MGP Ingredients (NASDAQ:MGPI) Updates Q3 Earnings Guidance

MGP Ingredients (NASDAQ:MGPI) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $1.29 for the period, compared to the consensus earnings per share 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 Analyst Weigh In

MGPI has been the subject of several recent analyst reports. Truist Financial lowered their price target on MGP Ingredients from $125.00 to $95.00 and set a “buy” rating for the company in a research report on Wednesday. StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Finally, Roth Mkm reissued a “buy” rating and set a $92.00 price target on shares of MGP Ingredients in a research report on Thursday, July 25th.

MGP Ingredients Stock Performance

Shares of MGP Ingredients stock traded up $1.10 during trading on Thursday, hitting $81.53. 85,953 shares of the company’s stock traded hands, compared to its average volume of 191,089. MGP Ingredients has a 1 year low of $68.86 and a 1 year high of $102.58. The business has a 50-day simple moving average of $84.63 and a 200-day simple moving average of $80.30. The company has a debt-to-equity ratio of 0.34, a current ratio of 6.44 and a quick ratio of 2.22. The stock has a market capitalization of $1.79 billion, a P/E ratio of 18.58, a PEG ratio of 1.16 and a beta of 0.59.

MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings results on Thursday, August 1st. The company reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.17. MGP Ingredients had a net margin of 12.18% and a return on equity of 14.98%. The firm had revenue of $190.80 million for the quarter, compared to the consensus estimate of $189.06 million. During the same quarter last year, the firm posted $1.49 EPS. The business’s quarterly revenue was down 8.7% compared to the same quarter last year. As a group, analysts forecast that MGP Ingredients will post 6.25 EPS for the current year.

MGP Ingredients Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors 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 yield of 0.59%. The ex-dividend date was Friday, August 16th. MGP Ingredients’s dividend payout ratio (DPR) is presently 11.09%.

Insider Buying and Selling at MGP Ingredients

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 shares were sold at an average price of $90.65, for a total value of $1,096,139.80. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 36.20% of the stock is owned by corporate insiders.

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.