MGP Ingredients (MGPI) Set to Announce Quarterly Earnings on Thursday

MGP Ingredients (NASDAQ:MGPI - Get Free Report) is scheduled to be announcing its earnings results before the market opens on Thursday, October 31st. Analysts expect the company to announce earnings of $1.35 per share for the quarter. MGP Ingredients has set its FY24 guidance at $6.12-$6.23 EPS and its FY 2024 guidance at 6.120-6.230 EPS.Persons that wish to listen to the company's earnings conference call can do so using this link.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last issued its 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 company had revenue of $190.80 million for the quarter, compared to analysts' expectations of $189.06 million. During the same period in the prior year, the firm earned $1.49 EPS. MGP Ingredients's quarterly revenue was down 8.7% compared to the same quarter last year. On average, analysts expect MGP Ingredients to post $6 EPS for the current fiscal year and $7 EPS for the next fiscal year.

MGP Ingredients Stock Performance

MGP Ingredients stock traded down $0.06 during midday trading on Thursday, reaching $57.59. 397,768 shares of the company's stock were exchanged, compared to its average volume of 218,964. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.22 and a current ratio of 6.44. The stock's 50-day simple moving average is $81.91 and its 200 day simple moving average is $79.47. The firm has a market cap of $1.27 billion, a price-to-earnings ratio of 13.30, a P/E/G ratio of 1.16 and a beta of 0.59. MGP Ingredients has a 52 week low of $56.50 and a 52 week high of $102.42.

MGP Ingredients Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date of this dividend was Friday, August 16th. MGP Ingredients's payout ratio is presently 11.09%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Lake Street Capital downgraded MGP Ingredients from a "buy" rating to a "hold" rating and cut their price target for the company from $135.00 to $75.00 in a report on Friday, October 18th. Truist Financial cut their target price on shares of MGP Ingredients from $95.00 to $85.00 and set a "buy" rating for the company in a research note on Tuesday. Roth Mkm decreased their price target on shares of MGP Ingredients from $92.00 to $88.00 and set a "buy" rating on the stock in a research note on Friday, October 18th. Loop Capital set a $75.00 price objective on shares of MGP Ingredients in a research report on Friday, October 18th. Finally, StockNews.com cut MGP Ingredients from a "hold" rating to a "sell" rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $88.60.

Insiders Place Their Bets

In related news, Director Karen Seaberg sold 1,109 shares of the business's stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total value of $99,965.26. Following the completion of the sale, the director now directly owns 134,969 shares in the company, valued at approximately $12,166,105.66. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 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.