Wall Street analysts expect MGP Ingredients, Inc. (NASDAQ:MGPI) to post sales of $83.58 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for MGP Ingredients’ earnings, with the highest sales estimate coming in at $83.66 million and the lowest estimate coming in at $83.50 million. MGP Ingredients posted sales of $83.71 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 0.2%. The company is scheduled to announce its next earnings report on Wednesday, November 1st.
According to Zacks, analysts expect that MGP Ingredients will report full-year sales of $83.58 million for the current financial year, with estimates ranging from $341.30 million to $341.81 million. For the next financial year, analysts anticipate that the company will report sales of $359.92 million per share, with estimates ranging from $359.00 million to $360.83 million. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that that provide coverage for MGP Ingredients.
MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings data on Thursday, August 3rd. The company reported $0.37 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by ($0.03). MGP Ingredients had a return on equity of 21.30% and a net margin of 9.33%. The company had revenue of $85.80 million for the quarter, compared to the consensus estimate of $84.39 million. MGP Ingredients’s quarterly revenue was up 6.7% compared to the same quarter last year.
A number of brokerages have recently issued reports on MGPI. Zacks Investment Research
upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Tuesday, October 10th. BidaskClub upgraded shares of MGP Ingredients from a “buy” rating to a “strong-buy” rating in a report on Monday, July 24th.
Shares of MGP Ingredients (MGPI) traded down 1.78% during midday trading on Monday, reaching $62.94. The company’s stock had a trading volume of 86,853 shares. MGP Ingredients has a 52 week low of $31.93 and a 52 week high of $64.30. The stock has a market capitalization of $1.05 billion, a PE ratio of 32.87 and a beta of 1.01. The company has a 50 day moving average price of $60.35 and a 200-day moving average price of $55.56.
In related news, Director Karen Seaberg sold 934 shares of MGP Ingredients stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $57.30, for a total value of $53,518.20. Following the completion of the sale, the director now owns 10,591 shares in the company, valued at approximately $606,864.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 23.50% of the stock is currently owned by company insiders.
Institutional investors have recently bought and sold shares of the stock. Victory Capital Management Inc. increased its holdings in MGP Ingredients by 26.7% in the 1st quarter. Victory Capital Management Inc. now owns 1,840 shares of the company’s stock valued at $100,000 after purchasing an additional 388 shares during the last quarter. ETF Managers Group LLC acquired a new stake in MGP Ingredients in the 2nd quarter valued at approximately $134,000. Envestnet Asset Management Inc. increased its holdings in MGP Ingredients by 24.1% in the 1st quarter. Envestnet Asset Management Inc. now owns 3,200 shares of the company’s stock valued at $173,000 after purchasing an additional 621 shares during the last quarter. SG Americas Securities LLC acquired a new stake in MGP Ingredients in the 1st quarter valued at approximately $186,000. Finally, Invictus RG acquired a new stake in MGP Ingredients in the 1st quarter valued at approximately $208,000. Hedge funds and other institutional investors own 98.38% of the company’s stock.
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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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