MGP Ingredients (NASDAQ:MGPI – Get Free Report) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $1.29 for the period, compared to the consensus estimate of $1.44. The company issued revenue guidance of $161.5 million, compared to the consensus revenue estimate of $186.51 million.
Wall Street Analysts Forecast Growth
A number of brokerages have issued reports on MGPI. StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Truist Financial cut their price target on MGP Ingredients from $125.00 to $95.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Roth Mkm reissued a “buy” rating and issued a $92.00 price target on shares of MGP Ingredients in a research note on Thursday, July 25th.
Check Out Our Latest Research Report on MGP Ingredients
MGP Ingredients Stock Performance
MGP Ingredients (NASDAQ:MGPI – Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The company reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.17. MGP Ingredients had a return on equity of 14.98% and a net margin of 12.18%. The company had revenue of $190.80 million for the quarter, compared to the consensus estimate of $189.06 million. During the same period last year, the business posted $1.49 earnings per share. The firm’s revenue was down 8.7% compared to the same quarter last year. As a group, analysts anticipate that MGP Ingredients will post 6.25 earnings per share for the current fiscal year.
MGP Ingredients Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date of this dividend was Friday, August 16th. MGP Ingredients’s dividend payout ratio is currently 11.09%.
Insider Buying and Selling at MGP Ingredients
In other MGP Ingredients news, Director Karen Seaberg sold 1,109 shares of MGP Ingredients stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $90.14, for a total transaction of $99,965.26. Following the sale, the director now owns 134,969 shares in the company, valued at $12,166,105.66. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 36.20% of the company’s stock.
MGP Ingredients Company Profile
MGP Ingredients, Inc, together with its subsidiaries, engages in the production and supply of distilled spirits, branded spirits, and food ingredients in the United States and internationally. The company operates through three segments: Distillery Solutions; Branded Spirits; and Ingredient Solutions.
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