MGP Ingredients (NASDAQ:MGPI) Announces Earnings Results

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

MGP Ingredients Stock Performance

Shares of NASDAQ:MGPI traded down $2.52 on Friday, reaching $45.52. The company's stock had a trading volume of 1,024,131 shares, compared to its average volume of 232,156. The company has a debt-to-equity ratio of 0.34, a current ratio of 6.44 and a quick ratio of 2.22. MGP Ingredients has a 52-week low of $45.48 and a 52-week high of $102.42. The stock's 50-day moving average is $78.66 and its two-hundred day moving average is $78.64. The stock has a market capitalization of $1.00 billion, a P/E ratio of 9.46, 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. Shareholders of record on Friday, November 15th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.05%. The ex-dividend date of this dividend is Friday, November 15th. MGP Ingredients's payout ratio is currently 9.98%.

Insider Activity at MGP Ingredients

In other news, Director Karen Seaberg sold 12,092 shares of the company'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 transaction of $1,096,139.80. Following the completion of the sale, the director now owns 54,542 shares in the company, valued at $4,944,232.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 36.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on MGPI shares. Roth Mkm reduced their price target on MGP Ingredients from $92.00 to $88.00 and set a "buy" rating on the stock in a research report on Friday, October 18th. Loop Capital set a $75.00 price objective on MGP Ingredients in a research report on Friday, October 18th. StockNews.com lowered shares of MGP Ingredients from a "hold" rating to a "sell" rating in a research note on Monday, October 21st. Lake Street Capital downgraded shares of MGP Ingredients from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $135.00 to $75.00 in a research report on Friday, October 18th. Finally, Truist Financial dropped their target price on shares of MGP Ingredients from $85.00 to $75.00 and set a "buy" rating on the stock in a research report on Friday. One 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's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target 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.