MGP Ingredients (NASDAQ:MGPI) Releases Earnings Results, Beats Expectations By $0.07 EPS

MGP Ingredients (NASDAQ:MGPI) released its quarterly earnings data on Thursday. The company reported $1.07 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.07, Briefing.com reports. The business had revenue of $170.56 million during the quarter, compared to analyst estimates of $170.31 million. MGP Ingredients had a return on equity of 14.78% and a net margin of 11.91%. The company’s revenue was down 15.1% compared to the same quarter last year. During the same period last year, the company posted $1.39 EPS. MGP Ingredients updated its FY24 guidance to $6.12-6.23 EPS.

MGP Ingredients Stock Down 2.0 %

MGP Ingredients stock traded down $1.64 during trading hours on Friday, hitting $80.62. The company had a trading volume of 157,200 shares, compared to its average volume of 185,554. MGP Ingredients has a fifty-two week low of $75.78 and a fifty-two week high of $124.96. The company has a debt-to-equity ratio of 0.34, a current ratio of 6.32 and a quick ratio of 1.47. The firm has a market capitalization of $1.77 billion, a P/E ratio of 18.62, a price-to-earnings-growth ratio of 1.21 and a beta of 0.75. The firm’s fifty day moving average is $81.84 and its 200-day moving average is $88.79.

MGP Ingredients Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 17th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.60%. The ex-dividend date of this dividend is Thursday, May 16th. MGP Ingredients’s dividend payout ratio is currently 11.09%.

Insider Buying and Selling at MGP Ingredients

In other MGP Ingredients news, VP Erika Lapish bought 500 shares of the stock in a transaction dated Monday, February 26th. The stock was bought at an average cost of $77.86 per share, for a total transaction of $38,930.00. Following the completion of the purchase, the vice president now owns 550 shares in the company, valued at approximately $42,823. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 36.20% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the stock. StockNews.com lowered shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research note on Friday, April 26th. Wedbush reaffirmed an “outperform” rating and issued a $120.00 price objective on shares of MGP Ingredients in a research note on Monday, April 29th. Finally, Roth Mkm cut their target price on shares of MGP Ingredients from $95.00 to $92.00 and set a “buy” rating on the stock in a research note on Friday.

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.