MGP Ingredients (NASDAQ:MGPI) Announces Earnings Results, Beats Estimates By $0.07 EPS

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

MGP Ingredients Stock Down 2.0 %

Shares of MGPI traded down $1.64 during trading hours on Friday, reaching $80.62. The stock had a trading volume of 157,200 shares, compared to its average volume of 185,554. The firm has a 50-day simple moving average of $81.84 and a 200 day simple moving average of $88.79. MGP Ingredients has a 12 month low of $75.78 and a 12 month high of $124.96. The company has a current ratio of 6.32, a quick ratio of 1.47 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $1.77 billion, a price-to-earnings ratio of 18.62, a P/E/G ratio of 1.21 and a beta of 0.75.

MGP Ingredients Dividend Announcement

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

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at MGP Ingredients

In other MGP Ingredients news, VP Erika Lapish acquired 500 shares of MGP Ingredients stock in a transaction dated Monday, February 26th. The stock was purchased at an average cost of $77.86 per share, for a total transaction of $38,930.00. Following the completion of the acquisition, the vice president now directly owns 550 shares of the company’s stock, valued at $42,823. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 36.20% of the stock is currently owned by company insiders.

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.