MGP Ingredients (NASDAQ:MGPI) Announces Earnings Results, Beats Estimates By $0.02 EPS

MGP Ingredients (NASDAQ:MGPI) issued its quarterly earnings data on Thursday. The company reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.02, Briefing.com reports. MGP Ingredients had a return on equity of 14.98% and a net margin of 12.18%. The firm had revenue of $161.50 million during the quarter, compared to analyst estimates of $161.55 million. During the same quarter last year, the firm earned $1.34 EPS. MGP Ingredients’s quarterly revenue was down 23.7% on a year-over-year basis. MGP Ingredients updated its FY24 guidance to $5.55-5.65 EPS.

MGP Ingredients Stock Performance

NASDAQ MGPI traded down $0.69 during trading hours on Friday, reaching $47.35. The company’s stock had a trading volume of 299,455 shares, compared to its average volume of 228,804. The company has a current ratio of 6.44, a quick ratio of 2.22 and a debt-to-equity ratio of 0.34. The business has a 50-day simple moving average of $79.47 and a 200 day simple moving average of $78.85. MGP Ingredients has a 52 week low of $47.23 and a 52 week high of $102.42. The stock has a market cap of $1.04 billion, a PE ratio of 9.90, a PEG ratio of 0.92 and a beta of 0.59.

MGP Ingredients Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.48 annualized dividend and a yield of 1.01%. MGP Ingredients’s dividend payout ratio (DPR) is 9.98%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on MGPI shares. StockNews.com downgraded shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Monday, October 21st. Truist Financial decreased their price objective on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a report on Friday. Lake Street Capital lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and cut their target price for the company from $135.00 to $75.00 in a research note on Friday, October 18th. Roth Mkm decreased their price target on MGP Ingredients from $92.00 to $88.00 and set a “buy” rating for the company in a research note on Friday, October 18th. Finally, Loop Capital set a $75.00 price objective on MGP Ingredients in a report on Friday, October 18th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $86.60.

Insider Activity

In related news, Director Karen Seaberg sold 12,092 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $90.65, for a total value of $1,096,139.80. Following the sale, the director now owns 54,542 shares of the company’s stock, valued at approximately $4,944,232.30. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 36.20% of the company’s stock.

About MGP Ingredients

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.