According to Zacks, “MGP Ingredients, Inc. produces and markets ingredients and distillery products to the packaged goods industry. Its Distillery Products segment primarily offers food grade alcohol, fuel grade alcohol, and distillers feed. The company’s Ingredient Solutions segment primarily provides specialty wheat starches and proteins, commodity wheat starches, and commodity vital wheat gluten. MGP Ingredients, Inc. is headquartered in Atchison, Kansas. “
Several other equities research analysts have also recently weighed in on the company. Cowen initiated coverage on MGP Ingredients in a research note on Friday, January 21st. They set an outperform rating and a $99.00 target price for the company. StockNews.com initiated coverage on MGP Ingredients in a research note on Thursday, March 31st. They set a hold rating for the company. Finally, Lake Street Capital initiated coverage on MGP Ingredients in a research note on Tuesday, February 22nd. They set a buy rating and a $100.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, MGP Ingredients presently has a consensus rating of Buy and an average target price of $96.25.
MGP Ingredients (NASDAQ:MGPI – Get Rating) last issued its quarterly earnings results on Thursday, February 24th. The company reported $0.87 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.68 by $0.19. The business had revenue of $166.85 million for the quarter, compared to the consensus estimate of $155.40 million. MGP Ingredients had a return on equity of 16.61% and a net margin of 14.48%. During the same quarter in the prior year, the business posted $0.75 earnings per share. As a group, equities research analysts predict that MGP Ingredients will post 4.03 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, March 25th. Stockholders of record on Friday, March 11th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date was Thursday, March 10th. MGP Ingredients’s payout ratio is 11.19%.
In related news, VP David E. Dykstra sold 2,500 shares of the firm’s stock in a transaction on Monday, April 4th. The stock was sold at an average price of $88.73, for a total transaction of $221,825.00. Following the completion of the transaction, the vice president now directly owns 15,265 shares of the company’s stock, valued at approximately $1,354,463.45. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Karen Seaberg sold 3,000 shares of the firm’s stock in a transaction on Thursday, February 10th. The stock was sold at an average price of $76.84, for a total value of $230,520.00. The disclosure for this sale can be found here. Insiders sold a total of 12,954 shares of company stock valued at $1,089,120 over the last quarter. 36.00% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in MGPI. Gradient Investments LLC bought a new position in MGP Ingredients during the 4th quarter worth $27,000. Steward Financial Group LLC bought a new position in MGP Ingredients during the 4th quarter worth $27,000. Fifth Third Bancorp raised its position in MGP Ingredients by 64.5% during the 4th quarter. Fifth Third Bancorp now owns 403 shares of the company’s stock worth $34,000 after purchasing an additional 158 shares during the last quarter. Marshall Wace North America L.P. bought a new position in MGP Ingredients during the 1st quarter worth $37,000. Finally, Harel Insurance Investments & Financial Services Ltd. grew its holdings in MGP Ingredients by 40.9% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 596 shares of the company’s stock worth $51,000 after acquiring an additional 173 shares during the period. 73.69% of the stock is owned by institutional investors and hedge funds.
MGP Ingredients Company Profile (Get Rating)
MGP Ingredients, Inc, together with its subsidiaries, produces and supplies distilled spirits, branded spirits, and food ingredients. It operates through three segments: Distillery Products; Branded Spirits; 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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