MGP Ingredients (NASDAQ:MGPI) Hits New 12-Month Low After Earnings Miss

Shares of MGP Ingredients Inc (NASDAQ:MGPI) hit a new 52-week low during mid-day trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $50.01 and last traded at $50.02, with a volume of 25243 shares. The stock had previously closed at $67.14.

The company reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.06). The firm had revenue of $90.50 million during the quarter, compared to analysts’ expectations of $91.54 million. MGP Ingredients had a return on equity of 19.31% and a net margin of 9.97%. MGP Ingredients’s quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.44 earnings per share.

The company also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Wednesday, August 14th will be given a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, August 13th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.71%. MGP Ingredients’s dividend payout ratio is currently 18.43%.

MGPI has been the topic of several analyst reports. Craig Hallum reissued a “buy” rating and set a $100.00 price objective (down from $105.00) on shares of MGP Ingredients in a research note on Wednesday. ValuEngine cut MGP Ingredients from a “hold” rating to a “sell” rating in a research note on Monday, June 17th. Zacks Investment Research cut MGP Ingredients from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 1st. Finally, BidaskClub cut MGP Ingredients from a “buy” rating to a “hold” rating in a research note on Tuesday, July 16th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $94.00.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Conestoga Capital Advisors LLC increased its stake in MGP Ingredients by 2.4% during the first quarter. Conestoga Capital Advisors LLC now owns 1,208,292 shares of the company’s stock worth $93,220,000 after acquiring an additional 27,992 shares during the last quarter. Champlain Investment Partners LLC increased its stake in MGP Ingredients by 19.8% during the first quarter. Champlain Investment Partners LLC now owns 925,220 shares of the company’s stock worth $71,381,000 after acquiring an additional 152,810 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in MGP Ingredients by 0.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 733,383 shares of the company’s stock worth $41,840,000 after acquiring an additional 3,196 shares during the last quarter. Stephens Investment Management Group LLC increased its stake in MGP Ingredients by 15.8% during the first quarter. Stephens Investment Management Group LLC now owns 688,802 shares of the company’s stock worth $53,141,000 after acquiring an additional 93,809 shares during the last quarter. Finally, Jennison Associates LLC grew its stake in shares of MGP Ingredients by 11.5% during the first quarter. Jennison Associates LLC now owns 345,284 shares of the company’s stock valued at $26,639,000 after buying an additional 35,579 shares during the last quarter. 98.10% of the stock is currently owned by institutional investors.

The firm has a market capitalization of $1.14 billion, a PE ratio of 25.91 and a beta of 1.75. The firm’s 50 day moving average is $65.81. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.59 and a current ratio of 5.25.

About MGP Ingredients (NASDAQ:MGPI)

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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