MGP Ingredients Inc (NASDAQ:MGPI) – Stock analysts at SunTrust Banks reduced their Q2 2020 earnings per share (EPS) estimates for shares of MGP Ingredients in a report issued on Wednesday, June 24th. SunTrust Banks analyst W. Chappell now forecasts that the company will post earnings per share of $0.47 for the quarter, down from their prior forecast of $0.50. SunTrust Banks has a “Buy” rating and a $45.00 price target on the stock. SunTrust Banks also issued estimates for MGP Ingredients’ FY2020 earnings at $2.42 EPS.
MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings results on Thursday, April 30th. The company reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.26. MGP Ingredients had a return on equity of 17.47% and a net margin of 10.37%. The business had revenue of $99.10 million during the quarter, compared to the consensus estimate of $87.77 million. During the same quarter last year, the firm posted $0.57 EPS. The company’s quarterly revenue was up 11.2% on a year-over-year basis.
Shares of MGP Ingredients stock opened at $37.15 on Monday. The business has a fifty day simple moving average of $36.38 and a two-hundred day simple moving average of $36.44. MGP Ingredients has a 1 year low of $21.64 and a 1 year high of $69.90. The company has a market capitalization of $597.09 million, a price-to-earnings ratio of 16.37 and a beta of 1.69. The company has a debt-to-equity ratio of 0.42, a current ratio of 5.86 and a quick ratio of 2.41.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp increased its position in shares of MGP Ingredients by 12.2% in the first quarter. State Street Corp now owns 434,533 shares of the company’s stock worth $11,685,000 after purchasing an additional 47,185 shares during the period. Guggenheim Capital LLC bought a new position in shares of MGP Ingredients in the first quarter worth $1,508,000. State of Tennessee Treasury Department increased its position in shares of MGP Ingredients by 69.1% in the first quarter. State of Tennessee Treasury Department now owns 7,221 shares of the company’s stock worth $194,000 after purchasing an additional 2,951 shares during the period. Public Employees Retirement Association of Colorado grew its position in MGP Ingredients by 15.5% in the first quarter. Public Employees Retirement Association of Colorado now owns 2,910 shares of the company’s stock valued at $78,000 after acquiring an additional 390 shares during the last quarter. Finally, Morgan Stanley grew its position in MGP Ingredients by 174.6% in the first quarter. Morgan Stanley now owns 460,375 shares of the company’s stock valued at $12,380,000 after acquiring an additional 292,715 shares during the last quarter. Institutional investors own 95.60% of the company’s stock.
In related news, Director Karen Seaberg sold 9,500 shares of the firm’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $38.14, for a total value of $362,330.00. Following the transaction, the director now owns 3,977 shares in the company, valued at $151,682.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 23,021 shares of company stock worth $881,396 in the last 90 days. 24.06% of the stock is owned by company insiders.
The business also recently declared a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Friday, May 22nd were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.29%. The ex-dividend date of this dividend was Thursday, May 21st. MGP Ingredients’s payout ratio is currently 21.15%.
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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