SunTrust Banks Research Analysts Decrease Earnings Estimates for MGP Ingredients Inc. (MGPI)
MGP Ingredients Inc. (NASDAQ:MGPI) – Investment analysts at SunTrust Banks cut their Q3 2016 earnings estimates for shares of MGP Ingredients in a research report issued on Tuesday. SunTrust Banks analyst W. Chappell now anticipates that the brokerage will post earnings of $0.35 per share for the quarter, down from their prior forecast of $0.37. SunTrust Banks has a “Buy” rating and a $50.00 price objective on the stock. SunTrust Banks also issued estimates for MGP Ingredients’ Q4 2016 earnings at $0.43 EPS, FY2016 earnings at $1.56 EPS, Q1 2017 earnings at $0.44 EPS, Q2 2017 earnings at $0.41 EPS, Q3 2017 earnings at $0.51 EPS, Q4 2017 earnings at $0.54 EPS, FY2017 earnings at $1.91 EPS and FY2018 earnings at $2.30 EPS.
Separately, Zacks Investment Research lowered MGP Ingredients from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 23rd.
Shares of MGP Ingredients (NASDAQ:MGPI) opened at 41.43 on Thursday. MGP Ingredients has a 12-month low of $16.18 and a 12-month high of $44.25. The company has a market capitalization of $691.76 million, a P/E ratio of 27.06 and a beta of 1.47. The firm has a 50-day moving average price of $39.57 and a 200 day moving average price of $33.91.
MGP Ingredients (NASDAQ:MGPI) last released its earnings results on Wednesday, August 3rd. The company reported $0.37 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by $0.03. MGP Ingredients had a return on equity of 22.26% and a net margin of 8.34%. The company earned $82.17 million during the quarter, compared to the consensus estimate of $92.07 million.
In related news, VP Stephen J. Glaser sold 5,187 shares of the firm’s stock in a transaction that occurred on Tuesday, August 30th. The stock was sold at an average price of $40.08, for a total transaction of $207,894.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Augustus C. Griffin purchased 3,000 shares of the firm’s stock in a transaction that occurred on Friday, September 9th. The shares were acquired at an average cost of $38.42 per share, with a total value of $115,260.00. Following the completion of the purchase, the insider now directly owns 101,460 shares in the company, valued at approximately $3,898,093.20. The disclosure for this purchase can be found here. Corporate insiders own 29.50% of the company’s stock.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 8th. Investors of record on Monday, August 15th were paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.19%. The ex-dividend date of this dividend was Thursday, August 11th. MGP Ingredients’s dividend payout ratio is currently 5.19%.
MGP Ingredients Company Profile
MGP Ingredients, Inc is a holding company. The Company’s principal operating subsidiaries are MGPI Processing, Inc and MGPI of Indiana, LLC (MGPI-I). The Company produces and supplies distilled spirits, and wheat proteins and starches. The Company’s distilled spirits include bourbon and rye whiskeys, and grain neutral spirits, including vodka and gin.
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