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

MGP Ingredients (NASDAQ:MGPI) issued its earnings results on Thursday. The company reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.07, Briefing.com reports. The company 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 16.03% and a net margin of 12.72%. The firm’s quarterly revenue was down 15.1% on a year-over-year basis. During the same quarter last year, the business posted $1.39 EPS. MGP Ingredients updated its FY24 guidance to $6.12-6.23 EPS.

MGP Ingredients Stock Performance

Shares of NASDAQ MGPI traded down $1.64 during midday trading on Friday, reaching $80.62. 157,200 shares of the stock were exchanged, compared to its average volume of 209,377. The firm has a market cap of $1.77 billion, a price-to-earnings ratio of 16.80, a PEG ratio of 1.15 and a beta of 0.75. MGP Ingredients has a twelve month low of $75.78 and a twelve month high of $124.96. The firm has a 50-day simple moving average of $81.82 and a two-hundred day simple moving average of $88.93. The company has a quick ratio of 1.47, a current ratio of 4.51 and a debt-to-equity ratio of 0.33.

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 paid a dividend of $0.12 per share. The ex-dividend date is Thursday, May 16th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.60%. MGP Ingredients’s payout ratio is 10.00%.

Analyst Ratings Changes

MGPI has been the subject of a number of recent research reports. Roth Mkm reduced their price objective on MGP Ingredients from $95.00 to $92.00 and set a “buy” rating for the company in a research note on Friday. Wedbush reiterated an “outperform” rating and set a $120.00 price target on shares of MGP Ingredients in a research report on Monday. Finally, StockNews.com downgraded MGP Ingredients from a “hold” rating to a “sell” rating in a report on Friday, April 26th.

Insider Transactions at MGP Ingredients

In other news, VP Erika Lapish acquired 500 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were acquired at an average price of $77.86 per share, with a total value of $38,930.00. Following the purchase, the vice president now directly owns 550 shares of the company’s stock, valued at $42,823. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 36.20% of the company’s stock.

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.