MGP Ingredients (NASDAQ:MGPI) Posts 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 (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.02, Briefing.com reports. The business had revenue of $161.50 million for the quarter, compared to the consensus estimate of $161.55 million. MGP Ingredients had a return on equity of 14.98% and a net margin of 12.18%. The business’s revenue was down 23.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.34 earnings per share. MGP Ingredients updated its FY24 guidance to $5.55-5.65 EPS.

MGP Ingredients Trading Down 1.4 %

Shares of MGPI stock traded down $0.69 during mid-day trading 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 quick ratio of 2.22, a current ratio of 6.44 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $1.04 billion, a PE ratio of 9.90, a price-to-earnings-growth ratio of 0.92 and a beta of 0.59. The company’s 50 day simple moving average is $79.47 and its 200-day simple moving average is $78.85. MGP Ingredients has a 12-month low of $47.23 and a 12-month high of $102.42.

MGP Ingredients Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders 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 is currently 9.98%.

Insider Buying and Selling

In other MGP Ingredients news, Director Karen Seaberg sold 1,109 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total value of $99,965.26. Following the transaction, the director now directly owns 134,969 shares of the company’s stock, valued at $12,166,105.66. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 36.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

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

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.