MGP Ingredients (NASDAQ:MGPI) Sets New 52-Week High After Earnings Beat

Shares of MGP Ingredients, Inc. (NASDAQ:MGPIGet Rating) hit a new 52-week high during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $110.00 and last traded at $104.05, with a volume of 1171 shares traded. The stock had previously closed at $101.95.

The company reported $1.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.27. The company had revenue of $195.00 million during the quarter, compared to the consensus estimate of $173.06 million. MGP Ingredients had a return on equity of 17.20% and a net margin of 15.82%. The firm’s revenue was up 11.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.27 EPS.

MGP Ingredients Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 2nd. Investors of record on Friday, August 19th will be paid a dividend of $0.12 per share. The ex-dividend date is Thursday, August 18th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.44%. MGP Ingredients’s dividend payout ratio (DPR) is presently 9.45%.

Analyst Ratings Changes

Separately, Roth Capital initiated coverage on MGP Ingredients in a research note on Thursday, June 30th. They set a “buy” rating and a $115.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $103.50.

Insiders Place Their Bets

In other MGP Ingredients news, Director Karen Seaberg sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $105.63, for a total value of $105,630.00. Following the completion of the transaction, the director now directly owns 61,632 shares in the company, valued at approximately $6,510,188.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Donn S. Lux acquired 5,000 shares of the firm’s stock in a transaction dated Wednesday, June 15th. The shares were acquired at an average cost of $93.37 per share, with a total value of $466,850.00. Following the acquisition, the director now directly owns 3,955,180 shares of the company’s stock, valued at $369,295,156.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Karen Seaberg sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $105.63, for a total value of $105,630.00. Following the sale, the director now directly owns 61,632 shares in the company, valued at $6,510,188.16. The disclosure for this sale can be found here. Insiders sold 11,202 shares of company stock worth $1,120,098 in the last three months. 36.70% of the stock is owned by company insiders.

Institutional Trading of MGP Ingredients

Hedge funds have recently modified their holdings of the company. Steward Financial Group LLC purchased a new stake in MGP Ingredients during the 4th quarter valued at $27,000. Fifth Third Bancorp raised its holdings in MGP Ingredients by 64.5% during the 4th quarter. Fifth Third Bancorp now owns 403 shares of the company’s stock valued at $34,000 after buying an additional 158 shares during the period. Harel Insurance Investments & Financial Services Ltd. raised 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 valued at $51,000 after buying an additional 173 shares during the period. Point72 Hong Kong Ltd purchased a new stake in MGP Ingredients during the 4th quarter valued at $79,000. Finally, Captrust Financial Advisors raised its holdings in MGP Ingredients by 76.2% during the 1st quarter. Captrust Financial Advisors now owns 953 shares of the company’s stock valued at $82,000 after buying an additional 412 shares during the period. 77.38% of the stock is owned by hedge funds and other institutional investors.

MGP Ingredients Stock Up 1.9 %

The company has a fifty day moving average of $99.16 and a two-hundred day moving average of $90.48. The company has a market cap of $2.40 billion, a PE ratio of 21.46 and a beta of 1.01. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.61 and a current ratio of 4.68.

MGP Ingredients Company Profile

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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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