MGP Ingredients (MGPI) Posts Quarterly Earnings Results, Beats Estimates By $0.01 EPS

MGP Ingredients (NASDAQ:MGPI) announced its quarterly earnings data on Thursday. The company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.01, MarketWatch Earnings reports. MGP Ingredients had a net margin of 12.13% and a return on equity of 18.65%. The firm had revenue of $95.00 million for the quarter, compared to analyst estimates of $93.08 million. During the same quarter in the prior year, the business earned $0.82 earnings per share. The business’s quarterly revenue was up 10.1% compared to the same quarter last year.

Shares of MGPI traded down $5.18 on Friday, reaching $65.42. The company’s stock had a trading volume of 448,282 shares, compared to its average volume of 149,698. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.70 and a quick ratio of 1.34. MGP Ingredients has a twelve month low of $64.34 and a twelve month high of $99.73. The firm has a market capitalization of $1.20 billion, a PE ratio of 34.98 and a beta of 1.13.

A number of research firms recently weighed in on MGPI. ValuEngine lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating in a report on Friday. BidaskClub lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating in a report on Friday, October 26th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. MGP Ingredients presently has a consensus rating of “Hold” and an average target price of $87.33.

In other MGP Ingredients news, Director George W. Page, Jr. bought 10,000 shares of the stock in a transaction that occurred on Tuesday, August 28th. The shares were bought at an average price of $72.36 per share, for a total transaction of $723,600.00. Following the acquisition, the director now directly owns 931 shares of the company’s stock, valued at approximately $67,367.16. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Karen Seaberg sold 7,644 shares of the company’s stock in a transaction dated Thursday, September 27th. The stock was sold at an average price of $78.69, for a total transaction of $601,506.36. Following the completion of the sale, the director now owns 11,864 shares in the company, valued at approximately $933,578.16. The disclosure for this sale can be found here. In the last 90 days, insiders purchased 16,000 shares of company stock worth $1,176,250 and sold 19,209 shares worth $1,506,219. Corporate insiders own 22.19% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. raised its holdings in shares of MGP Ingredients by 8.4% in the 2nd quarter. BlackRock Inc. now owns 1,782,058 shares of the company’s stock worth $158,264,000 after acquiring an additional 137,338 shares during the last quarter. Conestoga Capital Advisors LLC raised its holdings in shares of MGP Ingredients by 51.4% in the 3rd quarter. Conestoga Capital Advisors LLC now owns 1,117,274 shares of the company’s stock worth $88,242,000 after acquiring an additional 379,431 shares during the last quarter. Pembroke Management LTD raised its holdings in shares of MGP Ingredients by 74.8% in the 3rd quarter. Pembroke Management LTD now owns 272,141 shares of the company’s stock worth $21,494,000 after acquiring an additional 116,441 shares during the last quarter. Jennison Associates LLC raised its holdings in shares of MGP Ingredients by 26.4% in the 2nd quarter. Jennison Associates LLC now owns 242,756 shares of the company’s stock worth $21,559,000 after acquiring an additional 50,671 shares during the last quarter. Finally, Northern Trust Corp grew its position in MGP Ingredients by 11.3% in the 2nd quarter. Northern Trust Corp now owns 191,908 shares of the company’s stock worth $17,043,000 after purchasing an additional 19,518 shares in the last quarter. Institutional investors own 98.15% of the company’s stock.

About MGP Ingredients

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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Earnings History for MGP Ingredients (NASDAQ:MGPI)

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