430.57 million, with estimates ranging from $419.23 million to $441.90 million. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that follow MGP Ingredients.
MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.46 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.52 by ($0.06). MGP Ingredients had a net margin of 10.00% and a return on equity of 18.75%. The business had revenue of $90.50 million during the quarter, compared to analysts’ expectations of $91.54 million. During the same quarter last year, the firm earned $0.44 earnings per share. The firm’s quarterly revenue was up 2.5% compared to the same quarter last year.
MGPI has been the topic of several recent research reports. Zacks Investment Research upgraded MGP Ingredients from a “hold” rating to a “buy” rating and set a $61.00 price objective on the stock in a research report on Saturday, August 3rd. ValuEngine downgraded MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Monday, June 17th. BidaskClub downgraded MGP Ingredients from a “buy” rating to a “hold” rating in a research report on Tuesday, July 16th. Finally, Craig Hallum restated a “buy” rating and issued a $100.00 price objective (down from $105.00) on shares of MGP Ingredients in a research report on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $83.67.
Shares of NASDAQ:MGPI traded up $0.10 on Monday, hitting $48.01. The company had a trading volume of 195,100 shares, compared to its average volume of 368,791. The company has a current ratio of 5.26, a quick ratio of 1.59 and a debt-to-equity ratio of 0.22. MGP Ingredients has a 52-week low of $46.26 and a 52-week high of $100.00. The business has a 50 day moving average of $62.45 and a 200 day moving average of $70.45. The company has a market cap of $824.52 million, a PE ratio of 22.12 and a beta of 1.73.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Wednesday, August 14th will be given a $0.10 dividend. The ex-dividend date is Tuesday, August 13th. This represents a $0.40 annualized dividend and a dividend yield of 0.83%. MGP Ingredients’s dividend payout ratio is currently 18.43%.
A number of institutional investors have recently added to or reduced their stakes in the stock. Arizona State Retirement System increased its stake in MGP Ingredients by 0.8% in the first quarter. Arizona State Retirement System now owns 19,620 shares of the company’s stock valued at $1,514,000 after purchasing an additional 151 shares during the last quarter. Mason Street Advisors LLC increased its stake in MGP Ingredients by 4.0% in the first quarter. Mason Street Advisors LLC now owns 4,085 shares of the company’s stock valued at $315,000 after purchasing an additional 159 shares during the last quarter. 6 Meridian increased its stake in MGP Ingredients by 2.3% in the second quarter. 6 Meridian now owns 7,412 shares of the company’s stock valued at $491,000 after purchasing an additional 166 shares during the last quarter. First Hawaiian Bank increased its stake in MGP Ingredients by 74.2% in the first quarter. First Hawaiian Bank now owns 472 shares of the company’s stock valued at $36,000 after purchasing an additional 201 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. increased its stake in MGP Ingredients by 8.4% in the second quarter. Oppenheimer Asset Management Inc. now owns 3,986 shares of the company’s stock valued at $264,000 after purchasing an additional 309 shares during the last quarter. Hedge funds and other institutional investors own 98.10% of the company’s stock.
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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