MGP Ingredients Inc (MGPI) Expected to Announce Quarterly Sales of $92.53 Million
Wall Street brokerages forecast that MGP Ingredients Inc (NASDAQ:MGPI) will announce $92.53 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for MGP Ingredients’ earnings. The lowest sales estimate is $90.66 million and the highest is $93.82 million. MGP Ingredients reported sales of $87.17 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 6.1%. The company is expected to issue its next quarterly earnings report on Thursday, May 3rd.
According to Zacks, analysts expect that MGP Ingredients will report full-year sales of $92.53 million for the current fiscal year, with estimates ranging from $365.37 million to $376.10 million. For the next fiscal year, analysts expect that the business will post sales of $396.88 million per share, with estimates ranging from $391.21 million to $406.10 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that that provide coverage for MGP Ingredients.
MGP Ingredients (NASDAQ:MGPI) last released its earnings results on Thursday, March 1st. The company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.06. The firm had revenue of $88.20 million during the quarter, compared to the consensus estimate of $85.44 million. MGP Ingredients had a return on equity of 18.76% and a net margin of 11.71%. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.48 earnings per share.
MGP Ingredients (NASDAQ MGPI) traded down $0.48 on Wednesday, reaching $78.18. The company’s stock had a trading volume of 102,772 shares, compared to its average volume of 169,003. The firm has a market capitalization of $1,310.00, a P/E ratio of 34.90, a price-to-earnings-growth ratio of 2.45 and a beta of 1.09. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.24 and a quick ratio of 1.00. MGP Ingredients has a 12-month low of $47.64 and a 12-month high of $90.34.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 23rd. Shareholders of record on Friday, March 9th will be issued a $0.08 dividend. The ex-dividend date is Thursday, March 8th. This represents a $0.32 annualized dividend and a dividend yield of 0.41%. This is a boost from MGP Ingredients’s previous quarterly dividend of $0.04. MGP Ingredients’s dividend payout ratio is currently 14.29%.
In related news, CEO Augustus C. Griffin purchased 1,000 shares of the company’s stock in a transaction on Tuesday, March 6th. The shares were bought at an average price of $76.33 per share, with a total value of $76,330.00. Following the completion of the acquisition, the chief executive officer now owns 108,084 shares of the company’s stock, valued at $8,250,051.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Karen Seaberg sold 20,000 shares of the company’s stock in a transaction on Tuesday, December 12th. The shares were sold at an average price of $73.90, for a total value of $1,478,000.00. Following the completion of the transaction, the director now directly owns 10,591 shares in the company, valued at approximately $782,674.90. The disclosure for this sale can be found here. Insiders sold 33,770 shares of company stock worth $2,564,028 in the last ninety days. 23.50% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Earnest Partners LLC bought a new position in shares of MGP Ingredients in the fourth quarter valued at $115,000. SG Americas Securities LLC bought a new position in shares of MGP Ingredients in the third quarter valued at $128,000. Advisor Group Inc. increased its holdings in shares of 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 buying an additional 2,150 shares in the last quarter. Millennium Management LLC bought a new position in shares of MGP Ingredients in the fourth quarter valued at $219,000. Finally, Gamco Investors INC. ET AL bought a new position in shares of MGP Ingredients in the fourth quarter valued at $228,000. 95.74% of the stock is currently owned by institutional investors.
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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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