Wall Street brokerages forecast that MGP Ingredients Inc (NASDAQ:MGPI) will post earnings of $0.55 per share for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for MGP Ingredients’ earnings, with estimates ranging from $0.53 to $0.56. MGP Ingredients posted earnings per share of $0.50 in the same quarter last year, which would suggest a positive year over year growth rate of 10%. The firm is scheduled to issue its next earnings results on Thursday, May 3rd.
According to Zacks, analysts expect that MGP Ingredients will report full-year earnings of $2.14 per share for the current fiscal year, with EPS estimates ranging from $2.09 to $2.19. For the next year, analysts anticipate that the business will post earnings of $2.61 per share, with EPS estimates ranging from $2.58 to $2.63. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side analysts that that provide coverage for MGP Ingredients.
MGP Ingredients (NASDAQ:MGPI) last issued its earnings results on Thursday, March 1st. The company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.49 by $0.06. MGP Ingredients had a net margin of 11.71% and a return on equity of 18.76%. The company had revenue of $88.20 million for the quarter, compared to the consensus estimate of $85.44 million. During the same period in the previous year, the firm earned $0.48 earnings per share. The firm’s revenue for the quarter was up 8.8% on a year-over-year basis.
Several research analysts recently commented on the stock. Zacks Investment Research downgraded shares of MGP Ingredients from a “buy” rating to a “sell” rating in a research note on Thursday, February 22nd. Stifel Nicolaus decreased their target price on shares of MGP Ingredients from $76.00 to $73.00 and set a “hold” rating on the stock in a research note on Tuesday, March 6th. Sidoti raised shares of MGP Ingredients from a “neutral” rating to a “buy” rating in a research note on Wednesday, January 31st. Craig Hallum reaffirmed a “buy” rating and issued a $105.00 target price (up from $90.00) on shares of MGP Ingredients in a research note on Monday, January 29th. Finally, BidaskClub downgraded shares of MGP Ingredients from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 9th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $87.33.
MGP Ingredients stock opened at $80.36 on Thursday. The company has a quick ratio of 1.00, a current ratio of 3.24 and a debt-to-equity ratio of 0.14. MGP Ingredients has a one year low of $47.64 and a one year high of $90.34. The company has a market cap of $1,367.22, a price-to-earnings ratio of 33.07, a P/E/G ratio of 2.54 and a beta of 1.09.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 23rd. Investors of record on Friday, March 9th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Thursday, March 8th. This represents a $0.32 annualized dividend and a yield of 0.40%. This is a boost from MGP Ingredients’s previous quarterly dividend of $0.04. MGP Ingredients’s payout ratio is 13.17%.
In related news, CEO Augustus C. Griffin purchased 1,000 shares of the business’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 acquisition, the chief executive officer now directly owns 108,084 shares in the company, valued at approximately $8,250,051.72. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Stephen J. Glaser sold 1,200 shares of MGP Ingredients stock in a transaction on Tuesday, March 20th. The shares were sold at an average price of $81.56, for a total transaction of $97,872.00. Following the completion of the sale, the vice president now owns 16,795 shares in the company, valued at approximately $1,369,800.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,170 shares of company stock worth $2,350,545. 23.50% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the stock. Earnest Partners LLC bought a new stake in MGP Ingredients in the fourth quarter valued at $115,000. SG Americas Securities LLC bought a new stake in MGP Ingredients in the third quarter valued at $128,000. Advisor Group Inc. boosted its holdings in MGP Ingredients by 636.1% in the fourth quarter. Advisor Group Inc. now owns 2,488 shares of the company’s stock valued at $191,000 after acquiring an additional 2,150 shares in the last quarter. Millennium Management LLC bought a new stake in MGP Ingredients in the fourth quarter valued at $219,000. Finally, Gamco Investors INC. ET AL bought a new stake in MGP Ingredients in the fourth quarter valued at $228,000. Institutional investors and hedge funds own 95.31% of the company’s stock.
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MGP Ingredients Company Profile
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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