MGP Ingredients (NASDAQ:MGPI) Issues Quarterly Earnings Results

MGP Ingredients (NASDAQ:MGPI) posted its earnings results on Thursday. The company reported $1.07 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.07, Briefing.com reports. MGP Ingredients had a net margin of 12.72% and a return on equity of 16.03%. The business had revenue of $170.56 million for the quarter, compared to the consensus estimate of $170.31 million. During the same quarter last year, the firm posted $1.39 EPS. The company’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 midday trading on Friday, hitting $80.62. 157,200 shares of the company’s stock traded hands, compared to its average volume of 209,377. The company has a current ratio of 4.51, a quick ratio of 1.47 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $1.77 billion, a price-to-earnings ratio of 16.64, a price-to-earnings-growth ratio of 1.15 and a beta of 0.75. MGP Ingredients has a 1 year low of $75.78 and a 1 year high of $124.96. The firm’s fifty day moving average is $81.82 and its 200-day moving average is $88.93.

MGP Ingredients Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 17th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date of this dividend is Thursday, May 16th. MGP Ingredients’s payout ratio is presently 10.00%.

Insider Buying and Selling

In other MGP Ingredients news, VP Erika Lapish purchased 500 shares of the firm’s stock in a transaction on 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 36.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on MGPI shares. Wedbush reissued an “outperform” rating and set a $120.00 price objective on shares of MGP Ingredients in a report on Monday. 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, StockNews.com cut MGP Ingredients from a “hold” rating to a “sell” rating in a research note on Friday, April 26th.

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.